Thursday 22nd August 2019

Resource Clips


Posts tagged ‘lead’

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.

Emerita Resources confirms high-grade zinc in historic Spanish camp

August 8th, 2019

by Greg Klein | August 8, 2019

Working a region steeped in zinc mining history, the first hole of a drill campaign adds optimism to high-grade historic assays. The initial result grades 4.57% zinc over 9.5 metres starting at 591 metres in downhole depth, and includes a higher-grade sub-interval of 9.02% over 4 metres (true widths). Joint venture partners Emerita Resources TSXV:EMO and the Aldesa Group plan further confirmation drilling to prove up a 43-101 resource on their Plaza Norte project.

Aldesa is a specialized infrastructure company with over 40 years of experience in major projects. Emerita acts as operator for the 50/50 Cantabria del Zinc JV that holds the 3,600-hectare project. The property covers most of the Santillana-San Román syncline on the Reocin Basin known for high-grade Mississippi Valley-type zinc-lead. One of Europe’s biggest zinc producers was the former Reocin mine, which extracted around 62 million tonnes averaging 11% zinc and 1.4% lead up to 2003.

Emerita Resources confirms high-grade zinc in historic Spanish camp

Plaza Norte’s former Mercadal mine operated from 1850 to 1836 and 1955 to 1978, with reported averages of 10% zinc and 1.5% lead.

Plaza Norte’s new result follows drill reports from the 1980s and ’90s on four areas of the property: Yuso, Queveda, San Miguel and Mercadal, the latter a past-producing mine. The first phase of confirmation drilling targets Queveda, where historic, non-43-101 assays showed:

  • 9.72% zinc over 18.95 metres, starting at 557.8 metres

  • 9.82% over 3.22 metres, starting at 560 metres

  • 5.7% over 6.1 metres, starting at 588.9 metres

  • 7.74% over 5.3 metres, starting at 557.3 metres

As confirmation drilling continues, Emerita focuses on an area covering about 1,500 metres by 600 metres. With tighter spacing than previously used, the results should provide data on the structural controls of mineralization as well as build a 43-101 resource.

Regarding a southern Spain property, Emerita expresses confidence that a court will uphold its acquisition of the Aznalcóllar claims. Pending a successful outcome, the company would move the zinc-lead-silver-copper deposit to feasibility studies for an underground mine.

In another possible southern Spain acquisition, Emerita hopes a review board will award the company the Paymogo property with its two zinc deposits.

Last month Emerita closed the second and final tranche of a private placement that totalled $2.22 million.

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.

Site visits for sightseers

July 19th, 2019

Mining history offers additional destinations for summer road trips

by Greg Klein

Mining history offers additional destinations for summer road trips

A fun but informative underground tour brings B.C.’s former
Britannia copper mine to life. (Photo: Britannia Mine Museum)

 

Follow this industry closely enough and you’ll likely want to visit one or more mines yourself. One way to do that would be to get a job as a miner, although that’s an occupation requiring competence, a capacity for hard work and at least rudimentary English or French. People lacking those qualifications, however, need not despair. They might still find employment writing up sponsored site visits for investor newsletters and mining publications. Still a third approach involves touring historic sites.

Of course they emphasize mining’s past, but that puts perspective on the present. These endeavours helped build our country economically and socially, while inspiring lots of romantic lore and providing stuff that we consider essential. But they also brought about dangerous, sometimes disastrous working conditions, bitter labour conflicts and some primitive environmental standards.

That said, family visits can be entertainingly informative without abjuring history’s serious side.

In this first installment, we provide a list of historic Yukon and British Columbia mines and mining museums open this summer. Also included are a few operating mines that offer public tours. Generally not included, however, are museums of mineralogy and museums not entirely dedicated to mining. The latter category, omitted for space reasons, includes some excellent exhibits and should be considered by mining enthusiasts when visiting any current or former mining region.

Use the links to confirm opening times and other info. Also check tour requirements for footwear and other clothing.

See Part 2 about the prairie provinces, Part 3 about Ontario and Quebec, and Part 4 about the Atlantic provinces.

 

Yukon

Mining history offers additional destinations for summer road trips

For some Dawson visitors, gold’s allure overpowers
that of the theme park. (Photo: Parks Canada)

Putting aside the fact that the lack of a gold rush would have meant far fewer tourists, tourism has far outshone the gold rush’s economic importance to Dawson City. The town and its environs abound in Klondike references, real and imagined, from the goldfields themselves to the Dawson City Museum, Dredge #4, a gaudy streetscape (arguably authentic in spirit if not accuracy) and the bard of the Yukon’s log home. (Overheard from an American in Dawson’s visitor info centre: “We’ve heard about your Robert Service. Is he any relation to Robert Frost?”)

A variety of sites and activities can be previewed here, here and even here. And if a can-can dancer hauls you onto the stage at Diamond Tooth Gertie’s, just consider it an act of revisionist history.

