TECHNICAL REPORT ON JOUTEL PROPERTY-ABITIBI, QUEBEC
Vancouver, B.C. Canada, September 25th, 2012 – Belmont Resources Inc. (“Belmont”, the “Company” or “BEA”) is pleased to announce the receipt of the second of three Technical Reports prepared by Consultations Geo-logic (“Geo-logic”) of Quebec, an independent geological engineering consultant. The Technical Report is filed on SEDAR under the Company’s SEDAR profile.
The Technical Report on the Joutel (the “J”) Property has been prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Properties and complying with NI 43-101A.
The property was acquired on the basis of physiographic and geophysical data that could indicate the presence of volcanic centers. Reviews in the course of preparing the report shows that the property covers an area of felsic explosive volcanism and wide alteration zones that are features found in volcanic centers context.
Property Location & Access
The ‘J’ Property is located southwest of the town of Matagami and just 3 kilometres northeast of the town of Joutel, Abitibi, Quebec. It consists of 15 staked claims covering 240 hectares, in the southwest part of Joutel Township. Access to the property is from Amos, Abitibi driving north along Route 109 leading to Matagami, and west on Route 812 for 13 km. leads at the paved road going to the former Selbaie Mine site and to the Municipality of Authier. From that point, a short drive of 2.5 km. northward provides access to the western part of the property. A logging road off the Selbaie main road also crosses the southwest corner of the property.
History & Observations
The Joutel property topography is quite flat, with small reliefs at both the eastern and western parts of the property. The first work reported directly on the ‘J’ property was that of Moneta Porcupine Mines in 1961, and consisted of an airborne magnetic survey over the property. The first geological reconnaissance of the Joutel area was done in 1965 for the Quebec Dept. of Natural Resources who carried out additional work in 1981.
Between 1977 and 1982, Matagami Lake Mines Ltd., Inco and SDBJ did ground geophysics and some follow-up drilling on geophysical responses that were first identified during government regional airborne EM and Mag surveys. This work was all directed at the search for volcanogenic massive sulphide mineralization, as the Joutel area was recognized as favourable for this type of deposits. The most interesting results were obtained by SDBJ, with Hole J-3-82 intersecting a persistent sequence of felsic volcanites, pyritic cherts and felsic tuffs with gold anomalous sections. The highest value was 1.0 g/t Au over one metre. SDBJ also identified a multi-element soil geochemical anomaly as an east-west trending zone in the northwestern part of the current ‘J’ property.
Golden Rule Resources (1986), Iron Horse Resources (1986) and Exploration Essor Inc. (1987) subsequently investigated the geological potential of the property. The DIGHEM III survey by Golden Rule Resources indicated a high resistivity area in the high reliefs of the east central part of the ‘J’ property. In 2001, Mines Cancor Inc. proceeded with a compilation but no field work was done. Later, in 2008, Agnico-Eagle Mines Ltd. tested a few geophysical conductors near the southwestern edge of the property by drilling. The most significant result was the confirmation of a felsic sequence containing a 15-metre thick semi-massive sulphides horizon (pyrite-pyrrhotite) in Hole 154-08-03.
The Joutel area hosts polymetallic volcanogenic massive sulphide (VMS) mineralization and stratabound hydrothermal gold deposits that have been mined in the past. Both deposit models are associated with felsic rocks.
The authors recommend an exploration program should be conducted in order to trace the felsic horizon identified in the northwestern part of the property. Mineralization of either one of the model deposits should respond to geophysical IP surveys.
The two-phase program includes IP geophysical surveys to cover the potential path of the felsic horizon, and a provision is made for some follow-up drilling.
Mr. Alain Tremblay, B.Sc.A., and Mr. Henri-Louis Jacob, B.Sc.A, Geological Engineers, who are Qualified Persons as defined by NI 43-101 have reviewed and approved the technical information above in this news release.
About Belmont Resources Inc.
The Company has recently entered into a property option agreement to acquire four groups (51) mineral claims, representing 2,254.27 hectares located in the Berthiaume, Orvilliers and Joutel Townships, all located within the Abitibi Harricana-Turgeon volcanic greenstone of Northwestern, Quebec. This belt hosts several world class deposits that have produced both gold and base metals.
In February 2010 the Company entered into an option to acquire 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef” gold deposit.
Belmont (50/50) with International Montoro Resources Inc. has acquired and explored two significant uranium properties (Crackingstone -982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro Res.) in one rare earth mineral claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.Sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.