VANCOUVER, BC / ACCESSWIRE / November 21, 2019 / Belmont Resources Inc (TSXV:BEA) ("Belmont"), (or the "Company") is pleased to announce the acquisition of 100% interest in the Pride of the West Crown Granted Claim and the Great Bear Reverted Crown Grant (the "Claims") containing approx. 45 hectares in the historic Greenwood Gold Camp in southern British Columbia.
The properties are located six kilometer west of the city of Greenwood, B.C. and nine kilometers north-west from the city of Grand Forks, B.C. The properties have year-round access, are easily accessible from the nearby Highway #3 and a powerline crosses the claims.
The Claims are situated 1 km south-east of the historic Phoenix Open Pit Mine which produced over 1 million ounces of Gold and 500 million pounds of Copper up to 1978 (historical results) and 500 meters north-west of the Golden Crown Mine which contains a NI 43-101 compliant indicated resource of 163,000 tonnes containing 62,500 of gold equivalent ounces and an inferred resource of 42,000 tonnes containing 13,100 of gold equivalent ounces (source: GOM website).
A total of 2,488 tonnes grading 15.4 g/t Au and 1.5% Cu were reportedly mined from the Golden Crown Vein during the early part of the 1900's, although the extent of workings and dumps suggest more (BC Minfile). Production came from a steep south dipping vein averaging 1.5 m in thickness, via three stopes on the 100-foot level within 55 m of the shaft.
The Great Bear and Pride of the West properties run parallel to a corridor of west northwest trending sub parallel and closely spaced, steeply dipping massive sulfide and quartz-sulfide veins occurring in the southeastern part of the adjacent Golden Crown property as part of a 4 km long gold/copper system defined by drill hole intercepts, trenches, gold soil geochemical anomalies and geophysical ("VLF") anomalies. The Glenora claims lie directly South East of the gold/copper system.
Golden Dawn Minerals reported in a December 4, 2017 news release results from surface diamond drilling at its Golden Crown property. Drill hole GC17-02 intercepted 12.3 meters (9.24-21.58 m), 3.53 g/t Au, 0.11% Cu, Including: 4.6 meters (17.0-21.58 m), 7.60 g/t Au, 0.13% Cu.
Drill hole GC17-05 intercepted 6.95 meters (14.65-21.60m), 6.77 g/t Au, 1.18% Cu, Including:
2.69 meters (18.13-20.82m), 16.48 g/t Au, 1.96% Cu.
Belmont plans to compile additional data on the ‘Black Bear' reverted crown grant; and the ‘Pride of the West' crown grant as well as the Glenora claims in order to plan the best possible exploration program to further enhance the properties.
Terms of the Acquisition Agreements:
The Claims have been acquired from two non-related third parties (the "Vendors") under the following terms:
- 100,000 common shares (the "Shares") to each Vendor upon TSX Venture Exchange approval. The Shares will be subject to a 4 month+1 day hold period from the issuance date;
- On completion of a financing or 120 days whichever comes first, the payment of $25,000.
Re: EuroGas Inc. and Belmont Resources Inc. v. Slovak Republic.
(International Centre for Settlement of Investment Disputes - "ICSID" - Annulment Proceedings)
Proceedings through ICSID have formally come to a close in Belmont's action for compensation from the Republic of Slovakia regarding the Gemerska Poloma talc deposit investment. The Company has received official notice that the ‘Application for Annulment of the Decision' rendered on August 18, 2017 has been discontinued.
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol "BEA". The Company is systematically exploring its extensive property positions in British Columbia (Gold), Nevada (Lithium) and Saskatchewan (Uranium).
Technical disclosure in this news release has been approved by Laurence Sookochoff, P.Eng., a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
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.
SOURCE: Belmont Resources Inc.