Kibby Basin Lithium Project, Nevada

1) Major catch basin
2) Basin has structural traps and is closed with no outlets for drainage
3) Associated igneous or geothermal activity,
4) Suitable lithium source rocks,
5) One or more adequate aquifers

Marquee Resources Options Kibby Playa Claim Block

In November 2021, Belmont announced a Option/JV agreement with Marquee Resources (ASX.MQR) for the “Kibby Playa” claim block, one of 5 claim blocks 100% owned by Belmont Resources in the Kibby Basin.

• Marquee has earned an 80% interest in the “Playa” claim block.
• Belmont retains a 100% interest in the surrounding 44 sq km claim block.

The Belmont/Marquee JV has recently completed a 2,000m, 2 drill hole program which tested the highly conductive anomaly which may potentially represent a large lithium brine aquifer.

2022 Drill Results

• The Company has received the final samples from the Kibby Basin Lithium Project with the results from two boreholes (KB 22-01 and KB 22-02) confirming high levels of lithium-bearing sediments along with dissolved lithium in the groundwater.

➢   Mineralised intervals containing up to 924 ppm lithium  with  greater  than  300 ppm  lithium  over thicknesses in excess of 450m (1475 ft) have been identified in core samples of clay-rich playa sediments.

• Lithium mineralisation is fairly consistent in both thickness and grade in the two boreholes, which are 2000 m apart, suggesting extensive lateral occurrence across the basin.

• Drill hole KB 22-01
• Assay results of drill core returned lithium solids concentrations of up to 924 ppm Li with mineralisation open at depth.
• Below the contact between unconsolidated lakebed sediments and more lithified sediments, lithium content increased significantly and drilling intersected a 79 m (260 ft) thick section from 362-441 m (1188-1448 ft) averaging 771 ppm Li with a high of 924 ppm Li.
• The upper high lithium zone was contained within a very thick zone, averaging 383 ppm Li over 487 m (1597 ft) continuing to the bottom of the hole. The lithium mineralisation is open at depth.

• Drill hole KB 22-02
• Encountered anomalous lithium values above the hard gravel and significant lithium enrichment below with mineralisation remaining open at depth.
• A thick zone of 169 m (555 ft) averaging 558 ppm Li with a high of 860 Li lay below the contact.
• Lithium mineralisation continued to the bottom of the hole with an average of 379 ppm Li over 451m (1478 ft) continuing to the bottom of the hole. The lithium mineralisation is open at depth.
• Dissolved lithium was identified in the groundwater at depths generally correlating with the lithium bearing sediments.

• Following these significant results, Marquee has commenced planning for a 2023 exploration program at the Project

Permitted for Water

The Kibby Basin lithium property is fully permitted by the state of Nevada to extract a maximum 2,896 acre-feet (944 million gallons) annually of water for brine processing and production of lithium compounds.

Obtaining a water permit for the Kibby Basin lithium project was a major milestone for Belmont where, because of the desert conditions in the region, water is of major importance to any potential mining operation. The Clayton Valley Basin for instance is over-appropriated (current water rights are in excess of water volumes available for an average year) and obtaining water rights for proposed operations is a hurdle that several companies in the Clayton Valley Basin have yet to overcome, even in their advanced stage of development.

Cypress Development (TSV:CYP) recently paid $3,000,000 for a water permit in Clayton Valley  (Cypress NR) which allows for the beneficial use of 1,770 acre/feet of water annually for mining, milling and domestic use.