The Lone Star Copper-Gold Project, Washington State
About Lone Star
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.The property lies on a 3‐kilometer long trend of gold copper mineralization linked by geology, in both rock types and structure, as well as the accompanying gold copper mineralization.
The geology and mineralization of the Lone Star Property is strongly influenced by the 600 meter wide No. 7 Fault
Watch New Lone Star Feature Video
Option Agreement
July 29, 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
for $100,000 US and 1,000,000 Belmont shares for 100% interest.
November 2021, Belmont optioned out the property to Marquee Resources (ASX:MQR)
- $504,000 cash payments
- $2,550,000 Work Program
- 3,000,000 MQR Shares
- Produce a Preliminary Economic Assessment on the project
- Over a 24 month term
For 80% ownership of the Lone Star project
November 29, 2023 Belmont Optionee Marquee Resources Completes Lone Star PEA
Lone Star PEA Features:
- Mineral Resource Estimate (MRE) includes Indicated 9.76 Mt at 0.60% CuEq and Inferred 3.35 Mt at 0.44% CuEq, based on a 0.10% CuEq cutoff within a conceptual pit shell.
- Life of Mine (LOM): 14 years
- Financial Outcome: NPV: Negative US$ 123.9m and IRR: Negative 10.2%.
George Sookochoff, CEO of Belmont Resources, shared, “While the Preliminary Economic Assessment offers an initial overview of the project economics, it’s crucial to recognize its preliminary nature. The assessment serves as a roadmap for navigating the project towards a positive economic outlook and eventual production.”
“Despite the initial economic challenges outlined, the report highlights key considerations that could potentially pivot the economics towards a positive trajectory. Notably, there is the prospect of a gold deposit approximately 400m west of the Lone Star deposit within our property. Furthermore, the fact that the Lone Star deposit remains open to the east and south presents additional opportunities.”
Lone Star History
The Lone Star mine operated over two time periods;
- underground from 1897‐1918 producing 146,540 tonnes, and
- open‐pit from 1977‐1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north.
- Historic resource based on $2.84/lb Copper and $593 oz Gold
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NI 43‐101 Disclosure:
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.
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.
7,800 meter drill program completed June 2022
2021-22 Drill Highlights
2022 New Mineral Resource Announced
Milling
The 200 tpd Greenwood Toll Mill owned by Golden Dawn Minerals, is located only 13kms north of the Lone Star property and could potentially receive ore for milling from the Lone Star mine.
Mines on the No.7 Fault
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.