Thursday 19th September 2019

Resource Clips



Belmont Resources moves into Ontario’s Red Lake camp with zinc-polymetallic acquisition

by Greg Klein | September 4, 2019

A newly signed option opens a substantial land package with historic deposits for further exploration. Under the agreement, Belmont Resources TSXV:BEA takes a substantial interest in part of Pistol Bay Mining’s (TSXV:PST) Confederation Lake greenstone belt portfolio.

The Fredart/Gerry Lake and adjoining claim groups sit about 25 kilometres northeast of Great Bear Resources’ (TSXV:GBR) Dixie property and adjacent to Pistol Bay’s Garnet Lake claims in an increasingly busy camp where Great Bear’s drill results have attracted other explorers.

Belmont Resources moves into Ontario’s Red Lake camp with zinc-polymetallic acquisition

The Arrow zone on Pistol Bay’s Garnet Lake hosts a 2017 43-101 inferred resource using a 3% zinc-equivalent cutoff to show 2.1 million tonnes averaging 5.78% zinc, 0.72% copper, 19.5 g/t silver and 0.6 g/t gold. “The geological setting of the Fredart and associated claims is similar to the Garnet Lake claims area,” Belmont and Pistol Bay stated.

Belmont’s acquisition comprises about 6,700 hectares over a 17-kilometre stretch of the greenstone belt. A 2017 VTEM-Plus survey found granitic intrusions in the northeast part of the Fredart area and two or possibly three parallel conductive responses over parts of the Fredart-Gerry Lake trend.

Extensive past work includes 124 drill holes totaling 22,500 metres between 1956 and 2003 on the Fredart zone. Data has yet to be compiled for additional drilling on the Fredart trend’s western extension and the Joy-Caravelle area.

The Fredart zone, also known as Copperlode A, has an historic, non-43-101 estimate showing 385,000 tonnes averaging 1.56% copper and 33.6 g/t silver. The companies describe the property’s mineralization as volcanogenic massive sulphide dominated by zinc, copper and silver, with occasional associated gold values.

The acquisition’s Joy-Caravelle area has historic, non-43-101 drill results that include 21.6% zinc and 0.13% copper over 0.25 metres, 17.17% zinc and 0.28% copper over 0.6 metres, as well as 4.01% copper over 3.55 metres.

Infrastructure includes all-weather roads, a transmission line crossing the property, water and nearby natural gas.

Belmont may earn an initial 65% of the claims for $40,000 and 1.5 million shares on TSXV approval, another $50,000 and 1.5 million shares within one year and an additional $50,000 and one million shares in the second year.

An additional 10% interest would cost $200,000, after which the two companies would form a JV. Two third parties each hold a 2% NSR on separate parts of the claims, with one NSR also including a $10,000 annual advance royalty payment.

Looking at another recent acquisition in another busy mining camp, last month Belmont announced an upcoming field program for its Pathfinder project in southern British Columbia’s Greenwood district. Surface sampling results released in July showed assays up to 29.2 g/t gold, 16.4 g/t silver, 365 ppm copper and 4 ppm lead.

Belmont’s portfolio also includes a 75% stake in Nevada’s Kibby Basin lithium project, where drilling has found 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

Additionally, Belmont shares 50/50 ownership with International Montoro Resources TSXV:IMT on two northern Saskatchewan uranium properties.

Belmont closed a private placement of $252,000 in June and arranged two loans totalling $50,000 in August.

Share |

View All: News Stories