Longest Intercepts of Copper Mineralisation To Date at Lone Star o Significant zones of mineralisation intersected include
`
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
Longest Intercepts of Copper Mineralisation To Date at Lone Star
o Significant zones of mineralisation intersected include:
o 149.4m @ 0.84 %CuEq (0.7 % Cu, 0.2 g/t Au & 1.3 g/t Ag) from 12.8m (LS21-016) including:
▪ 4.6m @ 4.04 %CuEq (3.1 % Cu, 1.4 g/t Au & 11.7 g/t Ag) from 108.8m
▪ 4.3m @ 1.29 %CuEq (1.1 % Cu, 0.2 g/t Au & 7.4 g/t Ag) from 45.1m
▪ 9.2m @ 1.17 %CuEq (1.0% Cu, 0.2 g/t Au & 4.7 g/t Ag) from 127.1m
o 33.2m @ 1.26 %CuEq (0.9 % Cu, 0.5 g/t Au & 4.5 g/t Ag) from 16.5m (LS21-015)
o 54.9m @ 0.86 %CuEq (0.7 % Cu, 0.2 g/t Au & 3.4 g/t Ag) from 6.1m (LS21-021) (note: only 50% of
assays received thus far) including:
▪ 7.3m @ 2.70 %CuEq (2.1 % Cu, 0.7 g/t Au & 19.1 g/t Ag) from 6.1m
o 25.3m @ 0.84 %CuEq (0.7 % Cu, 0.2 g/t Au & 1.4 g/t Ag) from 50.3m (LS21-024)
o 3.1m @ 3.32 %CuEq (2.6% Cu, 0.9 g/t Au & 8.6 g/t Ag) from 108.8m
and 8.2m @ 1.99 %CuEq (1.3 % Cu, 1.0 g/t Au & 4.8 g/t Ag) from 119.5m (LS21-011)
o Results from a further 6 completed drill holes still outstanding with drilling continuing 24/7.
Vancouver, B.C. Canada, April 1, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE:
L3L2) is pleased to announce results from the latest batch of assays at the Belmont-Marquee Resources. (ASX:
MQR) (“Marquee”) Lone Star Joint Venture (JV) in North Eastern Washington State.
Results from this batch of assays have intersected up to 150m of significant copper mineralisation that extends well
beyond the extents of historical drill hole results. The long intercepts of copper mineralisation are interpreted to be
related to sub -vertical feeder dyke that has been the conduit for upwelling magmas during rhyolite dome
emplacement and mineralisation (Figure 1).
President & CEO, Mr. George Sookochoff, commented: “It’s great to see the drilling further unlock our knowledge
of the Lone Star deposit and extend the envelope of mineralisation well beyond the previously defined limits. These
results validate the geological model developed by the Project Geologist on-site and opens up the potential to identify
further sub-vertical, well-mineralized rhyolite dykes.”
“Drilling continues 24/7 and we have a further 6-holes at the lab awaiting assays, so it’s going to be an exciting few
months as we work towards completing our maiden drill campaign at the Project. We know the mineralisation at
Lone Star plunges to the south -east, so we expect to see the excellent results continue as we systematically work
NEWS RELEASE
April 1, 2022
`
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
through the drilling program from north to south. Resource modelling studies continue in the background and we are
highly encouraged by what the drilling has produced thus far.”
Figure 1: Cross-section 5428236N highlighting the mineralised feeder dyke intersected in drill holes LS21-015 & LS21-016.
Significant results from the latest batch of assays include:
o 149.4m @ 0.84 %CuEq (0.7 % Cu, 0.2 g/t Au & 1.3 g/t Ag) from 12.8m (LS21-016) including:
▪ 4.6m @ 4.04 %CuEq (3.1 % Cu, 1.4 g/t Au & 11.7 g/t Ag) from 108.8m
▪ 4.3m @ 1.29 %CuEq (1.1 % Cu, 0.2 g/t Au & 7.4 g/t Ag) from 45.1m
▪ 9.2m @ 1.17 %CuEq (1.0% Cu, 0.2 g/t Au & 4.7 g/t Ag) from 127.1m
o 33.2m @ 1.26 %CuEq (0.9 % Cu, 0.5 g/t Au & 4.5 g/t Ag) from 16.5m (LS21-015)
o 54.9m @ 0.86 %CuEq (0.7 % Cu, 0.2 g/t Au & 3.4 g/t Ag) from 6.1m (LS21-021) (note: only 50% of assays
received thus far) including:
▪ 7.3m @ 2.70 %CuEq (2.1 % Cu, 0.7 g/t Au & 19.1 g/t Ag) from 6.1m
o 25.3m @ 0.84 %CuEq (0.7 % Cu, 0.2 g/t Au & 1.4 g/t Ag) from 50.3m (LS21-024)
o 3.1m @ 3.32 %CuEq (2.6% Cu, 0.9 g/t Au & 8.6 g/t Ag) from 108.8m
and 8.2m @ 1.99 %CuEq (1.3 % Cu, 1.0 g/t Au & 4.8 g/t Ag) from 119.5m (LS21-011)
1.True widths of the reported mineralized intervals have not been determined.
