Vancouver, B.C. Canada, May 02, 2019 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403); (“Belmont”, or the “Company”).
KB-4 Drilling Results:
On March 21, 2019 Belmont reported the completion of drilling KB-4 to a depth of 840 feet into lakebed sediments. The hole targeted a potential fault as interpreted from the geophysical survey data, which looks deep into sub-surface layers.
Final assay results for sediments and groundwater at KB-4 have been received from ALS Laboratories of Reno, Nevada and North Vancouver, B.C. Lithium in the sediment samples averages above 100 parts per million (ppm) for the entire hole with a high of 127 ppm at 210 feet and a low of 38 ppm at 40 feet. Water samples were taken from the top 80 feet where a significant saturated layer was encountered and from various depths between 500 and 840 feet. Drilling mud was removed from the hole by pumping fresh water and compressed air into the depths while allowing uncontaminated groundwater to replace it. Samples of groundwater were taken as the drill hole clean-out progressed. Assays of the groundwater indicated the presence of saline, rather than fresh water that is rich in Sodium and Magnesium but low in Lithium (80 – 150 ppb). The presence of shallow aquifers containing saline groundwater with chemical composition similar to, but lower than that of lithium brines is encouraging for the discovery of lithium brines deeper in the basin.
The Kibby Basin contained significant anamalous lithium concentrations (up to 580 ppm lithium assayed in KB-3, including a 43m long intersection with a weighted average of 393 ppm lithium) in the sediments and rock at depth, and has undergone geothermal alteration at depth as shown in the results of testhole KB-3; therefore the potential for lithium brines still exists. The drilling carried out to date by Belmont and MGX Minerals Inc. on Kibby covered a broad area with test holes that were widely spaced. The potential still exists for discovery of lithium brines in the 2056 hectares (5,080 acres) of the basin that have not yet been explored.
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 above technical information in this news release.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
- On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims which are part of the former Pathfinder Property, located in the historically productive Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).
- Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.
- In 50/50 ownership with International Montoro Resources Inc., Belmont owns and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada
ON BEHALF OF THE BOARD OF DIRECTORS
“James H. Place”
James H. Place, P.Geo.,
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 2019; 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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