Vancouver, B.C. Canada, September 20, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE: L3L2) is pleased to announce it has begun its Phase II 2022 exploration program on its 100% owned Cu-Au Come By Chance (CBC) Porphyry project located in southern B.C.
Belmont geologists are currently on the CBC property ‘ground truthing’ areas of coincident geophysical targets located in the central and northern portion of the property. Ground truthing involves detailed mapping and rock sampling on surface of coincident geophysical anomalies. Exploration results to date shows this area to be the potential core of the apparent porphyry system.
Data from the current ground truthing survey will be added to the overall CBC exploration database and 3D modeling results will be utilized to more precisely vector in on and further refine the location of the porphyry to determine more definitive drill targets for an upcoming Phase II drill program some time before the year end.
Phase I Exploration and Drilling
Exploration on the CBC to date has focused on identifying a potential concealed porphyry intrusive of copper-gold mineralization. 2021 geophysics and a subsequent Phase I 2022 – 2,300m drill program further supported the copper-gold porphyry model in initially identifying porphyry style alteration, veining and mineralization. Phase I 2022 drilling identified:
- Extensive Propylitic (chlorite, epidote, albite and carbonate) alteration encountered in all six drill holes. Common to most porphyry deposit types, large propylitic alteration forms as halos to the core of porphyry deposits.
- Extensive pyrite mineralization (up to 20%). Pyrite halos are another important vector which helps in locating possible porphyry core.
- Skarn mineralization. Skarns near porphyry deposits are commonly inextricably part of the larger Cu-Au system(s).
- Structural Lineaments. Junctions of structural lineaments may create a point of weakness that could have been exploited by the porphyry intrusive. The Crook Lake Caldera is an indicated volcanic caldera with indicated hydrothermal breccias and potential mineral controlling structures and cross-structures.
Phase II Exploration
Exploration is now focused on the apparent core of the system which has:
- A strong coincident magnetic low (magnetite destructive potassic alteration?)
- Resistivity low – highly conductive anomaly (possibly due to sulphide rich porphyry core?)
- Enveloped by peripheral pyrite-rich, propylitic alteration, common in porphyry systems. In this particular case a ring structure around a volcanic caldera.
- This central zone is bounded by two regional structurally controlling faults.
These geophysical results are classic expressions of a large porphyry copper system.
Cross Section of Porphyry Copper Deposit Showing Idealized Alteration Zoning.
George Sookochoff, President and CEO commented: “All exploration results to date continue to support a large copper-gold porphyry model. The identification of the outer Propylitic alteration zone and the high chargeable Pyrite halo in combination with certain coincident geophysical anomalies has provided us with important vectors which further points to the apparent porphyry core. We plan to drill test this exciting porphyry core target before year end.”
About the Come By Chance Project
The Come By Chance (CBC) property is situated in the Greenwood mining camp, considered to be one of the highest concentrated areas of past producing mines in North America.
Although the Phoenix mine was the major producer, some of the smaller mines were also productive from a number of different types of deposits. From 1900 to 1975 production from these 26 principal mines produced over 600 million pounds of copper and 1.4 million ounces of gold (Church, 1986).
The CBC Property, located three kilometres to the southeast of the Phoenix deposits, is on a comparative geological trend and hosting skarn, epithermal, volcanogenic, and massive sulphide mineralization.
Early exploration in the 60’s – 70’s on the CBC was for a Phoenix type skarn mineralization. However, the historic exploration results were successful in revealing indications of a potential concealed porphyry intrusive of copper/gold mineralization. The numerous localized skarns discovered on the property were even a greater significance as the skarns were obviously related to rising hydrothermal fluids via structures/fractures from a mineral-bearing intrusive.
Belmont acquired the CBC property in 2020 and immediately focused its exploration efforts on the discovery of a potential deep-seated copper/gold porphyritic, bulk tonnage, mineral resource as opposed to a mineral bearing skarn resource.
These efforts have thus far proven to be successful in the further identifying the central core of the porphyry system.
Belmont Resources has assembled a portfolio of highly prospective copper-gold-lithium & uranium projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include the Come By Chance (CBC), Athelstan-Jackpot (AJ) and Pathfinder situated in the prolific Greenwood mining camp in southern British Columbia. The Crackingstone Uranium project in the uranium rich Athabaska Basin of northern Saskatchewan. The Lone Star copper-gold mine in the mineral rich Republic mining camp of north central Washington State. The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin.
- Lone Star Copper Gold Project: A 7,800 meter drill program was recently completed and Mining-Plus Engineering, Denver Colorado, is currently producing a NI43-101 Resource Estimate
- Kibby Basin Lithium Project: A 3,000m drill program is currently in progress targeting a potential large brine lithium acquifer beneath the Kibby Basin Playa in Nevada.
NI 43-101 Disclosure:
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Laurence Sookochoff, P.Eng.
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO/President
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.