2. Assumptions used in USD for the copper equivalent calculation were metal prices of $4.00/lb. Copper, $1,800/oz
Gold, $20/oz Silver, and recovery is assumed to be 100% given the level of metallurgical test data available. The
following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.656) + (Silver (g/t)
x 0.00729).
`
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
The geological model that has been developed for the Lone Star deposit is that at least three separate rhyolite layers,
with associated volcanogenic massive sulphide (VMS) copper -silver mineralisation, are fed by sub -vertical feeder
dykes. The mineralised sub -vertical dykes are estimated to be approx. 20 -40m wide, extend laterally for tens to
hundreds of metres, and are vertically extensive. Identification of the mineralised dykes opens up the possibility o f
defining significant additional mineralisation outside the flat -lying, VMS mineralisation that has been historically
identified.
High-grade gold mineralisation is discordant with high -grade copper-silver mineralisation and it is interpreted that
early volcanogenic massive sulphide (VMS) style copper-silver mineralisation has been overprinted by later shearing,
brecciation and hydrothermal gold deposition. As such, the results indicate the potential to define further high-grade,
structurally controlled gold mineralisation that was not a focus of historical exploration programs.
Lone Star Diamond Drilling Program Update
To date, 25 diamond drill holes for 4 ,664m have been completed at Lone Star (Table 1) with full assay results from
the first 18 drill holes received.
Batches of core are being delivered to the laboratory every two weeks with regular results expected over the coming
months. Drilling continues 24 hours a day as part of the forty-three hole, ~7,000m diamond drilling program. Drilling
is expected to be completed at the Lone Star Copper-Gold Project in Q1-2022 with the phase 1 drill program designed
to satisfy three key objectives:
- Validate the historical drill hole database and resource model;
- Deliver a JORC/43-101 compliant mineral resource estimate; and
- Test for extensions to the historical resource.
Additionally, Mining Plus Pty Ltd have begun resource modelling studies as the Company pushes towards delivering
a 2022 JORC/43-101 compliant resource in 1H-2022.
`
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
Figure 2: Lone Star drill plan map
Table 2: Significant Intercepts from the Lone Star drilling Program
Hole_ID From To Interval CuEq Cu % Au g/t Ag g/t (m) (m) (m)
LS21-001 41.5 50.3 9.1 0.75 0.6 0.2 3.2
LS21-001 54.9 61.2 6.9 1.82 1.2 0.8 12.9
LS21-001 65.8 110 44.2 1.46 1.3 0.2 4.6
inc. 65.8 88.7 19.8 2.78 2.4 0.5 6.7
LS21-001 115.8 138.7 19.1 0.40 0.4
LS21-001 140.4 162.5 22.1 1.41 1.2 0.3 2.2
inc. 140.4 162.5 8.5 2.64 2.1 0.8 2.4
LS21-001 198.7 200.9 4.7 1.00 0.8 0.3 1
LS21-002 46.9 60.8 15.5 5.05 3.7 1.8 23
inc. 56.7 59.3 2.6 26.10 18.5 10.4 106
LS21-002 95.1 101.1 6 0.42 0.4 2.5
LS21-002 120.7 176.1 53.6 1.08 0.8 0.4 2
inc. 167.6 176.1 7.6 3.06 2.1 1.4 6.2
LS21-002 193.8 194.7 0.9 4.62 3.8 1.2 4
LS21-002 199.3 200.5 1.2 4.28 3 1.9 4
LS21-002 202 203.6 1.6 1.57 0.9 1 2
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Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
LS21-003 72.4 77.4 5 4.35 3.5 1.1 17.5
LS21-003 125.6 147.9 22.3 1.06 0.8 0.4
inc. 133.8 143.3 9.5 1.47 1.1 0.5 5.6
LS21-003 155.2 211 55.8 0.60 0.6
inc. 165.9 175.1 9.2 1.20 1 0.3
LS21-004 7 14.6 7.6 1.40 1.2 0.3
LS21-006 99.7 111.6 11.9 2.34 1 2 3.3
inc. 108.5 110.1 1.6 9.83 2.1 11.7 7
LS21-007 107.9 125.6 17.7 3.48 1.6 2.8 5.9
inc. 112.2 116.3 4.1 6.41 5.3 1.5 16.8
inc. 117.4 122.3 4.9 5.70 0.5 7.9 2.6
LS21-008 5.5 23.2 17.7 0.80 0.6 0.3
LS21-009 6.4 46 39.6 0.40 0.4
LS21-009 63.4 70.7 7.3 0.76 0.5 0.4
LS21-010 7.8 43.9 37.9 1.30 1 0.4 4.5
inc. 21 33.2 12.2 2.79 2 1.1 8.8
LS21-010 59.2 80.5 21.3 0.62 0.6 3.3
LS21-010 127.1 138.4 11.3 0.42 0.4 3.2
LS21-011 108.8 111.9 3.1 3.32 2.6 1 8.6
LS21-011 119.5 127.7 8.2 1.99 1.3 1 4.7
LS21-012 50.3 50.9 0.6 3.38 2.4 1.4 8
