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Updated: Belmont Resources’ Greenwood expansion continues with new acquisitions

Update: On November 21, 2019, the company announced two more Greenwood-area acquisitions totalling 45 hectares in the Pride of the West and Great Bear claims.

by Greg Klein | October 30, 2019

Newly acquired turf shows continued interest in an historic southern British Columbia mining camp. On October 30 Belmont Resources TSXV:BEA announced 127 hectares of new claims to add to its existing holdings in the area.

The Glenora acquisition sits adjacent to Golden Dawn Minerals’ (TSXV:GOM) Golden Crown project, about three kilometres from Golden Dawn’s processing plant and one kilometre from the former Phoenix mine.

Belmont Resources expands its presence in B.C.’s Greenwood camp

Although neighbouring deposits don’t necessarily reflect on the potential of other properties, an idea of Greenwood activity can be gleaned from historic production at Phoenix. The open pit reportedly produced over one million ounces of gold and 500 million pounds of copper up to 1978. Golden Crown reached PEA in 2017 with a resource that uses a 3.5 g/t gold-equivalent cutoff:

Indicated: 163,000 tonnes averaging 11.09 g/t gold and 0.56% copper for 11.93 g/t gold-equivalent containing 62,500 gold-equivalent ounces

Inferred: 42,000 tonnes averaging 9.04 g/t gold and 0.43% copper for 9.68 g/t gold-equivalent containing 13,100 gold-equivalent ounces

Belmont plans further assessment of Glenora while considering other possible acquisitions in the camp.

The new claims will cost the company 420,000 units on TSXV approval, with each unit containing one share and one warrant. Another 420,000 shares are payable within a year and a 1.5% NSR will apply.

Earlier this month Belmont reported sample results from its Greenwood-area Pathfinder project, with grades up to 4.999 ppm gold, 35.86 ppm silver, 20700 ppm copper and 45.1 ppm cobalt. The autumn campaign followed a summer program that returned sample assays up to 29.2 g/t gold, along with silver, copper and lead. The company currently has contract proposals under review for an airborne VTEM survey over the property.

Belmont’s portfolio also includes a 75% interest in Nevada’s Kibby Basin lithium project, where drill results have graded up to 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres. In northern Saskatchewan the company shares a 50/50 stake with International Montoro Resources TSXV:IMT in two uranium properties.

Belmont currently has private placements on offer totalling up to $300,000. The company closed a $252,000 private placement last June and arranged two loans totalling $50,000 in August.

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