BELMONT REPORTS DRILLING TO RE-COMMENCE IN NOVEMBER ON KIBBY PROPERTY;
ASSAYS DETERMINE 139 FT. INTERSECTION AVERAGING 393 PPM FROM AUGUST DRILL HOLE (KB-3) AT KIBBY BASIN, NEVADA LITHIUM PROJECT;
BELMONT TO EXHIBIT AT EDELMETALL & ROHSTOFFMESSE “GOLD SHOW” IN MUNICH, GERMANY - NOVEMBER 9 & 10TH.
Vancouver, B.C. Canada, November 01, 2018 - Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403); ("Belmont", or the "Company").
Kibby Basin – Plans are Underway for November Drilling Start
Belmont continues with Harris Exploration Drilling and Associates of San Diego, California to undertake further exploration drilling at Belmont’s Kibby property. Exploration will include down-hole geophysical surveys in conjunction with drilling, in order to identify lithium brine prospective permeable and conductive zones above and within the conductive anomaly identified by Quantec’s MT survey from February, 2018 (see Belmont News Release March 1, 2018). Using geophysical survey results concurrent with drilling is intended to allow Belmont’s crew to obtain groundwater samples that are precisely representative of the layers of interest. As with previous drilling, soil and rock samples will be collected and logged throughout the advancement of the holes.
Kibby Basin – Additional Assay Results below 1270 feet
Previous news release (September 12, 2018) described assays from samples between 970’ and 1210’ (240’ thickness) that contained an average of 390 ppm lithium.
On September 28th we reported 20 samples which exceeded 100 ppm Li with seven (7) samples assaying greater than 375 ppm, and up to 580 ppm Li at 1791 feet.
Belmont has received the results of the remaining 59 core samples from the lower section of drill hole KB-3. The results as follows were further encouraging.
Assay results from ALS Canada of North Vancouver, B.C., show consistently high levels of lithium in the core between 1270 and the bottom of the hole at 1798 including a 139 foot intersection between 1389 and 1528 feet that had a weighted average of 393 ppm lithium (See table below). Of the additional 59 samples tested, 6 were above 500 ppm, and 41 were above 300 ppm.
Table 1: Anomalous Core Section - Chart of Samples Tested Between 1389 and 1528 Feet, with Thickness and Lithium Concentrations
Note: no recovery 1440-1441.8 ft.
The Kibby Basin shares many characteristics with Clayton Valley, where lithium brines are being exploited, including: closed structural basin, large conductor at depth, lithium anomalies at surface and depth, evidence of a geothermal system, and potential aquifers in porous ash and gravel zones.
Belmont Resources Inc. is engaged in an option agreement with MGX Minerals Inc. (CSE: XMG) to carry out assessment and development of the Kibby Basin Property. MGX has until December 31, 2018 to earn another 25% (total 50%) interest with the goal of forming a 50/50 Joint Venture (the “Joint Venture”) to utilize MGX’s rapid lithium extraction technology
NI 43-101 Disclosure
Robert (“Bob”) G. Cuffney, Certified Professional Geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
Mr. Gary Musil, CFO/Director of Belmont will be joining Zimtu Capital Corp. (TSX.V: ZC) along with several other Zimtu associated companies showcasing the Company for two days at the International Precious Metals & Commodities (Edelmetall & Rohstoffmesse) Show in Munich, Germany – November 9th & 10th, 2018.
We invite you to join us at the above conference. For additional show information click the following link: https://www.edelmetallmesse.com/index.php?lang=en
About Belmont Resources Inc.
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada-U.S.A. The Company believes the property to be highly prospective to host lithium. Subsequent ground geophysics & gravity surveys, surface sampling and a two hole- 2046 ft. diamond drill program have confirmed the presence of lithium on Kibby.
In June 2018; the Company has updated its land position staking, and now holds 126 x 20 acre additional placer mineral claims totaling approx. 1,020 hectares ( 2,520 acres) , adjoining the Kibby 16, for a total Kibby Basin land position (the “Property”) to 2,056 hectares (5,080 acres).
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake - 11,109 ha) in the Uranium City District in Northern Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“James H. Place”
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2016; and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.