Monday 10th December 2018

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Belmont Resources finds lithium grades extending at depth, plans more Nevada drilling this month

by Greg Klein | November 1, 2018

As the crew drills deeper into the Kibby Basin project, assays continue to show “consistently high levels of lithium,” Belmont Resources TSXV:BEA announced November 1. The results come from the previously reported hole KB-3 but at depths between 387.3 metres and 548.4 metres. A 42.4-metre section brought a weighted average of 393 ppm lithium.

Belmont Resources finds lithium grades extending at depth, plans more Nevada drilling this month

Another round of drilling along with downhole
geophysics will keep the Kibby Basin team busy this month.

Some highlights included 530 ppm lithium over 3.05 metres, 530 ppm over 1.83 metres, 520 ppm over 3.05 metres, 470 ppm over 3.05 metres, 510 ppm over 3.05 metres, 480 ppm over 3.05 metres and 420 ppm over 3.05 metres. Out of 59 samples, six surpassed 500 ppm while 41 exceeded 300 ppm.

The news follows two batches of KB-3 assays released in September, both reaching highs of 580 ppm. One batch brought a 30.5-metre section averaging 415 ppm, while the second showed 20 samples above 100 ppm, seven of them beyond 375 ppm.

The autumn agenda calls for more drilling this month, accompanied by downhole geophysics to search for possible lithium brine permeable and conductive zones above and within the magnetotelluric conductor found last February, Belmont added. Groundwater and sediment samples will undergo analysis.

MGX Minerals CSE:XMG has until year-end to earn another 25% of the 2,056-hectare project, raising its interest to 50% and opening the way to a joint venture that would use MGX’s proprietary lithium rapid extraction technology.

The companies compare Kibby Basin to Clayton Valley, about 65 kilometres south and home to North America’s only operating lithium mine. Similarities include a “closed structural basin, a large conductor at depth, lithium anomalies at surface and depth, evidence of a geothermal system and potential aquifers in porous ash and gravel zones.”

Belmont’s portfolio also includes a 50% stake in northern Saskatchewan’s Crackingstone and Orbit Lake uranium properties, with International Montoro Resources TSXV:IMT holding the other half.

Last July Belmont closed a private placement totalling $375,000.

Read Isabel Belger’s interview with Belmont CFO/director Gary Musil.

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