Tuesday 22nd October 2019

Resource Clips


Posts tagged ‘International Montoro Resources Inc (IMT)’

Belmont Resources announces B.C. gold-silver-cobalt samples, appoints Greenwood veteran to BOD

October 17th, 2019

by Greg Klein | October 17, 2019

Recent surface sampling at southern British Columbia’s Greenwood camp brought further encouragement to Belmont Resources’ (TSXV:BEA) Pathfinder project. The field program follows a summer campaign that yielded samples grading up to 29.2 g/t gold, as well as silver, copper and lead, from the historic mining region. The current batch shows anomalous cobalt as well:

  • 4.999 ppm gold, 35.86 ppm silver, 20700 ppm copper, 45.1 ppm cobalt
Belmont Resources announces BC gold-silver-cobalt samples, appoints Greenwood veteran to BOD

  • 0.153 ppm gold, 6.46 ppm silver, 6234 ppm copper, 148.8 ppm cobalt

  • 1.329 ppm gold, 14.07 ppm silver, 6540 ppm copper, 1486.8 ppm cobalt

  • 4.374 ppm gold, 19.5 ppm silver, 6667 ppm copper, 31.7 ppm cobalt

  • 2.172 ppm gold, 14.31 ppm silver, 6551 ppm copper, 931.6 ppm cobalt

  • 5.228 ppm gold, 17.39 ppm silver, 7302 ppm copper, 47.9 ppm cobalt

Further plans call for an airborne VTEM survey to identify drill targets. Three sides of the 296-hectare project border claims held by Kinross Gold TSX:K subsidiary KG Exploration.

Belmont also announced George Sookochoff’s appointment as director. Coming from a southern B.C. mining family, Sookochoff has served as president of GGX Gold TSXV:GGX and executive VP of Golden Dawn Minerals TSXV:GOM, two other companies active in the Greenwood camp. He’s also served as president/CEO of International PBX Ventures, now Chilean Metals TSXV:CMX, which holds copper and gold projects in Chile.

“Throughout my long career in the junior mining sector and having worked on numerous exploration projects around the world, it has always been my strong belief that the Greenwood mining camp, with its rich history in mining, still remains to be one of the best exploration areas in the world,” Sookochoff commented.

Another busy camp that’s attracted Belmont is Ontario’s Red Lake, where last month the company optioned about 6,700 hectares on the Confederation Lake greenstone belt from Pistol Bay Mining TSXV:PST.

In Nevada Belmont holds a 75% interest in the 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.

The company’s portfolio also includes two northern Saskatchewan uranium properties shared 50/50 with International Montoro Resources TSXV:IMT.

Last month Belmont offered a private placement of up to $510,000. The company closed a $252,000 placement in June and arranged two loans totalling $50,000 in August.

International Montoro Resources employs high-tech analysis of Elliot Lake-region nickel-copper prospect

September 10th, 2019

by Greg Klein | September 10, 2019

A geophysical analysis on the property released last March found targets described as “good candidates for semi-massive nickel-copper mineralization.” Now International Montoro Resources TSXV:IMT has contracted Mira Geoscience to compile and analyze a much larger data set for the Pecors Lake project, part of the 1,840-hectare Serpent River property in Ontario’s Elliot Lake district.

International Montoro Resources employs high-tech analysis of Elliot Lake-region nickel-copper prospect

Nickel-copper potential brings new interest to
International Montoro Resources’ Serpent River property.

Historic drilling on Serpent’s southwestern area found uranium-rare earths mineralization. But extensive geophysical programs completed last year alerted Montoro to nickel-copper-PGE potential as well. A 3D model revealed that three assumed magnetic anomalies at Pecors actually comprise one contiguous anomaly estimated to be five kilometres long, two kilometres wide and two kilometres deep.

Considered pioneers of advanced geological and geophysical 3D and 4D modelling, Mira Geoscience will enter a library of data into its Geoscience Analyst 3D interactive platform. Included will be Ontario Geological Survey geochem and petrographic studies; OGSEarth data from drilling conducted by Teck Resources TSX:TECK.A/TSX:TECK.B, Rio Tinto NYSE:RIO, BHP Billiton NYSE:BHPand others on or near the property; federal government regional gravity and magnetic surveys; Montoro’s 22 drill holes; and downhole EM data for two holes reaching depths of one and 1.3 kilometres respectively.

In central British Columbia, Montoro had a 43-101 technical study completed in April for its recently acquired Wicheeda North property, adjacent to the Wicheeda rare earths deposit currently being drilled by Defense Metals TSXV:DEFN under option from Spectrum Mining. The report states that Wicheeda North “has the potential to host, and should continue to be explored for, rare earth element mineralization because it occurs within a favourable geological belt known to contain carbonatite-hosted REE mineralization.”

