Friday 19th July 2019

Resource Clips


Posts tagged ‘International Montoro Resources Inc (IMT)’

Belmont Resources announces Nevada lithium results

May 2nd, 2019

by Greg Klein | May 2, 2019

Reporting from the Kibby Basin project in Nevada, Belmont Resources TSXV:BEA released assays from the most recent hole on the 2,056-hectare property. After reaching a depth of 256 metres into lakebed sediments, the hole averaged 100 ppm lithium, ranging from 38 ppm to 127 ppm.

Belmont Resources announces Nevada lithium results

With only four holes sunk so far, most
of the 2,056-hectare Kibby Basin project
remains unexplored.

Groundwater samples showed the presence of saline, rather than fresh water that’s rich in sodium and magnesium but low in lithium, the company stated. “The presence of shallow aquifers containing saline groundwater with chemical composition similar to, but lower than that of lithium brines is encouraging for the discovery of lithium brines deeper in the basin.”

Results from previous drilling indicate continued potential for lithium brines in unexplored areas of the property, Belmont added. A 2018 hole about 2,300 metres southwest brought intervals of 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres, reaching a high of 580 ppm.

MGX Minerals CSE:XMG has spent $300,000 on exploration so far to earn 25% of the project. The company may increase its interest to 50% with another $300,000 of work.

In March the companies announced a “milestone” water rights permit that might be the first of its kind for Nevada. The permit allows extraction of up to 943.6 million U.S. gallons of water annually for brine processing and potential production of lithium compounds. About 91% of the water would be returned to the source, the companies stated.

Also last March, Belmont announced a foray into southern British Columbia’s busy Greenwood camp with the acquisition of a 253-hectare property in a region of historic gold, copper, silver, lead and zinc mining. The company has historic data under review to prepare for exploration this year.

In northern Saskatchewan, Belmont shares a 50/50 interest in two uranium properties with International Montoro Resources TSXV:IMT.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

March 28th, 2019

by Greg Klein | March 28, 2019, updated April 2

A company drilling for Nevada lithium has taken on new turf in a storied southern British Columbia gold-copper district. The acquisition brings Belmont Resources TSXV:BEA a 253-hectare property that formed part of the former Pathfinder project, about 18 kilometres north of Grand Forks and 500 klicks by highway east of Vancouver. The location sits on the northeastern edge of the Boundary mining camp, also known as the Republic-Greenwood gold district.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

Greenwood-area mining dates back to the late 1880s. Approximately 26 former mines produced more than 1.2 million ounces of gold and over 270,000 tonnes of copper, as well as silver, lead and zinc, according to Geoscience BC. Among the past-producers are some workings on the former Pathfinder property. More recent prospecting, sampling, drilling and a magnetic survey on Pathfinder have provided historic data to help Belmont plan a 2019 exploration program.

Kinross Gold TSX:K subsidiary KG Exploration holds property bordering three sides of the Belmont acquisition. The Kinross subsidiary has so far spent $1.28 million towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project and plans further work this year. Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX have recently reported near-surface gold, silver and tellurium assays from their Greenwood-area Gold Drop project. Other companies in the district include Golden Dawn Minerals TSXV:GOM and Quebec niobium-tantalum explorer Saville Resources TSXV:SRE.

To close the acquisition Belmont pays each of two vendors 625,000 shares and 625,000 warrants on TSXV approval, along with another 125,000 shares and 125,000 warrants each within a year. Together, the vendors retain a 1.5% NSR, half of which Belmont may buy for $1 million.

Reporting from their Kibby Basin lithium project in Nevada last week, Belmont and MGX Minerals CSE:XMG announced a “milestone” permit to extract up to 943 million U.S. gallons of water annually for brine processing and potential production of lithium compounds. Assays are pending from last winter’s drilling, which tested a potential fault about 2,300 metres from a previous target that averaged 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

Belmont’s portfolio also includes an interest in two northern Saskatchewan uranium properties held 50/50 with International Montoro Resources TSXV:IMT.

Subject to exchange approval, Belmont expects to close a private placement first tranche of $67,500. The company closed a private placement totalling $375,000 in July.

Belmont Resources/MGX Minerals receive “milestone” water rights permit, await assays from Nevada lithium project

March 21st, 2019

by Greg Klein | March 21, 2019

Considered a milestone for two companies pursuing lithium, a recently granted water rights permit might be the first of its kind for Nevada. Belmont Resources TSXV:BEA and MGX Minerals CSE:XMG received the permit to extract up to 943.6 million U.S. gallons of water annually from the Monte Cristo Groundwater Basin for brine processing and potential production of lithium compounds on their Kibby Basin property. Some 91% of the water will be returned to the source through injection wells or infiltration galleries, the companies stated.

Belmont Resources/MGX Minerals receive “milestone” water rights permit, await assays from Nevada lithium project

Assays are pending from winter drilling
on the Belmont/MGX Kibby Basin project.

