Belmont JV Partner Marquee Resources Provides Complete Sampling Results - Kibby Basin Lithium Project
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Belmont JV Partner Marquee Resources Provides
Complete Sampling Results - Kibby Basin Lithium Project
HIGHLIGHTS:
➢ The Company has now received the final samples from the Kibby Basin Lithium Project with the results from
two boreholes (KB 22-01 and KB 22-02) confirming high levels of lithium-bearing sediments along with
dissolved lithium in the groundwater.
➢ Mineralised intervals containing up to 924 ppm lithium with greater than 300 ppm lithium over
thicknesses in excess of 450m (1475 ft) have been identified in core samples of clay-rich playa sediments.
➢ Lithium mineralisation is fairly consistent in both thickness and grade in the two boreholes, which are 2000 m
apart, suggesting extensive lateral occurrence across the basin.
➢ Drill hole KB 22-01
o Assay results of drill core returned lithium solids concentrations of up to 924 ppm Li with mineralisation
open at depth.
o Below the contact between unconsolidated lakebed sediments and more lithified sediments, lithium content
increased significantly and drilling intersected a 79 m (260 ft) thick section from 362-441 m (1188-1448 ft)
averaging 771 ppm Li with a high of 924 ppm Li.
o The upper high lithium zone was contained within a very thick zone, averaging 383 ppm Li over 487 m
(1597 ft) continuing to the bottom of the hole. The lithium mineralisation is open at depth.
➢ Drill hole KB 22-02
o Encountered anomalous lithium values above the hard gravel and significant lithium enrichment below with
mineralisation remaining open at depth.
o A thick zone of 169 m (555 ft) averaging 558 ppm Li with a high of 860 Li lay below the contact.
o Lithium mineralisation continued to the bottom of the hole with an average of 379 ppm Li over 451m (1478
ft) continuing to the bottom of the hole. The lithium mineralisation is open at depth.
o Dissolved lithium was identified in the groundwater at depths generally correlating with the lithium bearing
sediments.
➢ Following these significant results, Marquee has commenced planning for a 2023 exploration
program at the Project
Vancouver, B.C. Canada, January 26, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”),
(TSX.V: BEA; FSE: L3L2) is pleased to announce that Belmont’s JV partner Marquee Resources (ASX:
MQR) (“Marquee”) announced the final results from its Kibby Basin Lithium Project 2022 drill campaign.
Assay results received indicated thick sequences of lithium- bearing sediments at the Project, with up to 924
ppm Li from the two exploration boreholes (KB 22-01 and KB 22-02) that were completed.
NEWS RELEASE
January 26, 2023
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President & CEO Comment:
George Sookochoff, President & CEO commented, “What is notable in the Kibby results from the first two
holes drilled; Mineralised intervals containing up to 924 ppm lithium with greater than 300 ppm lithium
over thicknesses in excess of 450m and fairly consistent Lithium mineralisation in both thickness and grade
in the two boreholes, which are 2,000 m apart, suggesting extensive lateral occurrence across the
basin. Belmont is looking forward to Marquee continuing in 2023.”
Core Assay Results
Hole KB 22-01 was drilled as a vertical borehole to a depth of 880 m (2888 ft). The hole was drilled as an air-
core pre-collar to a depth of 329 (1080 ft), followed by HQ core, reduced to NQ core at 408 m (1338 ft).
As expected, analysis of cuttings from the upper non-core section of the hole indicated weakly anomalous
lithium content, ranging from a few 10s of ppm to 154 ppm Li. Drilling switched to core immediately below a
hard gravel unit, which forms the boundary between unconsolidated pluvial-fluvial sediments and partially
lithified equivalents with substantial tuffaceous (ash) content below. A representative sampling of
approximately 10% of the core was split in half using a diamond saw and one split was delivered to Paragon
Geochemical in Sparks, NV, an ISO/IEC 17025-2017 certified laboratory, for 31-element ICP analysis,
including lithium.