LS21-013 87.8 96 8.2 0.53 0.4 0.2 0.5
LS21-014 3.1 10.4 7.3 0.55 0.4 0.2 2.5
LS21-015 16.5 71.6 33.2 1.26 0.9 0.5 4.5
LS21-016 12.8 162.2 149.4 0.84 0.7 0.2 1.3
inc. 45.1 49.4 4.3 1.29 1.1 0.2 7.4
inc. 108.8 113.4 4.6 4.04 3.1 1.3 11.7
inc. 127.1 136.3 9.2 1.17 1 0.2 4.7
LS21-016 169.8 171.3 1.5 1.30 1.1 0.3
LS21-016 178.3 182.6 4.3 1.03 0.7 0.5
LS21-018 NSR 0.00
LS21-019 NSR 0.00
LS21-021 6.1 89.3 54.9 0.86 0.7 0.2 3.4
inc. 6.1 13.4 7.3 2.70 2.1 0.7 19.1
LS21-024 50.3 75.6 25.3 0.84 0.7 0.2 1.4
LS21-024 110 178 64.3 0.49 0.4 0.1 2.8
1. True widths of the reported mineralized intervals have not been determined.
2. Assumptions used in USD for the copper equivalent calculation were metal prices of $4.00/lb. Copper,
$1,800/oz Gold, $20/oz Silver, and recovery is assumed to be 100% given the level of metallurgical test data
available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t)
x 0.656) + (Silver (g/t) x 0.00729).
About the Lone Star
The Lone Star is a past producing open pit and underground mine situated on the north end of the prolific Republic
Graben of Washington State. The project has 252 historic drill holes. In 2006 former owner Merit Mining drilled an
additional six holes and completed a 2007 resource as reported in a “Technical 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.
The company went into receivership shortly after the publishing of the resource estimate due to the 2008 economic
crisis. Belmont acquired the Lone Star property in July 2021 and is the first company to continue where Merit
Mining left off, in advancing the Lone Star to production.
`
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
Lone Star 2007 Historical Resource
Calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb .
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability.
(2) Gold equivalent (AuEq) grade was calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb ., based on
the 24 month (at July 31, 2007) trailing average of gold and copper prices, to obtain a conversion factor of % copper x 3.284 +
gold g/t = Au Eq g/t. Metallurgical recoveries and smelting/refining costs were not factored into the gold equivalent calculation.
(3) The Cu equivalent (CuEq) cut-off value of 1.5% was calculated and rounded utilizing the following: Cu price US$2.84/lb, $US
exchange rate $0.88, process recovery $95%, smelter payable 95%, smelting and refining charges C$7/tonne mined, min ing cost
C$62/tonne mined, process cost $C28/tonne processed, G&A cost $7.50/tonne processed.
(4) 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 Resources, is not treating this historical estimate as current mineral resources or mineral
reserves.
Belmont-Marquee Joint Venture
Marquee Resources (ASX:MQR) is earning the right to acquire an 80% interest in the Lone Star property (NR Nov. 4,
2021 – Belmont Signs Option/JV Agreements With Marquee Resources On Lone Star Property) by committing to
the following:
• $504,000 cash payments
• $2,550,000 Work Program
• 3,000,000 MQR Shares
• Produce a NI 43-101 & JORC Resource and Preliminary Economic Assessment on the project
• Within a 24 month term.
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 2V6
Ph: 604-505-4061
BEA TSX.V
The Belmont project portfolio:
• Athelstan-Jackpot, B.C. – * Gold-Silver mines
• Come By Chance, B.C. – * Copper-Gold mine
• Lone Star, Washington – * Copper-Gold mine
• Pathfinder, B.C. – * 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
Belmont B.C. and Washington State Properties
`
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 615 – 800 W. Pender Street,
Vancouver, B.C. V6C 2V6
Ph: 604-505-4061
BEA TSX.V
NI 43-101 Disclosure:
Technical disclosure in this news release has been approved by James Ebisch P.Geo, a Qualified Person as defined
by National Instrument NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: [email protected]
Website: www.BelmontResources.com
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX
Venture Exchange has not approved nor disapproved of the information contained herein.