The news follows a winter drill campaign that reached 256 metres into lakebed sediments in hole KB-4, testing a potential fault where geophysical and geological analysis suggests geothermal activity might have brought concentrations of dissolved minerals close to surface.

The team currently has logging and sample preparation from drill cuttings underway, as well as water sampling from a layer near the bottom of the hole. Assays will follow.

Some 2,300 metres southwest of KB-4, KB-3 produced results averaging 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres, reaching a high of 580 ppm.

Having spent $300,000 so far, MGX has earned 25% of the project and may increase its interest to 50% with another $300,000 of work. The 2,056-hectare Kibby Basin property sits 65 kilometres north of Albemarle’s (NYSE:ALB) Silver Peak mine, North American’s only lithium producer.

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

Subject to exchange approval, Belmont expects to close a private placement first tranche of $67,500. In July the company closed a private placement totalling $375,000.

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

March 1st, 2019

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.

Belmont Resources readies the rig for more Nevada lithium drilling

November 22nd, 2018

by Greg Klein | November 22, 2018

Belmont Resources readies the rig for more Nevada lithium drilling

With positive assays from previous drilling,
Belmont Resources returns for another
campaign at Kibby Basin.

Following lithium results released earlier this month, Belmont Resources’ (TSXV:BEA) drill contractors return to the Kibby Basin project imminently for another attack. The target this time will be 2,300 metres northeast of hole KB-3, where the most recent assays showed an average 393 ppm lithium over 42.4 metres. Previous results for the same hole averaged 415 ppm over 30.5 metres.

The crew expects rotary drilling to spend a week sinking the next hole, KB-4, to an initial depth of about 366 metres. Downhole geophysics will identify layers to be sampled and deeper drilling may follow.

Work takes place on a magnetotelluric conductor found last February, which followed a gravity survey conducted in 2016.

The company interprets the 2,056-hectare project’s geology to hold similarities with Nevada’s lithium-producing Clayton Valley, 65 kilometres south.

Belmont also shares 50/50 ownership in two Saskatchewan uranium properties with International Montoro Resources TSXV:IMT.

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

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

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

November 1st, 2018

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.

Belmont Resources/MGX Minerals expand Nevada lithium drilling

October 16th, 2018

by Greg Klein | October 16, 2018

Similarities to the Clayton Valley and successful exploration so far have prompted two potential JV partners to plan a busy autumn at their Kibby Basin lithium project. Belmont Resources TSXV:BEA and MGX Minerals CSE:XMG now plan up to 1,465 metres over four holes in an area where geophysics found a strong magnetotelluric conductor. Added to the agenda are downhole geophysics to search for possible aquifers.

Belmont Resources/MGX Minerals expand Nevada lithium drilling

Drilling begins soon on a program that follows last season’s
encouraging lithium results at Kibby Basin in Nevada.

Earlier this month the companies delivered another 59 core samples from hole KB-3 for assays. In September Belmont and MGX announced results from the same hole that twice reached a high of 580 ppm lithium.

This season’s downhole geophysics will take over where previous water samples met unexpected technical complications. Lithium concentrations in water samples failed to show anomalous results despite the core sample assays. A new approach including downhole geophysics will “improve the chances to accurately locate layers of high conductivity and porosity and allow high-quality, representative samples to be taken where lithium concentrations are potentially higher,” the companies stated.

Having already earned 25% of the project, MGX has until year-end to increase its stake to 50%. The companies hope to form a 50/50 JV that would use rapid lithium extraction technology developed by MGX. The method won MGX the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards in London last May.

Located about 50 kilometres north of Clayton Valley, the 2,056-hectare Kibby Basin project shares a number of similarities with the region hosting North America’s only lithium-producing operation, including 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,” the companies stated.

In northern Saskatchewan Belmont and International Montoro Resources TSXV:IMT share a 50/50 stake in the Crackingstone and Orbit Lake uranium properties.

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

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

Belmont Resources/MGX Minerals continue to find lithium at depth in Nevada

September 28th, 2018

by Greg Klein | September 28, 2018

More assays from hole KB-3 at Nevada’s Kibby Basin project show additional lithium at depths between 387.3 metres and 548.4 metres. Earlier this month Belmont Resources TSXV:BEA and MGX Minerals CSE:XMG announced KB-3 results for a section between 338.5 and 369 metres in depth which averaged 415 parts per million lithium and reached a high of 580 ppm. The latest batch comes from 25 core samples representing different lithologies. Twenty of the samples surpassed 100 ppm lithium, with seven of them exceeding 375 ppm. One sample matched the high reported on September 12 of 580 ppm.

Belmont Resources/MGX Minerals continue to find lithium at depth in Nevada

Kibby Basin’s first hole of the season
continues to deliver.

Ash layers accounted for four samples below 100 ppm, “suggesting that initial lithium content may have been leached from the porous ash layers and transported to brines elsewhere in the basin,” the companies stated.