Lithium content increased significantly below the contact, with a 79 m (260 ft)-thick section from 362-441 m
(1188-1448 ft) averaging 771 ppm Li with a high of 924 ppm Li. The upper high lithium zone was contained
within a very thick zone, averaging 383 ppm Li over 487 m (1597 ft) continuing to the bottom of the hole. The
lithium mineralisation is open at depth.
Hole KB 22-02 was drilled as a vertical borehole to a depth of 915.6 m (3004 ft). Similar to the first hole, KB
22-02 was drilled as a mud-rotary pre-collar to a depth of 365 m (1198 ft), followed by HQ and NQ core.
As with the first hole, KB 22-02 encountered anomalous lithium values above the hard gravel and significant
lithium enrichment below. A 169 m (555 ft)-thick zone averaging 558 ppm Li with a high of 860 Li lay below
the contact. Lithium mineralisation continued to the bottom of the hole with an average of 379 ppm Li over an
interval of 451 m (1478 ft). Mineralisation remains open at depth.
Both KB 22-01 and KB 22-02 were drilled to test a thick MT conductor. The start of the high lithium zone in
both holes corresponds with the approximate top of the conductor. Neither hole drilled to the bottom of the
conductor or the bottom of the potential aquifer zone within the playa-filling sediments.
The results of the core sampling are presented in Table 1.
Groundwater Assay Results
Hole KB 22-01 was sampled for lithium-bearing groundwater in the pre-collar interval to a depth of 305 m
(1000 ft), and the HQ and NQ core intervals to 853 m (2797 ft). Twenty-three intervals were sampled
including two long interval, large purge-volume samples and a duplicate for quality assurance. Sample
intervals were purged of drilling fluids and drill cuttings prior to sampling. A multiparameter chemistry meter
was used to periodically monitor the purge water general chemistry and ensure formation groundwater was
sampled. The general chemical parameters of water samples were also measured at the time of sample
collection.
Samples were sent to a laboratory where they were analysed for a wide range of total and dissolved metals
(including Lithium), anions, and general parameters. The total metals analysis provided a cumulative assay
of both the soluble (dissolved) and particulate concentration of Lithium, and other metals, in the sampled
water. The dissolved metals analysis reported only the soluble metals in solution.
Groundwater samples from twelve intervals of the upper pre-collar section of the hole were collected by
means of airlifting groundwater from a short interval of exposed borehole. The pre-collar hole samples were
delivered to ALS Geochemistry in Reno, NV, an ISO 45001-2018 certified laboratory, for 53-element trace
element ICP analysis of dissolved metals. The trace element analysis is suitable for water with a low total
dissolved solids (TDS) content (< 1%) and has a lithium detection limit of 0.1 μg/L.
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Eleven samples from the HQ and NQ core hole below 343 m (1124 ft) were sampled with a large-volume
bailer lowered to targeted depths. The core hole samples were delivered to Western Environmental Testing
Laboratories (WETLAB) in Sparks, NV, a Nevada Division of Environmental Protection accredited laboratory,
for 34-element ICP analysis, select anion by Ion Chromatography, and general chemistry analyses. This
standard ICP analysis is suitable for elevated TDS water and has a laboratory detection limit for lithium of 0.1
mg/L and a practical quantitation limit of 2.0 mg/L. Standard ICP method lithium results below 2.0 mg/L
should be considered an estimate.
ALS results from the pre-collar upper portion of the hole indicated dissolved lithium content up to 0.15 mg/L.
The lithium content increased in the deeper HQ and NQ intervals of the hole. Total and dissolved lithium
content peaked at 0.7 mg/L and 0.4 mg/L, respectively, at a depth of 407.8 – 410.9 m (1338 – 1348 ft). This
zone correlated with high lithium content identified in the core assays.
