Belmont Resources revises its press release regarding the option agreement on its Pathfinder property
Vancouver, BC Canada – The press wire – November 26, 2021 (TSX.V: BEA); Frankfurt: L3L2) – Following the press release issued by Belmont Resources Inc. (the “Company”) dated August 31, 2021, announcing the conclusion of a property option agreement with Highrock Resources Ltd. District, southeastern British Columbia. The Company informs that Gary Musil is a director and officer of the Company and of Highrock Resources Ltd. Highrock Resources Ltd. is a private company.
Under the terms of the divestiture agreement, Highrock Resources Ltd. may acquire a 75% stake upon completion of the following transactions:
Cash payments totaling $ 15,000 comprising: (i) $ 5,000 upon signing of option agreement (received); (ii) $ 10,000 within one year;
Issue of a total of 200,000 Highrock shares as follows: (i) 100,000 shares at signature (received); and (ii) 100,000 Common Shares no later than six months after the date of initial listing of Highrock’s shares on the Canadian Stock Exchange (“CSE”);
Expenses on the Pathfinder property totaling $ 200,000 including: (i) $ 75,000 on or before the first anniversary of the signing of the option agreement (completed); and (ii) $ 125,000 no later than the first anniversary of the date of the initial listing of Highrock shares on the CSE.
About the Pathfinder property
The Pathfinder property consists of 3 claims covering 295.57 hectares and in the Greenwood mining district and is surrounded on three sides by KG Exploration Inc. (Kinross Gold Exploration Division). The Pathfinder property is part of the Belmont group of claims (see portfolio of projects below) that they have been acquiring in the Greenwood mining district since 2019.
In 2019, the Company completed a sampling program which returned gold values up to 29.2 grams per tonne (g / t) Au (quartz-sulfide vein material). (See the press releases of March 28e, May 9e & July 30, 2019). The working report provides details on the surface rock sampling and compilation of previous published and unpublished reports.
The work carried out included a detailed literature review as well as five days on the property to map outcrops, old mining sites and other significant features. Fifteen (15) surface rock samples were also taken from outcrops and old waste rock piles. Gold values ranged from 0.006 ppm Au (weathered silt volcaniclastics) to 29.2 grams per tonne (g / t) Au (quartz-sulfide vein material), with seven (7) samples returning grades of> 1 g / t Au with raised to abnormal values of silver and base metals.
The mapping and sampling program verified the presence of several zones of quartz sulphide veins and massive pyrite-pyrrhotite-chalcopyrite replacement / skarn mineralization that warrant monitoring.
The property has been the subject of small-scale, high-grade gold mining with silver as an ancillary product since the late 1800s. Belmont has information from mining reports and studies by d ” other companies as well as recent analysis and survey data to plan the next stage of exploration on Pathfinder, including the strategic location of drill targets.
Figure 1: Location of previous trench work carried out in 2008 showing a massive pyrite channel sample – pyrrhotite replacement of Triassic volcaniclastics and Cretaceous granodiorite
Click on the image to view it in full size
Figure 2: Old collapsed access gallery from the historic works of Pathfinder.
Belmont signs a Finder fee agreement on the Kibby Lithium property
Following our press release of November 4, 2021, the company announces that it has signed a research commission agreement with a third party 3e part concerning the agreement signed with Marquee Resources Ltd., on the Kibby Basin project, Nevada.
The Company has agreed, subject to regulatory approvals, to issue 500,000 common shares, subject to regulatory approvals, at a deemed price of $ 0.06 per share. The shares are subject to a holding period of 4 months + 1 day from their issue. The intermediation commission is subject to regulatory approval.
Laurence Sookochoff, P.Eng., Director of Belmont Resources and Qualified Person within the meaning of National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained in this press release.
About Belmont Resources
Belmont Resources is engaged in the acquisition and redevelopment of former copper-gold-silver mines in southern British Columbia and northern Washington State. This region is considered to have the highest concentration of mineralization and old producing mines in western North America. Using new exploration technology, geological modeling and specialized 3D data analysis, the company successfully identifies new areas of mineralization under and / or near old producing mines.
The Belmont project portfolio:
Athelstan-Jackpot, BC – * Athelstan Jackpot Gold and Silver Mines
Come by chance, BC – * Betts Copper-Gold Mine
lonely star, Washington – * Lone Star Copper-Gold Mine
Scout, BC – * Bertha Pathfinder Gold and Silver Mines
Black bear, BC – Gold
Pride of the West, BC-Or
Kibby Basin, Nevada – Lithium
Crunchy stone, Sask. – Uranium
* old mine in production
ON BEHALF OF THE BOARD OF DIRECTORS
George Sookochoff, CEO / Chairman
Phone. : 604-505-4061
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 press release.