Belmont JV Partner Announces New Mineral Resource Estimate for Lone Star
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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
Belmont JV Partner Announces New Mineral Resource Estimate for Lone Star
Copper-Gold Project
• Lone Star’s maiden Mineral Resource returns Indicated Resource of 9.7Mt @ 0.62% CuEq
and Inferred Resource of 3.5Mt @ 0.45% CuEq
• The independently estimated Mineral Resource extends from sur face and remains open at depth.
• Within the Global Mineral Resource sits a high-grade portion of 1.1Mt @ 2.05% CuEq.
• Pit optimization studies highlight attractive open pit mining scenarios with the underground potential
to be tested with further drilling to commence in December.
• High-grade mineralisation is open at depth and will be target ed to test for potential extensions and
underground resources
Vancouver, B.C. Canada, October 27, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”),
(TSX.V: BEA; FSE: L3L2) is pleased to announce a new mineral resource estimate for its Lone Star
copper-gold project in Washington State. This resource estimate, completed for Belmont JV Partner
Marquee Resources by independent consultants Mining Plus, is a major milestone for the company.
NEWS RELEASE
October 27, 2022
Lone Star 2022 Resource and Conceptual Open Pit
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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
Lone Star Mineral Resource Estimate
A total of 60 drill holes were included in the modern Lone Star database, of which 13 were drilled in 2006
and 47 (7,888m) were drilled in 2021-2022.
The Mineral Resource is reported inside of a conceptual pit shell at an internal cut off grade of 0.112%
copper equivalent. Based on these criteria, the Lone Star deposit contains an Indicated Mineral Resource
of 9.7 Mt at 0.62% Copper Equivalent and an Inferred Mineral Resource of 3.5 Mt at 0.45% Copper
Equivalent. The Mineral Resource is presented below:
Lone Star 2022 NI 43-101 Resource Estimate
Category Tonnage CuEq% Cu% Au g/t
Contained
Copper
(million lbs.)
Contained
Gold (oz)
Contained
CuEq
(million lbs.)
Indicated 9,700,000 0.62 0.45 0.24 96.03 82,118 132.31
Inferred 3,500,000 0.45 0.31 0.20 23.87 24,692 34.65
Notes:
1. All Mineral Resources figures reported in the table above represent estimates as of 7 October 2022. Mineral Resource
estimates are not precise calculations, being dependent on the interpretation of limited information on the location,
shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table
have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational
discrepancies.
2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral
resource estimate follows current CIM definitions and guidelines.
Lone Star 2022 Resource & Conceptual Pit Section
Lone Star 2022 Resource Table
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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
3. Mineral Resources are reported on a dry in‐situ basis at a 0.112% CuEq cut‐off. Reporting cut‐off grade was based on
an economic pit shell assuming prices of US$3.25/lb and US$1,600/oz for copper and gold, respectively, assumed
metallurgical recoveries of 90% and 90% respectively, mining costs of US$2.00/tonne and processing costs of
US$7.00/tonne. An internal cutoff grade of 0.112% copper equivalent is needed to overcome processing costs.
4. Based on the assumed metal prices, the copper equivalent formula is CuEq% = Cu% + (Au g/t x 0.7176).
5. Average SG values were assigned based on copper grade zones and/or lithologies as follows: waste = 2.74, low‐grade
zone = 2.80, high‐grade zone = 3.05, overburden = 1.90
President & CEO Comment:
George Sookochoff, President & CEO commented, “With receipt of the new resource estimate we have
completed another milestone in the continuing development of the Lone Star deposit. We are
exceptionally pleased with the overall tonnage and the potential to expand the resource even larger.”
“Given our geologic model and knowledge of existing mineralization, we see ample room to grow this
Mineral Resource with further exploration and definition drilling which is planned to start in December”
About the Lone Star
The Lone Star property is located in northern Washington State on the northeastern tip of the Republic
Graben, an important geological feature which hosts several gold and copper mines. The property lies on
a 3-kilometer long trend of gold copper mineralization linked by geology, in both rock types and structure,
as well as the accompanying gold copper mineralization.
The Lone Star mine operated over two time periods; underground from 1897-1918 producing 146,540
tonnes, 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 geology and mineralization of the Lone Star Property is strongly influenced by the 600 meter wide No.
7 Fault
Although no metallurgical test work has been done on the Lone Star mineralization, its metallurgical
response is expected to be similar to the Lexington ore which has been successfully processed at the
Greenwood Mill 7km to the north.
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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
Belmont-Marquee JV
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 (received)
$2,550,000 Work Program (completed)
3,000,000 MQR Shares (received)
Produce a NI 43‐101 Resource and
Produce a Preliminary Economic Assessment
Within a 24 month term.
About Belmont Resources
Belmont Resources has assembled a portfolio of highly prospective copper‐gold‐lithium & uranium projects
located in British Columbia, Saskatchewan, Washington and Nevad a States. Its holdings include the Come
By Chance (CBC), Athelstan‐Jackpot (AJ) and Pathfinder situated in the prolific Greenwood mining camp in
southern British Columbia. The Crackingstone Uranium project in the uranium rich Athabaska Basin of
northern Saskatchewan. The Lone Star copper‐gold mine in the mineral rich Republic mining camp of north
central Washington State and the Kibby Basin Lithium project lo cated 60 kilometers north of the lithium
rich Clayton Valley Basin.
Belmont Resources British Columbia and Washington State Projects
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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
The Belmont project portfolio:
Athelstan-Jackpot, B.C. – * Gold-Silver mines
Kibby Basin, Nevada – Lithium
Come By Chance, B.C. – * Copper-Gold mine
Lone Star, Washington – * Copper-Gold mine
Pathfinder, B.C. – * Gold–Silver mines
Crackingstone, Sask. – Uranium
* past producing mine
NI 43-101 Disclosure:
The technical information in this news release has been prepare d in accordance with Canadian regulatory
requirements as set out in National Instrument 43‐101 and has c ompiled, reviewed and approved by Mr.
Brian Hartman, P.Geo., who is a Registered Member of the Societ y for Mining, Metallurgy & Exploration, a
Professional Geologist registered with the Association of Professional Geoscientists of Ontario, is the owner
and Principal Geologist of Ridge Geoscience LLC and subcontractor to Mining Plus. Mr. Hartman is the
Qualified Person for this Mineral Resource estimate and has suf ficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the activity which he has undertaken
to qualify as a Qualified Person.
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
Ph: 604-505-4061
Email: [email protected]
Website: www.BelmontResources.com
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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
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 re sponsibility for the adequacy or accuracy
of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained
herein.