Hole KB 22-02 was sampled for lithium bearing groundwater in the HQ and NQ intervals from 365 m (1198
ft) to
915.6 m (3004 ft). Twenty-nine samples were collected and analysed: including samples from overlapping
zones and a long interval, large purge volume sample. As in the previous hole, each interval was purged of
drilling fluids and cuttings prior to sampling. A multiparameter chemistry meter was used to periodically
monitor the purge water general chemistry and ensure formation groundwater was sampled. The general
chemical parameters of sample water were also measured at the time of sample collection. Groundwater
samples were sent to WETLAB for 34-element ICP analysis of total and dissolved metals, select anion by
Ion Chromatography, and general chemistry parameters.
The lower portion of KB 22-02 below 817 m (2682 ft) drilled through relatively competent formation material
and was sampled by means of a straddle packer system across three intervals. The higher intervals of the
borehole were drilled through formation materials unsuitable for packer testing. Twenty-four samples in this
higher zone were collected using a large-volume bailer lowered to targeted depths following core hole
purging. The remaining two samples were of purge water with anomalous chemistry readings.
Total lithium content increased exponentially with depth to a peak of 27 mg/L at 549 m (1800 ft). Multiple
water samples confirmed elevated total lithium content across the zone from about 518 to 564 m (1700 to
1850 ft). This zone roughly correlated with high lithium content identified in the core assays.
Elevated lithium content occurred in two samples (Table 3: No. 25 and No. 26) of purge water recovered
from a depth of about 762 m (2500 ft). However, other water samples collected from overlapping zones after
purging (Table 3: No. 22 and No. 24) did not indicate the same elevated lithium content.
The summarised final results of the water sampling from KB 22-01 and KB 22-02 are presented in Table 2
and Table 3, respectively.
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Figure 1 – Kibby Basin Drill Program
Figure 2 - Lithology Logs
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Table 1 ‐
KB 22‐01 ‐ 430313m E, 4243652m N NAD 83, vertical
hole, TD 880.2 m
Sample
KB 22‐02 ‐ 431950m E, 4242630m N, vertical hole, TD
915.6m
Sample
Fro
m
To
(m)
length
(m)
Li
ppm
From
(m)
To
(m)
length
(m)
Li
pp
0
6.1
6.1
70
6.1 12.2 6.1 80
12.2 18.3 6.1 80
18.3 24.4 6.1 80
24.4 30.5 6.1 80
30.5 36.6 6.1 100
36.6 42.7 6.1 100
42.7 48.8 6.1 140
48.8 54.9 6.1 110 0.0 0.0 0.0 65
54.9 61 6.1 100 0.0 0.0 0.0 65
61 67.1 6.1 90 0.0 0.0 0.0 75
67.1 73.2 6.1 80 0.0 0.0 0.0 96
73.2 79.3 6.1 40 0.0 0.0 0.0 110
79.3 85.4 6.1 100 0.0 0.0 0.0 136
85.4 91.5 6.1 90 0.0 0.0 0.0 144
103.6 109.7 6.1 143 0.0 0.0 0.0 119
134.1 140.2 6.1 122 0.0 0.0 0.0 135
164.6 170.7 6.1 132 0.0 0.0 0.0 130
237.7 243.8 6.1 141 0.0 0.0 0.0 106
298.7 304.8 6.1 154 0.0 0.0 0.0 161
317.0 323.1 6.1 64 0.0 0.0 0.0 165
317.0 323.1 6.1 53 0.0 139
cuttings cuttings
core core
362.1 364.2 2.1 682 365.7 368.2 2.4 318
408.3 413.4 5.1 810 380.4 383.1 2.7 90
413.8 416.9 3.1 924 415.4 418.5 3.0 105
438.1 441.3 3.2 917 427.9 430.7 2.7 108
471.7 474.9 3.2 523 462.7 465.7 3.0 494
505.2 508.4 3.2 151 496.2 499.2 3.0 510
529.6 532.8 3.2 103 525.4 527.6 2.1 860
564.9 571.2 6.3 186 555.0 558.1 3.0 539
587.4 590.7 3.3 219 586.1 587.6 1.5 768
636.2 639.4 3.2 202 629.1 631.8 2.7 345
684.6 687.9 3.3 362 647.7 650.7 3.0 138
663.8 666.9 3.1 251 678.8 681.0 2.3 89
684.9 687.9 3.0 255 708.6 710.8 2.1 144
770.3 773.5 3.2 356 751.9 755.0 3.0 192
753.7 755.9 2.2 115 772.3 775.1 2.7 188
770.5 773.5 3.0 294 809.2 812.3 3.1 200
813.2 815.6 3.1 296 833.0 836 3.0 411
849.7 852.8 3.0 324 868.9 872 3.1 501
873.2 876.3 3.1 311 910.1 913.1 3.0 312
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Table 2 –
Sample No.
