BELMONT ENCOUNTERS MULTIPLE BRINE PROSPECTIVE LAYERS IN DRILLING KB-3 TO 1798 FT. IN KIBBY BASIN, NEVADA LITHIUM PROJECT
Vancouver, B.C. Canada, August 27, 2018 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); ("Belmont", or the "Company").
Kibby Basin Drilling update:
Harris Drilling has reached a depth of 1798 feet (548 metres) into the playa sediments in hole KB-3, the first hole of the 2018 drilling program at Kibby Basin. The first section of the hole was drilled to a depth of 1270 feet using a mud rotary method, and the remaining 528 feet was completed with a diamond core tail. 126 samples of drill cuttings from the mud-rotary section of the hole have been collected and have been prepared at ALS’s preparation lab facility in Reno, Nevada for forwarding to ALS Laboratories for assaying. Lithium and multi-element assay results from these samples will be compiled once testing is complete.
The borehole targeted the southern portion of a large robust MT conductor, which may represent saturated sediments containing lithium-rich brines. The hole drilled through lacustrine playa sediments – dominantly calcareous clays and silts grading to lithified claystone’s and siltstones at depth. Sand and gravel zones, which may represent brine-bearing aquifers, were encountered at depths of 150-170 feet, 210-230 feet, 260-300 feet, and 900-920 feet, where a potentially major aquifer in a cobble gravel was intersected.
Oxidized clay zones at 400-640 feet and several thinner zones of clay deeper in the hole are being evaluated as potential lithium-bearing bedrock mineralization. Thin intervals of altered rhyolite ash and possible hot-spring sinter were encountered at 1411-1412 feet, 1488-1490 feet and 1589.5-1590 feet. Operation of a paleo-geothermal system is evidenced by the silicified intervals and fronts of pyrite and magnetite alteration increasing below a depth of 1500 feet.
Jim Place, CEO/President of Belmont Resources Inc. comments: “KB3 has encountered multiple brine prospective layers that may represent lithium enriched aquifers in Kibby Basin. Our team is looking forward to sample results and continued drilling”.
A down-hole geophysical survey including gamma-caliper-temperature-fluid resistivity and SP, SPR logging will be conducted on the hole to identify permeable aquifer zones and conductive brine zones. Water samples will be collected after the geophysical logging, and will be assayed for lithium, associated elements and physical properties. Sections of drill core from 1270 to 1798 feet will be split and similarly assayed as above mentioned.
Final confirmation and scheduling for the second 2018 drill hole (KB-4) on the Kibby property are being discussed. The drills will be mobilized to the second site as soon as possible
NI 43-101 Disclosure
Robert (“Bob”) G. Cuffney, Certified Professional Geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
About Belmont Resources Inc.
Belmont has recently optioned 31 mineral claims encompassing approx. 7 sq.km; located 24 km northwest of Saint John, New Brunswick - the Mid Corner/Johnson Croft - a Zinc, Cobalt prospect.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium. Subsequent ground geophysics & gravity surveys, surface sampling and a two hole- 2046 ft. diamond drill program have confirmed the presence of lithium on Kibby.
In June 2018; the Company has updated its land position staking, and now holds 126 x 20 acre additional placer mineral claims totaling approx. 1,020 hectares ( 2,520 acres) , adjoining the Kibby 16, for a total Kibby Basin land position (the “Property”) to 2,056 hectares (5,080 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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