Belmont Acquires B.C. Gold Prospect in Historic Republic-Greenwood Gold District
Thursday, March 28, 2019 3:15 AM
VANCOUVER, BC / ACCESSWIRE / March 28, 2019 / ("Belmont Resources Inc. ("Belmont" or the "Company") (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403).
Belmont has entered into an arm's length acquisition agreement with David Heyman & Clive Brookes (the "Vendors"), to acquire 253.34 hectares of mineral claims which is part of the former Pathfinder Property, located in southern British Columbia, approximately 18 km north of Grand Forks, in the Greenwood Mining Division. The property covers a highly mineralized area at the northeastern edge of the Boundary Mining Camp; also known as the historically productive and larger Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. More recently, other companies carrying out exploration drilling in the area have announced outstanding intersections of precious metals.(ie. Ximen Mining Corp. -"TSX.V:XIM";GGX Gold Corp.- "TSX.V:GGX": and Grizzly Discoveries Inc. "TSX.V:GZD").
The Belmont property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation). See area map:
A great deal of historical prospecting, outcrop sampling, diamond drilling, and, more recently, magnetic survey and soil sampling has been carried out throughout the property and there is evidence of old mine workings in several locations on the former Pathfinder property, some going back to the late 1800's.
In the late 1990's systematic and integrated exploration programs by Cassidy Gold Corp resulted in the discovery of several vein and skarn showings/zones with geophysical and geochemical anomalies in the area. Following up on Cassidy's work, Conlon Resources Corp optioned the property in May of 2000 and carried out more thorough soil sampling and geochemical analysis on the property. The work by Conlon, carried out and documented by R.C. Wells, P.Geo. of Kamloops Geological Services Ltd (Dec 2000 report) identified several prospective targets and recommended further study, including core drilling of high-probability areas.
In R.C. Well's December, 2000 report for Conlon he states; "The gold-silver mineralization at Pathfinder has several features in common with the past producing mines in the Rossland mining camp, 60 km to the southeast. This camp was historically the 2nd largest BC gold producer. Sulfide-rich ores consisted of massive pyrrhotite-rich replacement "veins" averaging close to .5 ounces per ton (17.1g/T) gold, with significant Copper and Silver."
All previous work is of a historical nature, and may not have been conducted under NI 43-101 standards, therefore assay results cannot necessarily be relied upon. Belmont intends to confirm the reported mineralization on its claims with the Company's own sampling program. Significant historical information/ data will be compiled as soon as possible to assist in the 2019 exploration program and completion of an updated geological report.
Jim Place, P.Geo.,CEO comments: "This was an opportunity that Belmont could not pass up. On the heels of a very positive Vancouver Resources Investment Conference ("VRIC"); the Prospectors & Development Association of Canada ("PDAC") and with the optimism in the market surrounding growth in gold prices, mergers and acquisitions, and mine development; we were presented with a portion of the Pathfinder property. Other exciting gold news from companies exploring the historic Greenwood area mining camp have received much investor's attention recently."
Other active companies in the Greenwood Camp include Golden Dawn Minerals –(TSX.V: GOM) and Grizzly Discoveries Inc. (TSX.V: GZD). Under the terms of a September 23, 2015 agreement, KG Exploration (Canada) Inc. (the subsidiary of Kinross Gold Corp) ("Kinross") can earn a 75% interest in certain mineral claims within Grizzly's Greenwood Gold Project, covering approximately 27,000 hectares (approximately one third of the area comprising the Greenwood Gold Project), by incurring US$3 million in exploration over a 5 year period; with a minimum of 3,000 metres of diamond drilling and expenditures totaling US $750,000 by September 23, 2017 (which has been completed). Kinross has incurred approximately Cdn.$1,280,500 in exploration to date (see GZD news release dated February 25, 2019). Kinross is planning further exploration within the Greenwood option for 2019.
Details of Belmont's Acquisition:
Pursuant to the Agreement, in order to complete the acquisition the Company must:
- Pay the Vendors $25,000 upon signing (paid);
- Issue to the Vendors 750,000 common shares of the Company and 750,000 transferable warrants exercisable at a price of $0.10 per share for a period of two years from the approval date, as set out below:
(i) 625,000 shares and 625,000 warrants to the vendors on the approval date;
(ii) 125,000 shares and 125,000 warrants to the vendors on the one year anniversary of the Agreement date;
- A 1.5% Net Smelter Return Royalty ("NSR"). The Company many acquire one-half of the NSR for $1 million upon commencement of commercial production on the Property.
The Agreement is subject to TSX Venture Exchange (the "Exchange") approval.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
For further information see our Website at: www.BelmontResources.com
Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.
In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada
ON BEHALF OF THE BOARD OF DIRECTORS
"James H. Place"
James H. Place, P.Geo., CEO/President
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 2019, 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.
SOURCE: Belmont Resources Inc.