A 3D magnetic inversion was completed in June for the property, which Montoro has expanded to 2,138 hectares.

The company’s portfolio also includes the 2,300-hectare Duhamel property in central Quebec, considered prospective for nickel-copper-cobalt, as well as titanium-vanadium-chromium.

Along with Belmont Resources TSXV:BEA, Montoro shares 50/50 ownership of two uranium properties in northern Saskatchewan’s Uranium City area.

Last month Montoro closed a private placement first tranche of $47,500.

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

September 4th, 2019

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.

Belmont Resources plans September follow-up to high-grade gold sampling in southern B.C.

August 15th, 2019

by Greg Klein | August 15, 2019

Inspired by recent surface samples as high as 29.2 g/t gold, Belmont Resources TSXV:BEA plans another field program on its recently acquired Pathfinder project in British Columbia’s Greenwood camp. Scheduled to start early next month, the two-week campaign follows encouraging assays released late last month. Out of 15 samples, seven exceeded 1 g/t gold, with the best result bringing 29.2 g/t gold, 16.4 g/t silver, 365 ppm copper and 4 ppm lead.

Belmont Resources plans September follow-up to high-grade gold sampling in southern B.C.

Historic work at Pathfinder included trenching and drilling.

Now, backed by data gleaned from historic records, Belmont plans soil and grab sampling from the Pathfinder zone to the Diamond Hitch zone, on a target area averaging about 2,500 metres by 600 metres. Samples will be collected every 50 metres along the grid lines, with higher resolution possible for some areas.

The results would prepare for possible sub-surface exploration that could include geophysics and drilling. Pathfinder underwent trenching and 17 drill holes from 2008 to 2009. The 296-hectare property is surrounded on three sides by KG Exploration, a subsidiary of Kinross Gold TSX:K.

In Nevada, Belmont’s Kibby Basin lithium project has undergone drilling by MGX Minerals CSE:XMG, which has so far earned 25% of the project. Last May the companies announced a drill hole averaging 100 ppm lithium. Previous holes graded up to 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

In northern Saskatchewan, Belmont and International Montoro Resources TSXV:IMT each hold 50% of two uranium properties.

Belmont expects to close a private placement of $252,000, subject to exchange approval.

Belmont Resources samples 29.2 g/t gold at B.C.’s Greenwood camp

July 30th, 2019

by Greg Klein | July 30, 2019

Recent work suggests new potential for an historic gold- and copper-producing region in southern British Columbia. Surface sampling results on a property acquired last March by Belmont Resources TSXV:BEA have graded up to 29.2 g/t gold.

Belmont Resources samples 29.2 g/t gold at B.C.’s Greenwood camp

An adit bears witness to Pathfinder’s auriferous history.

The project, now expanded to 295 hectares, formed part of the historic Pathfinder property in the Greenwood camp, where mining began in the late 1880s. Something like 26 former mines produced over 1.2 million ounces of gold and 270,000 tonnes of copper, along with silver, lead and zinc, according to Geoscience BC. More recent exploration includes work by Kinross Gold TSX:K subsidiary KG Exploration, which holds property neighbouring Belmont on three sides.

Following a detailed review of historic data, Belmont conducted a five-day field program of mapping and sampling from outcrops and mine waste. Seven out of 15 samples surpassed 1 g/t gold, with five standouts showing:

  • 29.2 g/t gold, 16.4 g/t silver, 365 ppm copper and 4 ppm lead

  • 4.51 g/t gold, 90.4 g/t silver, 21.6 ppm copper and 14,250 ppm lead

  • 3.23 g/t gold, 0.61 g/t silver, 383 ppm copper and 4.3 ppm lead

  • 2.44 g/t gold, 16.7 g/t silver, 5,180 ppm copper and 24.2 ppm lead

  • 1.08 g/t gold, 14.75 g/t silver, 47 ppm copper and 62.7 ppm lead

With continued analysis of historic data along with recent findings, Belmont will plan Pathfinder’s next stage of exploration. Among the earlier work was a 2008-2009 program that included trenching and 17 drill holes.

In Nevada the company holds the 2,056-hectare Kibby Basin lithium project, subject to an earn-in by MGX Minerals CSE:XMG. A drill hole announced last May brought results ranging from 38 ppm to 127 ppm lithium, with an average of 100 ppm. Previous holes graded up to 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

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

Subject to exchange approval, Belmont expects to close an oversubscribed private placement of $252,000.

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.