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Highlights:
Wide zones of high-grade copper mineralization (up to 18.5% Cu) confirmed from first two diamond drill holes with significant elevated gold (up to 10.4g/t Au) and silver (up to 106 g/t Ag) values also received.
Multiple zones of mineralization intersected which include:
LS21-001
44.2m @ 1.3% Cu from 65.8m (including 19.8m @ 2.4% Cu)
22.1m @ 1.15% Cu from 140.4m (including 8.5m @ 2.1% Cu)
LS21-002
15.54m @ 3.7% Cu 1.8g/t Au from 48.3m (including. 2.6m @ 18.5% Cu 10.4g/t Au)
53.6m @ 0.8% Cu from 120.7m (including 7.6m @ 2.1% Cu 1.4g/t Au)
Drilling ongoing with 7 diamond holes of 42 completed as part of the 6,000m program.
Second batch of assays delivered to the lab for analysis and are expected to be received early February
Results from the first two holes of the forty two-hole ~6,000m diamond drilling campaign have been received and include:
LS21-001
44.2m @ 1.3% Cu from 65.8m (including 19.8m @ 2.4% Cu)
22.1m @ 1.15% Cu from 140.4m (including 8.5m @ 2.1% Cu)
LS21-002
15.54m @ 3.7% Cu, 1.8g/t Au 23g/t Ag from 48.3m (incl. 2.6m @ 18.5% Cu, 10.4g/t Au, 106g/t Ag)
53.6m @ 0.8% Cu from 120.7m (including 7.6m @ 2.1% Cu 1.4g/t Au)
Figure 1:High-grade, massive sulphide mineralisation observed in diamond drillhole LS21-002. Core blocks represent downhole depth in feet.
All results from the current infill definition drilling program will be used to update the 2007 Historic Mineral Resource estimate1 for the
Upon completion of the drill program, a new 43-101 Mineral Resource estimate will be generated and will be part a Preliminary Economic Assessment study for the development of the
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(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature.
(3) The mineral resources in this estimate were calculated using the
(4) Gold equivalent (AuEq) grade was calculated utilizing a gold price of
(5) The Cu equivalent (CuEq) cut-off value of 1.5% was calculated and rounded utilizing the following: Cu price
(6) A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. As such the issuer,
Lone Star Diamond Drilling Program Update
7 diamond drill holes for 1,349m have been completed at
The first drill hole, LS21-001, was completed to a depth 230.1m (755ft) and was designed to validate historical high- grade intercepts in the core of the mineralised system. Two main zones of chalcopyrite-pyrite mineralisation were observed in drill core, a shallow dacite hosted
The second drill hole, LS21-002, was collared 13m east of LS21-001 and was drilled to a depth of 224.3m (736ft). Disseminated polymetallic
The next batch of core is being transported to the laboratory for assay while drilling is ongoing as part of the forty- two-hole, ~6,000m of diamond drilling program. Drilling is expected to be completed at the
The drilling program has been designed to satisfy three key objectives:
- Validate the historical drill hole database and historic resource model;
- Deliver a 43-101 compliant mineral resource estimate; and
- Test for extensions to the historical resource.
