The Lone Star Copper-Gold Project, Washington State
7,000m Drill Program In Progress
Purpose of the drill program to:
1)Validate the historical 250 drill hole database and resource model;
2) Achieve an infill drill hole spacing that is appropriate for advancing the 2007 historic inferred mineral resource to a current measured and indicated resource category;
3) Test for extensions of the historical resource both laterally and at depth;
4) Deliver a 43-101/JORC compliant mineral resource estimate and scoping study.
The Lone Star property is located in northern Washington State on the northeastern tip of the Republic Graben, an important geological feature which hosts several gold and copper mines.
July 2021, Belmont acquired the past producing Lone Star mine along with a significant exploration database which included:
- data from 250 drill holes
- an historic high grade copper resource
- Historic resource based on $2.84/lb Copper and $593 oz Gold
- Company plans to update resource with current metal prices (~$4.40/lb Copper and $1,800 oz Gold)
November 2021, Belmont entered into a JV/option agreement with Marquee Resources (ASX:MQR)
- $504,000 cash payments
- $2,550,000 Work Program
- 3,000,000 MQR Shares
- Produce a Preliminary Economic Assessment on the project
- Over a 24 month term
For 80% ownership of the Lone Star project
2021-22 Drilling Program
November 17, 2021: Belmont/Marquee JV Commence 6,000+m (42 holes) Drill Program At Lone Star Copper-Gold Project. Drilling has continued 24/7 with brief breaks over holidays.
2021-22 Drill Highlights
1.True widths of the reported mineralized intervals have not been determined.
2.Assumptions used in USD for the copper equivalent calculation were metal prices of $4.00/lb. Copper, $1,800/oz Gold, $20/oz Silver, and recovery is assumed to be 100% given the level of metallurgical test data available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.656) + (Silver (g/t) x 0.00729).
– 7,000 m drill program expected to be completed May 2022
– Updated 43-101/JORC resource report Q2 2022
– 2022 Preliminary Economic Assessment/Scoping Study Q2 2022
The 200 tpd Greenwood Toll Mill is located only 13kms north of the Lone Star property and will potentially receive ore for milling from the Lone Star mine.
NI 43-101 Disclosure:
Technical disclosure in this web page has been approved by Laurence Sookochoff, P.Eng., a Qualified Person as defined by National Instrument 43-101.
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature.
(3) The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
(4) Gold equivalent (AuEq) grade was calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb., based on the 24 month (at July 31, 2007) trailing average of gold and copper prices, to obtain a conversion factor of % copper x 3.284 + gold g/t = Au Eq g/t. Metallurgical recoveries and smelting/refining costs were not factored into the gold equivalent calculation.
(5) The Cu equivalent (CuEq) cut-off value of 1.5% was calculated and rounded utilizing the following: Cu price US$2.84/lb, $US exchange rate $0.88, process recovery $95%, smelter payable 95%, smelting and refining charges C$7/tonne mined, mining cost C$62/tonne mined, process cost $C28/tonne processed, G&A cost $7.50/tonne processed.
(6) A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. As such the issuer, Belmont Resources, is not treating this historical estimate as current mineral resources or mineral reserves.