Belmont Resources Provides Update on its Recently Acquired
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615- 800 W. Pender Street,
Vancouver, B.C. V6C 2T6
Ph: 604-505-4061
BEA TSX.V
Belmont Resources Provides Update on its Recently Acquired
Lone Star Copper-Gold Project
Vancouver, B.C. Canada, August 16, 2021; Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L2)
(“Belmont”), (or the “Company is pleased to provide an update on its recently acquired Lone Star Copper-
Gold project situated in Republic mining camp of Washington State.
Belmont is planning a 3,000-metre drill program for the Lone Star copper-gold deposit with the
objective of:
1. Adding additional resources to the current historical resource.
2. Moving a component of inferred resource to measured resource in preparation for a possible future
Preliminary Assessment, Scoping or Feasibility Study.
3. Generating a new current NI 43-101 compliant resource incorporating any additional resources
generated from the drilling.
The drill program will consist of 15 holes, with 5 holes for infill drilling, 7 holes testing outward from the
southern cluster of thick high-grade zones, and 3 holes to test the expansion of an eastern thick, rich zone.
Lone Star History
The former Lone Star mine operated over two time periods; underground from 1897-1918 producing
146,540 tonnes, grading 1.25% Cu, 0.036 opt Au and 0.2 opt Ag and open-pit from 1977-1978 by Granby
Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in
B.C, 11km to the north.
The Lone Star deposit has an historic resource estimate which was reported in a “Techni cal Report and
Resource Estimate on the Lone Star Deposit, Ferry County Washington (September 23, 2007)” for Merit
Mining Corp. and authored by P&E Mining Consultants Inc.
NEWS RELEASE
August 16, 2021
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615- 800 W. Pender Street,
Vancouver, B.C. V6C 2T6
Ph: 604-505-4061
BEA TSX.V
Lone Star 2007 Historic Resource Estimate @ 1.5% CuEq Cut-Off Grade
Class Tonnes Au g/t Cu% CuEq% AuEq g/t AuEq ozs Cu Mlbs
Indicated 63,000 1.28 2.30 2.69 8.82 19,600 3.19
Inferred 682,000 1.46 2.00 2.44 8.02 192,936 30.07
The 2007 historic resource estimation based on US$593/oz gold and US$2.84/lb copper.
Adjacent Mine
The property lies on a 3-kilometer long trend of gold-copper mineralization linked by geology, in both rock
types and structure. Golden Dawn Mineral’s Lexington mine is also on the same trend just north of the
Canadian border.
The Lexington mine is at a Preliminary Economic Assessment stage with a current resource listed below.
Lexington Deposit 2017 Resource Estimate above a 3.5 g/t AuEq Cut-off
Class Tonnes Au g/t Cu % AuEq g/t AuEq ozs
Meas & Ind 372,000 6.47 1.05 8.05 96,300
Inferred 12,000 4.42 1.03 5.96 2,300
Source: Updated Preliminary Economic Assessment on the Greenwood Precious Metals Project, P&E Mining
Consultants Inc., Effective date: May 5, 2017.
Golden Dawn Minerals recently announced in an August 10, 2021 news release, their plans to drill on the
Lexington property. The Lexington exploration permit is for a total of surface drilling (25 sites) with Phase 1
to include 14 drill sites (up to 56 holes, 11,200m). The drilling will test potential strike extensions of the
resource zone to the southeast, northwest and northeast of the mine.
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615- 800 W. Pender Street,
Vancouver, B.C. V6C 2T6
Ph: 604-505-4061
BEA TSX.V
Advancing the Lone Star Project
Belmont personnel have recompiled and analyzed the extensive amount of Lone Star data on order to
determine the best path for moving the project forward.
The 2007 Technical Report and Resource Estimate on the Lone Star Deposit, prepared for Merit Mining
Corp. and produced by P&E Mining Consultants provided some guidance in that it states:
1. “The Lone Star deposit resource estimate can be used in a Preliminary Assessment or Scoping
Study. Feasibility studies that require a component of Measured Resources will necessitate
additional programs of infill drilling and closer spaced drilling in representative regions of the
deposit. A Preliminary Assessment will indicate the regions of the deposit that are potentially
mineable, and guide the placement of infill and extension drilling.”
2. The property has potential for additional resources, as many zones in the deposit remain open and
untested to fully define their extent. The areas with the most potential to expand the resource are
located in the southern and eastern portions of the deposit and at depth below the pit outline.
“We were very fortunate to acquire such as great project, which is already at an “intermediate stage of
exploration” and allows us hit the ground running with a drill program to update the current historical
resource to a potentially even larger current NI 43-101 resource and subsequent Preliminary Assessment.
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615- 800 W. Pender Street,
Vancouver, B.C. V6C 2T6
Ph: 604-505-4061
BEA TSX.V
In 2007 Merit Mining Inc., who were optioning to acquire the property at the time, produced a NI 43-101
Lone Star resource and were making plans to further advance the project by drilling. Unfortunately, the
major crash of 2007-08 created financial difficulties for Merit, as well as most junior exploration companies
at the time, and the property reverted back to the owner BGP Resources Inc. a Washington State
corporation. The project remained dormant until recently when we became aware that this project was,
surprisingly, still available for acquisition.
In this business, it is very important to not only recognize opportunities, but also to act quickly and take full
advantage. We certainly were not going to pass up the opportunity that the Lone Star presents. On July 29,
2021, we announced the acquisition of the project and are now very excited to continue where Merit Mining
left off.” George Sookochoff, President & CEO.
Come By Chance Update
The Company paused its work on the Come By Chance property due to the high risk of wildfires in the
Grand Forks region. Management does not anticipate restarting its exploration prior to the third week of
September 2021, at which time it will continue with an IP survey over a large copper-gold skarn / copper-
gold porphyry target. A drilling program will follow in order to test the target.
Qualified Person
Laurence Sookochoff, P.Eng., a director of Belmont Resources and a Qualified Person as defined by
National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained
within this news release.
A qualified person has not done sufficient work to classify the historic estimate as current mineral resources
or mineral reserves. As such, the issuer, Belmont, is not treating this historical estimate as current mineral
resources or mineral reserves.
About Belmont Resources
Belmont Resources is engaged in the business of acquiring and re-developing past producing copper-gold-
silver mines in southern British Columbia and Northern Washington State. This region is considered to have
the highest concentration of mineralization and past producing mines in western North America. By utilizing
new exploration technology, geological modelling and specialized 3D data analysis , the company is
successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing
mines.
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615- 800 W. Pender Street,
Vancouver, B.C. V6C 2T6
Ph: 604-505-4061
BEA TSX.V
The Belmont project portfolio:
• Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold-Silver mines
• Come By Chance, B.C. – *Betts Copper-Gold mine
• Lone Star, Washington – *Lone Star Copper-Gold mine
• Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines
• Black Bear, B.C. – Gold
• Pride of the West, B.C.- Gold
• Kibby Basin, Nevada – Lithium
• Crackingstone, Sask. – Uranium
* past producing mine
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: [email protected]
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.