KB-3 tested the southern part of a strong magnetotelluric conductor that “still has potential for saturated sediments containing lithium-rich brines.” Geophysical data suggests a second hole might similarly find an aquifer between 274.5 and 305 metres and reduced clays potentially with high lithium content below 305 metres’ depth.

Comparing Kibby Basin with the lithium-producing Clayton Valley 50 kilometres south, Belmont and MGX note similarities in 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.”

MGX is working on its initial 25% of a possible 50% earn-in for the 2,056-hectare project. Last May the company’s rapid lithium extraction technology won the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards in London.

Belmont also holds the Mid-Corner/Johnson Croft property in New Brunswick, where historic, non-43-101 samples suggest potential for zinc, copper and cobalt. In northern Saskatchewan Belmont and International Montoro Resources TSXV:IMT each hold a 50/50 share of two uranium properties.

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

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

Belmont Resources/MGX Minerals reach 580 ppm lithium in season’s first hole

September 12th, 2018

by Greg Klein | September 12, 2018

Sixty-five kilometres north of Nevada’s Clayton Valley, encouraging assays from the first hole of the year averaged 415 parts per million lithium at Kibby Basin, with a high of 580 ppm. Belmont Resources’ (TSXV:BEA) earn-in partner MGX Minerals CSE:XMG collected 125 samples from mud rotary drilling to 387 metres in downhole depth, then continued with small-diameter core drilling to 548 metres.

Belmont Resources/MGX Minerals average 415 ppm lithium in Nevada

With promising results from the program’s first hole, Belmont
Resources and MGX Minerals have more drilling planned.

The assays came from a section between 338.5 and 369 metres in depth. Results are pending for 25 core samples from the lower section, as well as for water samples. This hole targeted the southern area of a large magnetotelluric conductor, finding four zones of sand and gravel that might represent brine-bearing aquifers, with one zone showing a potential major aquifer.

A second hole is in the planning stages. Last year’s two-hole campaign, prior to the MT geophysics program, brought assays between 70 ppm and 200 ppm Li2O, with 13 of 25 samples surpassing 100 ppm.

MGX is working towards an initial 25% of the project, with the option of increasing its stake to 50%. Similarities between Kibby Basin and Clayton Valley include a “closed structural basin, large conductor at depth, lithium anomalies at surface and depth, evidence of a geothermal system and potential aquifers in porous ash and gravel zones,” the companies stated.

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

In New Brunswick the company holds the Mid-Corner/Johnson Croft property, where historic, non-43-101 sampling suggests zinc, copper and cobalt potential. Belmont also shares a 50/50 stake in two Saskatchewan uranium properties with International Montoro Resources TSXV:IMT.

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

Belmont Resources teams up with MGX Minerals to resume Nevada lithium drilling

July 13th, 2018

by Greg Klein | July 13, 2018

With an option agreement now in place, Belmont Resources TSXV:BEA gains a new partner and new money for the Kibby Basin lithium property, 65 kilometres north of Nevada’s Clayton Valley. The deal allows MGX Minerals CSE:XMG to earn an initial 25% interest in the 2,760-hectare property by spending up to $300,000. Work would include a deep test hole on a geophysical anomaly found earlier this year. Should that program meet success, MGX may increase its stake to 50% with up to $300,000 in further expenditures and drilling a second deep test hole. The company would then become operator of a 50/50 joint venture.

Belmont Resources teams up with MGX Minerals to resume Nevada lithium drilling

Ready to get boots on the ground soon, the Kibby Basin
crew will test a geophysical anomaly found earlier this year.

An initial drill program last year consisted of two holes totalling 624 metres. Core samples graded between 70 ppm and 200 ppm Li2O, with 13 of 25 samples exceeding 100 ppm. This year’s program of deep-sensing magnetotelluric geophysics identified a conductive zone that starts at about 500 metres in depth.

Should the JV come into fruition, other potential duties for MGX could include additional exploration, operating a test well, and installing and operating a pilot plant. MGX’s wide range of assets includes a proprietary process to recover lithium, magnesium and other minerals from a variety of brines. The JV would gain access to the process and would also market any lithium or other commodities potentially produced.

“This agreement puts Belmont on secure footing with regard to funding the next stage of evaluation of the Kibby property and, at the same time, enables us to get a significant leg-up on lithium production by partnering with one of the leaders in extraction technology,” commented Belmont CEO James Place.

MGX will also invest $200,000 in a Belmont private placement. In April the latter company closed the final tranche of a private placement totalling $198,000.

Belmont’s portfolio also includes the Mid-Corner/Johnson Croft property in New Brunswick, where historic, non-43-101 sampling suggests zinc, copper and cobalt potential. Additionally the company shares a 50/50 interest with International Montoro Resources TSXV:IMT in two Saskatchewan uranium properties.

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