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Update: Belmont Resources/MGX Minerals resume drilling Nevada lithium target

Update: On March 1 Belmont Resources announced drilling had restarted after “highly unusual” weather had delayed the program. “Belmont expects that the drilling will proceed with no further delays,” the company stated.

 

by Greg Klein | December 18, 2018

Encouraged by their last round of lithium assays, these two companies aren’t waiting for the post-Christmas season to reactivate the rig. With a new program now underway at the Kibby Basin project in Nevada, Belmont Resources TSXV:BEA and MGX Minerals CSE:XMG focus on an area 2,300 metres northeast of hole KB-3, where previous results averaged 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres, reaching a high of 580 ppm.

Belmont Resources/MGX Minerals resume drilling Nevada lithium target

Previous drill results have Belmont and
MGX optimistic about the current program.

The team expects KB-4 to reach an initial depth of 300 metres into lakebed sediments, focusing on the centre of a gravity low interpreted as a potential fault. Geophysical and geological analysis suggests potential geothermal activity might have brought concentrations of dissolved minerals close to the surface, the companies stated.

Belmont also announced the appointment of two new directors. Karim Rayani has 14 years’ experience providing consulting and investment banking services to junior mining, bio-medical and technology sectors. Over the last four years he has helped raise more than $45 million for public and private companies.

As CEO/director of MGX, Jared Lazerson built a company with exploration properties in four countries and industrial technology subsidiaries including rapid lithium extraction and battery mass storage. MGX holds four million Belmont shares, four million two-year warrants and the right to acquire up to 10 million additional shares.

Under an option with Belmont signed in July, MGX has earned an initial 25% interest in Kibby Basin by spending $300,000. An additional $300,000 by year-end would make the company operator of a 50/50 joint venture.

The companies interpret the 2,056-hectare property’s geology to hold similarities with Nevada’s lithium-rich Clayton Valley, 65 kilometres south.

Belmont also holds a 50% stake in two Saskatchewan uranium properties, with International Montoro Resources TSXV:IMT holding the remainder.

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

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