Belmont and MGX Minerals Receive Further Encouraging Assays up to 580 ppm Lithium in Lower Level Samples Between 1270 and 1798 Feet on KB-3 in Kibby Basin, Nevada Lithium Project
BELMONT RESOURCES INC.
#600 – 625 Howe Street, Vancouver, B.C. V6C 2T6
Ph: (604) 683-6648 Fax: (604) 683-1350 E-Mail: [email protected]
Belmont and MGX Minerals Receive Further Encouraging Assays up to 580 ppm Lithium
in Lower Level Samples Between 1270 and 1798 Feet on KB-3 in Kibby Basin, Nevada
Lithium Project
Vancouver, B.C. Canada, September 28, 2018; (“Belmont Resources Inc. (“Belmont” or the
“Company”) (TSX.V:BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403).
Kibby Basin Drilling –Further Encouraging Assays:
Further to our news release of September 12 , 2018 Belmont and MGX Minerals Inc. (CSE:
XMG) have received ICP analyses for 25 core samples collected from the core tail of hole KB -3
(1270 – 1798 feet). Lithium values for 20 of the 25 samples exceed 100 ppm Li with seven
(7) samples containing greater than 375 ppm Li including ano ther high of 580 ppm Li.
Lithium is enriched in the more clay -rich samples. Core splitting and s ampling is now being
completed on the entire core section of the hole to give complete assay results for hole KB-3.
Ash layers accounted for four <100 ppm lithium samples, suggesting that initial lithium content
may have been leached from the porous ash layers and transported to brines elsewhere in the
basin.
The borehole targeted the southern portion of a large robust MT conductor, which still has
potential for saturated sediments containing lithium-rich brines.
Table 1. Intersections of 300+ ppm Li
From To Width LI - ppm
1403’ 1406’ 3’ 386
1452’ 1454.5’ 2.5’ 375
1490.5’ 1492.5’ 2.0’ 408
1528’ 1532’ 4.0’ 395
1596’ 1598’ 2.0’ 375
1768’ 1771.5’ 3.5’ 417
1791’ 1791.5’ 0.5’ 580
25 samples of core representing different lithology’s were selected for assay from this lower part
of the drilling and were delivered to ALS Labs in Reno, Nevada on August 31, 2018 for 41 -
element ICP analysis (including Li ). Samples were of ash layers, clay-rich sediments, silicified
sediments, and high pyrite and magnetite zones.
Based on Quantec MT geophysics the proposed second hole (KB -4, AKA 2018-2) would likely
mimic hole 3 with redox boundary (and aquifer) at 900 -1000 ft. depth, and reduced clays with
high Li content below 1,000 ft.
The Kibby Basin shares many character istics 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.
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.
About the Kibby Basin Lithium Brine Partnership
MGX Minerals Inc. (CSE: XMG) is partnered with Belmont Resources Inc. (TSX -V: BEA) on
the 2,056 hectares (5,080 acres) KibbyProperty and currently earning a 50% interest with the
goal of forming a 50/50 Joint Venture (the “Joint Venture”) to utilize MGX’s rapid lithium
extraction technology. Kibby Basin is located in the western portion of the Great Basin in
Nevada. Geologic re search of the Kibby Basin has indicated that proximal rhyolitic flows and
tuffs surrounding the basin could be a potential source of Li brine in the Kibby Basis Playa. In
addition, the Kibby Basin is located within a geothermal cluster at a basin low setti ng. Regional
geophysical signatures in the area reflect similar anomalies comparative to that of Clayton
Valley, approximately 50km to the South, location of Albe marle’s Silver Peak Mine, the only
North American lithium producer.
Rapid Lithium Brine Extraction Technology
MGX has developed a rapid lithium extraction technology eliminating or greatly reducing the
physical footprint and investment in large, multi -phase, lake sized, lined evaporation ponds, as
well as enhancing the quality of extraction and re covery across a complex range of brines as
compared with traditional solar evaporation. This technology is applicable to petrolithium (oil
and gas wastewater), natural brine, and other brine sources such as lithium -rich mine and
industrial plant wastewater . The technology was recently chosen as winner of the Base and
Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals
Awards, held in London in May ( see MGX press release dated May 18, 2018).
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
-Facebook https://www.facebook.com/Nevadalithium/
-Twitter https://twitter.com/Belmont_Res
On March 30, 2016; the Company acquired sixteen placer (16) mining claims, representing 1036 hect ares (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”
James H. Place
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 a nd 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 an d we may not be able to
organize and carry out an exploration program in 2016; and other risks associated with being a mineral explorati on 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 assum es 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.
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