Depth (m)
Specific
Conductivity
Total Dissolved
Solids
Lithium -
Dissolved
Lithium -
Total
From To (μS/cm) (mg/L) (mg/L) (mg/L)
KB22-01 No. 1 89.9 91.4 3200 2530 0.040 NA
KB22-01 No. 2 108.2 109.7 4780 3110 0.055 NA
KB22-01 No. 3 120.4 121.9 1330 860 0.102 NA
KB22-01 No. 4 126.5 128.0 1370 3440 0.059 NA
KB22-01 No. 5 138.7 140.2 2390 1540 0.075 NA
KB22-01 No. 6 150.9 152.4 5580 3620 0.061 NA
KB22-01 No. 7 169.2 170.7 6410 4150 0.068 NA
KB22-01 No. 8 207.3 208.8 1590 1030 0.150 NA
KB22-01 No. 9 224.0 230.1 2450 1590 0.128 NA
KB22-01 No. 10 249.9 256.0 2320 1510 0.079 NA
KB22-01 No. 11 268.2 274.3 2730 1780 0.078 NA
KB22-01 No. 12 298.7 304.8 1090 710 0.056 NA
KB22-01 No. 13 342.6 345.6 2254 1830 0.2 0.5
KB22-01 No. 14 342.6 880.3 2165 1850 0.2 0.2
KB22-01 No. 15 363.9 367.0 2005 1570 0.1 0.3
KB22-01 No. 16 407.8 410.9 3256 2690 0.4 0.7
KB22-01 No. 17 407.8 880.3 2957 2230 0.3 0.3
KB22-01 No. 18 441.0 444.1 2957 2270 0.3 0.3
KB22-01 No. 19 514.2 517.2 2939 2280 0.3 0.4
KB22-01 No. 20 593.4 596.5 2650 1930 0.2 0.2
KB22-01 No. 21 672.7 675.7 2834 1600 0.2 0.2
KB22-01 No. 22 745.8 748.9 3030 2090 0.3 0.4
KB22-01 No. 23 849.5 852.5 3225 2180 0.4 0.4
NA – Not Analysed
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Table 3 –
Sample No.