Table 1: Completed Drill Holes at the
XHole | Easting | Northing | Elev (m) | Dip | Azi | Depth (ft) | Depth (m) |
LS21-001 | 382788 | 5428094 | 1115 | -89 | 262 | 755 | 230.1 |
LS21-002 | 382801 | 5428084 | 1117 | -90 | 736 | 224.3 | |
LS21-003 | 382799 | 5428053 | 1117 | -90 | 927 | 282.5 | |
LS21-004 | 382777 | 5428298 | 1095 | -90 | 627 | 191.1 | |
LS21-008 | 328781 | 5428271 | 1092 | -90 | 437 | 133.2 | |
LS21-009 | 382818 | 5428273 | 1106 | -90 | 297 | 90.5 | |
LS21-010 | 382819 | 5428273 | 1106 | -70 | 90 | 647 | 197.2 |
Total | 4426 | 1349 |
Figure 2:Oblique section through completeddrill holesLS21-001& LS21-002
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Table 2: Table of Significant Result
Hole | From (ft) | To (ft) | From (m) | To (m) | Int. (m) | Cu% Wt avg | Au g/t Wt avg | Ag g/t Wt avg |
LS21-001 | 135 | 165 | 41.5 | 50.3 | 9.1 | 0.6 | 0.16 | 3.2 |
LS21-001 | 180 | 202.5 | 54.9 | 61.2 | 6.86 | 1.2 | 0.78 | 12.9 |
LS21-001 | 216 | 361 | 65.8 | 110 | 44.2 | 1.3 | 0.24 | 4.6 |
INC. | 216 | 291 | 65.8 | 88.7 | 19.8 | 2.4 | 0.48 | 6.7 |
LS21-001 | 380 | 455 | 115.8 | 138.7 | 19.1 | 0.4 | NSR | NSR |
LS21-001 | 460.5 | 533 | 140.4 | 162.5 | 22.1 | 1.2 | 0.25 | 2.2 |
INC. | 460.5 | 488.4 | 140.4 | 162.5 | 8.5 | 2.1 | 0.83 | 2.4 |
LS21-001 | 652 | 659 | 198.7 | 200.9 | 4.7 | 0.8 | 0.25 | 1 |
LS21-002 | 158.5 | 204.5 | 46.9 | 60.8 | 15.5 | 3.7 | 1.84 | 23 |
INC. | 186 | 194.5 | 56.7 | 59.3 | 2.6 | 18.5 | 10.4 | 106 |
LS21-002 | 312 | 332 | 95.1 | 101.1 | 6 | 0.42 | NSR | 2.5 |
LS21-002 | 396 | 578 | 120.7 | 176.1 | 53.6 | 0.8 | 0.4 | 2 |
INC. | 550 | 578 | 167.6 | 176.1 | 7.6 | 2.1 | 1.38 | 6.2 |
LS21-002 | 636 | 639 | 193.8 | 194.7 | 0.9 | 3.8 | 1.2 | 4 |
LS21-002 | 654 | 658 | 199.3 | 200.5 | 1.2 | 3 | 1.94 | 4 |
LS21-002 | 663 | 668 | 202 | 203.6 | 1.6 | 0.9 | 1 | 2 |
The true thickness of mineralized intervals intercepted by drilling has not yet been determined
Figure 3: LoneStarDrillHolePlan
Lone Star Option/JV Agreement
Belmont recently signed an option/JV agreement with Marquee Resources (ASX:MQR) (see NR Nov.4, 2021) whereby Marquee agrees to commit the following:
$504,000 cash payments$2,550,000 Work Program3,000,000 MQR Shares
Produce a Preliminary Economic Assessment on the project
All within a 24 month term
For 80% ownership of the
Lone Star project.Upon completion, a joint venture is to be formed and a decision will be made in regards to bringing the
Lone Star into production
Lone Star Copper-Gold Mine (Washington State, USA)
The
The property is situated on a three kilometre long mineralized trend of gold-copper with past producing gold-copper mines and prospects, including No.7,
This mineralized system is structurally controlled by the NW-SE No.7 fault. The geology of the Lone Star Property is strongly influenced by the No. 7 Fault. The fault has an accurate northwesterly trace on the Lexington Property to a southerly trace on the Lone Star Property.
The
Figure 4: LoneStarProjectLocation
About
The Belmont project portfolio:
Athelstan-Jackpot, B.C. – * Gold-Silver mines
Come By Chance , B.C. – * Copper-Gold mineLone Star ,Washington – * Copper-Gold minePathfinder, B.C. – * Gold–Silver mines
Black Bear, B.C. – Gold
Pride of the West, B.C.- Gold
Kibby Basin ,Nevada – LithiumCrackingstone,Sask. – Uranium
* past producing mine
Qualified Person
Technical disclosure in this news release has been approved by
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
Ph: 604-505-4061
Email:george@belmontresources.com
Website:www.BelmontResources.com
We seek safe harbor. Neither
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