 

Only a few kilometres outside Whitehorse, the MacBride Copperbelt Mining Museum focuses on a base metal play overshadowed by Klondike mania. Attractions include an interpretive train ride along 2.5 kilometres of narrow-gauge track. Back in town, look for the MacBride Museum’s other location, right by Sam McGee’s cabin.

Mile 919.28 Alaska Highway. Open Friday to Sunday, 10 a.m. to 4 p.m., until August 31. More info.

 

About 290 kilometres east of Dawson City, in a former boom town now down to maybe 20 people, the Keno City Mining Museum displays tools, equipment and memorabilia about local gold-silver mining from the early 1900s.

Located at the end of the Silver Trail, Main Street. Open daily 10:00 to 6:00 until mid-September and “by chance/appointment” during the off-season. More info.

 

British Columbia

Mining history offers additional destinations for summer road trips

Britannia’s multi-storey mill strikes an industrial presence
amid spectacular natural beauty. (Photo: Greg Klein)

Amid stunning scenery halfway between Vancouver and Whistler, the Britannia Mine Museum comprises B.C.’s top such attraction. In operation from 1904 to 1974, this was for a while the British Commonwealth’s biggest copper producer. Now a National Historic Site, its features include 45-minute tours with a short underground train ride, entertaining and knowledgeable guides, gold panning, interactive exhibits and, in a multi-storey mill along the mountainside, a light, sound and special effects show “unlike anything else in North America.” Just outside the museum, early- and mid-20th century buildings remain from what was once an isolated company town.

Located on the Sea-to-Sky (#99) Highway, 45 minutes north of Vancouver and the same distance south of Whistler. Open seven days 9:00 to 5:30. More info.

 

South of Nanaimo, the four-hectare Morden Colliery Historic Provincial Park hosts the only substantial remnants of a coal industry that predominated on Vancouver Island starting in the 1850s. This mine operated between 1913 and 1921, and features a 22.5-metre concrete reinforced headframe and a coal-tipping structure that’s one of just two of its kind left in North America. While in town, stop by the Nanaimo Museum for a small but excellent coal mining exhibit.

Directions: On Highway 1 about nine kilometres south of Nanaimo, turn east on Morden Road and follow it for one or two minutes. Long-overdue restoration work might cause temporary closures. Try BC Parks’ website for more info.

 

In the upper altitudes of southern B.C.’s east Kootenay district, an open-air train escapes downtown Kimberley’s “Bavarian” kitsch to take visitors through a scenic valley and into Sullivan, a 1909-to-2001 operation that once boasted itself the world’s largest lead-zinc mine. Guides from the Kimberley Heritage Museum and Kimberley Underground Mining Railway present demonstrations at the underground interpretive centre and the powerhouse. Other displays include a core shack.

Buy tickets at the train station 200 metres west of Kimberley’s pedestrian mall. Mining tours leave daily at 11:00, 1:00 and 3:00. Sightseeing train trips that bypass the mine leave at 10:00 on Saturdays, Sundays and holiday Mondays. More info.

 

Mining history offers additional destinations for summer road trips

Barkerville crowds notwithstanding, there’s history
in them thar theme parks. (Photo: Barkerville Heritage Trust)

More social history than mining history and with a focus on family fun, Barkerville Historic Town and Park offers entertaining interpretations of the gold rush boom town founded in 1862. Costumed actors lead tours along streets lined with reconstructed period buildings and displays of 19th century mining infrastructure. Plays, concerts and variety shows at the Theatre Royal continue the theme park ambience, while the “immersive experience” offers activities ranging from gold panning to heritage cooking lessons and a blacksmithing workshop. Accommodation in and around the park includes a small hotel, B&Bs, cottages and campgrounds.

Located at the end of Highway 26, 204 kilometres northeast of Williams Lake and 86 kilometres east of Quesnel, all towns on B.C.’s Gold Rush Trail driving route. Open 8:00 to 8:00 until September 2. Museum exhibits close during the off season but the town’s main street remains open for parts of the year. Check the schedule for dates and times. More info.

 

Another historic theme park, although not directly related to mining despite being borne of a gold rush, Fort Steele Heritage Town got its name from Sam Steele, a Mountie whose exploits would have made him a frontier legend in the U.S. or Australia. The reconstructed town’s extensive attractions focus on town life and offer insights into a number of skills including gold panning. About six kilometres away and part of the provincial heritage site sit a few remains of Fisherville, where an 1864 discovery sparked the Wildhorse Creek rush. Self-guided brochures are available.

Located off Highway 93 (for some reason aka Highway 95), 16 kilometres northeast of Cranbrook. Open 10:00 to 5:00 until September 1, with some attractions open during the off season. More info.

 

Mining history offers additional destinations for summer road trips

Teck Resources digs deep while a tour group looks on.
(Photo: Kootenay Rockies Tourism)

Step back into the present with tours of actual working mines in B.C.’s east Kootenays operated by Teck Resources TSX:TECK.A/TECK.B. Three of the company’s open pit metallurgical coal operations welcome the public this summer. Saturday bus tours leave the town of Elkford during July for two-hour trips to Greenhills and during August for two-and-a-half-hour trips to Fording River. Bus tours from the town of Sparwood leave Tuesdays, Wednesdays and Thursdays for two-hour trips to the Elkview mine.