Depth (m)
Specific
Conductivity
Total
Dissolved
Solids
Lithium –
Dissolved
Concentration
Lithium – Total
Concentration
From To (μS/cm) (mg/L) (mg/L) (mg/L)
KB22-02 No. 1 365.2 368.2 1888 1227 <0.1 0.1
KB22-02 No. 2 368.2 371.2 2009 1305 0.3 2.6
KB22-02 No. 3 377.3 380.4 1942 1262 0.2 1.2
KB22-02 No. 4 398.7 401.7 2049 1332 0.2 1.1
KB22-02 No. 5 407.8 410.9 2132 1386 0.2 1.0
KB22-02 No. 6 420.0 423.1 2176 1414 0.3 1.1
KB22-02 No. 7 453.5 456.6 2261 1470 0.3 1.2
KB22-02 No. 8 465.7 468.8 2321 1509 0.3 1.4
KB22-02 No. 9 481.0 484.0 2470 1605 0.3 2.4
KB22-02 No. 10 496.2 499.3 2665 1732 0.2 2.2
KB22-02 No. 11 517.6 520.6 3074 1998 0.4 5.3
KB22-02 No. 12 526.7 529.7 3200 2080 0.3 10.5
KB22-02 No. 13 548.0 551.1 3306 2149 0.3 27.0
KB22-02 No. 14 563.3 565.4 3384 2199 0.3 10.9
KB22-02 No. 15 612.0 615.1 3656 2377 0.4 0.6
KB22-02 No. 16 618.1 621.2 3618 2351 0.3 0.6
KB22-02 No. 17 627.3 630.3 3648 2371 0.4 0.6
KB22-02 No. 18 639.5 642.5 3238 2104 0.3 0.6
KB22-02 No. 19 642.5 645.6 3431 2230 0.4 0.6
KB22-02 No. 20 685.2 705.3 3063 1991 0.3 0.5
KB22-02 No. 21 685.2 688.2 3083 2004 0.3 0.5
KB22-02 No. 22 706.5 797.1 2866 1862 0.4 0.9
KB22-02 No. 23 709.6 712.6 3136 2039 0.4 0.5
KB22-02 No. 24 755.3 797.1 2847 1851 0.4 < 0.1
KB22-02 No. 25 762.0 765.0 NA 26600 16.6 16.7
KB22-02 No. 26 762.0 765.0 NA NA NA 33.5
KB22-02 No. 27 817.5 835.1 2946 1915 0.6 0.5
KB22-02 No. 28 832.7 854.3 3007.5 1955 0.5 0.5
KB22-02 No. 29 854.7 915.6 2877.1 1881.7 0.6 0.6
NA – Not Analysed
About the Kibby Lithium Project
Kibby Basin is located within the Basin and Range Province in southern Nevada. It is a closed-basin
that is fault-bounded on the East, North and South.
The Kibby potential deposit type is a continental, mineral-enriched brine aquifer within a
hydrographically closed basin (endorheic basin). Continental brines are the primary source for lithium
products worldwide. Bradley and others (2013) noted that “all producing lithium brine deposits share a
number of first-order characteristics: (1) arid climate; (2) closed basin containing a playa or salar; (3)
tectonically driven subsidence; (4) associated igneous or geothermal activity; (5) suitable lithium
source-rocks; (6) one or more adequate aquifers; and (7) sufficient time to concentrate a brine.
Kibby Basin Lithium Claims Water Rights
Belmont holds legal water rights with the Monte Cristo hydrologic basin where the Kibby Basin lithium
property, is situated. Belmont is fully permitted by the state of Nevada to extract a maximum 2,896
acre-feet (944 million gallons) annually of water for brine processing and production of lithium
compounds,
a pre-requisite for the exploration and development of lithium brine projects in Nevada. Under State of
Nevada law, water (including lithium brines) cannot be pumped from a subterranean source without
valid water rights and permits.
Obtaining a water permit for the Kibby Basin lithium project was a major milestone for Belmont where,
because of the desert conditions in the region, water is of major importance to any potential mining
operation. The Clayton Valley Basin for instance is over-appropriated (current water rights are in excess
of water volumes available for an average year) and obtaining water rights for proposed operations is a
hurdle that several companies in the Clayton Valley Basin have yet to overcome, even in their
advanced stage of development.
Cypress Development (TSV:CYP) recently paid $3,000,000 for a water permit in Clayton Valley
(Cypress NR) which allows for the beneficial use of 1,770 acre/feet (577 million gallons) annually of
water for mining, milling and domestic use.
About the Belmont/Marquee option/JV Agreement
In November 2021, Belmont announced an Option/JV agreement with Marquee Resources (ASX.MQR)
for the Kibby Playa Block, one of five claim blocks 100% owned by Belmont Resources in the Kibby
Basin.
The agreement terms are for Marquee to issue Belmont C$100,000 cash upon signing (completed);
issue 3,000,000 Marquee shares (1,000,000 issued); and incur C$2,500,000 in exploration
expenditures within 15 months of the signing of the Option Agreement in order to earn up to an 80%
interest in the Kibby Playa block.