VANCOUVER, BC / ACCESSWIRE / May 9, 2019 / Belmont Resources Inc. ("Belmont"), (or the "Company"), (TSX-V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403).
Pathfinder Property update:
Further to our news release of March 28, 2019. The Company has increased its land position by an adjoining 42.22 ha to a total of 295.56 ha. The Company has also reviewed further exploration results completed by Kingsman Resources in 2008 & 2009, who conducted a trenching program, a drill program of 15 DDH at the Pathfinder workings, and 2 drill holes at the adjacent Diamond Hitch prospect; both within the Belmont claims.
Belmont has engaged a geological consultant to visit the property to complete an initial assessment of the property. As such the proposed work will include:
- A review of previous work to ascertain main areas of interest and possible areas overlooked by earlier investigations;
- A field program visiting previously reported workings, trenches, and drilling sites in the area, with rock grab or chip samples to be taken for assaying where appropriate;
- Geological, alteration, and structural mapping of areas immediately surrounding the largest workings (Pathfinder, Little Bertha, and Diamond Hitch), with prospect-scale mapping (1:5,000) of the area;
- Digitizing field data, correlating findings with previous work, and completing a brief report on these findings and main areas of interest including recommendations for a more detailed summer exploration program to followup.
Belmont anticipates the field work to be completed this month.
The Greenwood Gold District is already reporting significant exploration programs underway this year, such as drilling and trenching, and expects this to continue throughout the year. 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).
Karim Rayani resigns as a Director:
The Board wishes to thank Karim Rayani for contribution to the Company; and wishes him well in his other commitments and endeavors. Mr. Rayani will continue on as an advisor/consultant to the Board with respect to ongoing financing and project generation. Mr. Rayani has a global network of financial contacts with a focus on institutional accounts.
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.
(i) On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims (now increased to 295.56 ha) which are part of the former Pathfinder Property, located in the historically productive Republic-Green Gold District. Copper and gold mining in this camp dates back to the turn o the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).
(ii) 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 earned a 25% interest in the Kibby project.
(iii) In 50/50 ownership with International Montoro Resources Inc., Belmont owns 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.,
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.