 Lumby/Bufo
Property
Download:
NI 43-101 Technical
Report - 2010 Drilling Program at the Bufo Lake & Bufo-Lumby
Property, Atikokan, Ontario, Canada
Ontario Geological Survey
("OGS") 2009 Report - Lumby Lake Greenstone Belt
Belmont entered into an option to acquire approx. 3,040 ha.
in a group of 23 contiguous mineral claims,
known as the Lumby/Bufo property. This property adjoins on
strike to the north- northeast with the Osisko Mining Corp. (TSX
–OSK)(formerly Brett Resources Inc.) “Hammond Reef deposit” , claims. The Lumby/Bufo
property is located approximately 35 km. northeast of the
town of Atikokan.
Osisko is now completing advanced evaluation of its Hammond
Reef Gold deposit. The NI 43-101 compliant report has
outlined an inferred resource of 259.4 million tonnes grading
0.8 gram per tonne Au, using 0.3 grams per tonne, cut-off down to a depth of 300m (approx.
6.7 million ounces of gold). The resource is amenable to open
pit mining with a low stripping ratio of 1.43:1. The mineralization
remains open along strike and dips gently to the southeast.
All of the resources are contained within the Marmion Batholith.
The Hammond Reef technical report is available on SEDAR.
The Lumby/Bufo Lake property is located within the Lumby
Lake Metavolcanic Belt near its southern contact with the
Marmion Batholith. The Lumby-Bufo property is accessible by
all-season and seasonal logging roads, 45 km north from the
Sapawe junction with Highway 11. The Sapawe Junction is located
approx. 170 km west from Thunder Bay, Ontario and 24 km east
of Atikokan,  Ontario.
The claim group has potential for the discovery of high-grade
gold, silver and base metal deposits as proven by the exploration
work carried out by Atikokan Resources Inc. from 1994 to 2004.
Atikokan Resources made a significant high grade silver-base
metal discovery at the east end of Lumby Lake reporting grab
samples from the main showing assaying up to 416 oz/ton silver,
25% lead and 15% zinc. A 300 ton bulk sample extracted in
2003 averaged 15 oz. silver/ton.
A total of six holes were drilled along strike for 500 meters
testing the silver-base metal zone and six holes intersected
significant zinc, silver and copper with minor gold values.
The silver-base metal sulphide mineralization consists of
native silver, acanthite, sphalerite, galena, chalcopyrite
and pyrite, typical of volcanic massive sulphide (VMS) deposits.
Three holes drilled 300 meters west of the discovery showing
and under Lumby Lake, intersected wide zones of silver, zinc,
lead and copper mineralization over considerable widths from
42 m to 80 m wide. The consultants for Atikokan concluded
at the time of drilling that the mineralization intersected
in these drill holes indicated proximal mineralization to
a massive sulphide deposit. 
Previous exploration work by Atikokan Resources Inc and others
in the Bufo Lake area located 4 km west and on strike with
the high grade silver-base metal occurrence has identified
three geophysical and potential gold and base metal targets
under Two Bay and Bufo Lake. These targets were never drill
tested. Previous exploration on the south shores of Bufo Lake
resulted in the discovery of a high-grade float boulder assaying
over 2 oz/ton. A second gold zone consisting of 20 to 30 meter
wide quartz-carbonate veining systems contained within carbonitized
and sericitized quartz porphyry was uncovered on the main
logging road 500 meters west of the south portion of Bufo
Lake. Previous VLF-EM and Max Min surveys over Bufo and Two
Bay Lake have identified three conductive zones under the
lakes. The quartz-carbonate mineralization was discovered
on the road west of Bufo Lake. Two grab samples from this
showing assayed 5.3 g/t and 9.4 g/t gold and up to 13 g/t
silver. Both gold sources, float and road showing, contain
similar style of mineralization and rock types. Similar altered
rocks have been discovered along the south and southwest shores
of Bufo Lake which coincide with one of the 3 VLF- EM and
Max Min conductors under the lakes.
Atikokan Resources carried out several surveys which included
magnetic, electromagnetic (VLF-EM), induced polarization (dipole-dipole
and gradient array), soil geochemical surveys, whole rock
geochemical surveys, geological mapping, stripping, trenching,
and channel sampling. Most of the prior exploration data has
been recovered and retained by Raymond A. Bernatchez, P.Eng.
The gold-bearing structures on the Hammond
Reef Gold property can be
traced northeast onto the Lumby/Bufo Lake property. The Company
will has completed an NI 43-101 geological report which can be viewed on our website or on SEDAR.
The technical, part of this press release has been reviewed
and approved by Raymond A. Bernatchez, P.Eng., Consulting
Geologist and a qualified person as defined in NI 43-101.
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