Larder Lake Properties
In February 2003, Belmont acquired 100% interest in 4 claims (272
hectares) in Beatty Township, Larder Lake Mining Division, Northeastern,
Ontario approx. 80km ENE from the city of Timmins.
For the past 20+ years the region has undergone extensive exploration
for GOLD, base metals and diamonds. The area has seen a new resurgence
in GOLD exploration due to recent discoveries in Munroe Township,
which adjoins Beatty to the east, and to the recent increase in
the price of GOLD.
Belmont's Larder Lake properties have potential to host GOLD deposits
for the following reasons:
- The claims are underlain in the main by tholeiitic rocks and
in the part by the iron-rich tholeiitic rocks which host many
gold deposits in Ontario
- There have been several past producers, albeit small producers,
on strike in the immediate area in the same Kidd-Munroe assemblage
of rocks. One of these deposits, the Croesus Mine, was of exceptional
high grade, and averaged 2.786 oz/ton.
- Reserves at the Maude Lake deposit indicate that larger deposits
might exist in the Kidd-Munroe assemblage.
- Recent exploration activity by Tom Exploration immediately to
the southeast and on strike with Belmont's claims has resulted
in the discovery of 10 new gold occurrences over a 6 km strike
length. Values for grab samples from these occurrences range from
2.49 to an impressive 2500 g/t.
- Structures favourable to the development of gold deposits are
present in the area of the claims. The Painkiller Lake fault with
which the Blue Quartz mine is associated, passes ~1 km south of
the Western claim block. Electromagnetic anomalies detected during
an airborne survey may indicate the presence of sulphide mineralization.
Such mineralization often accompanies gold.
- Belmont completed a combined VLF, electromagnetic and magnetic
geophysical survey in January 2004.
- Following geophysical work it was determined that the western portion (2 claims - 6 units) had more potential than the eastern claims (2 claims - 11 units). Subsequent to the year end, the Company allowed the eastern claims units to lapse and restaked a larger western area. On March 12, 2004 a new group of 2 claims (22 units - 352 hectares) was recorded in the Company's name.
- During May 2004 a total of five diamond drill holes comprising 584 metres were completed.
- The preliminary results were encouraging with intersections of mineralized alteration zones within komatiitic - tholeitic volcanic rocks of the Kidd - Munro stratigraphic assemblage. A total of 161 samples were assayed for gold by fire assay on a 30 gm sub sample and multi-elements by ICP analysis.
The drill program was successful in that anomalous gold results were returned for 3 of the 5 holes drilled. Anomalous results are as follows:
Hole # 1: 0.38 g/t Au from 45.0 m to 46.8 m.
Hole # 3: 0.17 g/t Au from 69.6 m to 70.0 m.
Hole # 5: 1.45 g/t Au from 87.8 m to 88.6 m.
Multi-element assays also indicated scattered anomalous results for Copper, Arsenic and Zinc in all 5 holes drilled.
The drilling program encountered favourable geological and mineralogical environments similar to those on the Tom Exploration property to the immediate east/southeast. It is recommended that an Induced Polarization (IP)/resistivity survey be carried out over the favourable stratigraphy of the property. A complete review of the assay results and its relation to the ground geophysics survey will be completed before the IP commences.
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