Elkford and Sparwood are about 34 kilometres apart on opposite ends of Highway 43. For further info and reservations, call the Elkford Visitor Centre at 1-855-877-9453, and the Sparwood Chamber of Commerce at 1-877-485-8185. Last trips leave Elkford August 31 and Sparwood August 29. Sparwood’s CoC also hosts a Mining History Walking Tour that points out mining machinery and other memorabilia around town.

See Part 2 about the prairie provinces, Part 3 about Ontario and Quebec, and Part 4 about the Atlantic provinces.

Ximen Mining gold acquisition continues southern B.C. expansion

June 4th, 2019

by Greg Klein | June 4, 2019

Adding to its portfolio of southern British Columbia past-producers, Ximen Mining TSXV:XIM announced the 100% acquisition of the former Amelia gold operation. Amelia’s 199.46 hectares cover the Cariboo-Amelia mine, which underwent intermittent operation from 1894 to 1962. During that time it produced 124,452 tonnes for 81,602 ounces of gold, 32,439 ounces of silver and, since 1940, 113,302 pounds of lead and 198,140 pounds of zinc, according to B.C. government data cited by Ximen. Gold grades averaged 24.68 g/t.

Ximen Mining gold acquisition continues southern B.C. expansion

On TSXV approval, Ximen gets the Kootenay-region property for 212,888 shares.

The company’s southern B.C. holdings include a 100% stake in the Brett property about 29 kilometres west of Vernon. The 20,025-hectare epithermal gold project features historic grades as high as 168 g/t gold over 1.3 metres, as well as surface trench samples of 291 tonnes averaging 28 g/t gold and 64 g/t silver. Epithermal deposits provide some of the world’s largest and highest-grade gold mines, Ximen states.

In B.C.’s historic Greenwood camp, Ximen has optioned its Gold Drop project to GGX Gold TSXV:GGX, which began spring drilling in April. (Update: On June 6 Ximen and GGX announced the program had finished, with assays pending for 20 holes totalling 1,217 metres. Further drilling is planned.) An extensive campaign last year found high-grade, near-surface gold-silver intercepts, along with tellurium.

Also in April Ximen staked the Providence claim, another 12,900 hectares surrounding Gold Drop and bordering other active projects in this busy camp dotted with former workings. The company has rock and soil sampling, along with trenching planned for Providence.

A few days after that acquisition, Ximen optioned a numbered company whose chief asset is an option on another Greenwood property, the Kenville project.

Last month a program of sampling, trenching and drilling began on Ximen’s Treasure Mountain silver property by option partner New Destiny Mining TSXV:NED. Located about four hours northeast of Vancouver, the 10,700-hectare property is proximal to Nicola Mining’s (TSXV:NIM) Treasure Mountain silver project, where underground mining most recently took place in 2008 and 2013.

On April 16 Ximen closed a private placement of $405,000.

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.

Pistol Bay Mining branches out to Nevada with vanadium acquisition

April 10th, 2019

by Greg Klein | April 10, 2019

Despite historic reports of what’s now a sought-after energy metal, this former mining region has never been systematically explored for vanadium. Pistol Bay Mining TSXV:PST hopes to change that by purchasing a new property in Clark County, Nevada.

Pistol Bay Mining branches out to Nevada with vanadium acquisition

Known collectively as the Vanadium Claims Group, the 397-hectare property covers two groups of claims, each about one by 1.6 kilometres hosting former mines and historic reports of vanadium. U.S. Geological Survey info from the 1920s states that one of the former mines shipped 14 tons of material to the American Vanadium Company, although no data on content or grade was available. The USGS also stated that outcrops within the current VCG project showed vanadium mineralization. 

Other occurrences of vanadium mineralization noted by the USGS suggest the potential for district-scale, low-cost exploration, as well as lead-zinc-silver byproduct potential, commented Pistol Bay president/CEO Charles Desjardins.

“We’re very excited about this new project and look forward to getting boots on the ground this month for sampling and other field work,” he said.

The price comes to an initial $15,000 (all amounts in U.S. dollars), $50,000 and eight million shares on TSXV approval and another $100,000 six months later. The vendor retains a 2% royalty, 75% of which Pistol Bay may buy for $1 million.

In northwestern Ontario, the company holds the largest land package in the Confederation Lake greenstone belt. The claims host several historic estimates as well as a 2017 43-101 resource for the Arrow zone. Using a base case 3% zinc-equivalent cutoff, the estimate outlines an inferred category:

  • 2.1 million tonnes averaging 5.78% zinc, 0.72% copper, 19.5 g/t silver and 0.6 g/t gold, for a zinc-equivalent grade of 8.42%

Contained amounts come to:

  • 274 million pounds zinc, 34.3 million pounds copper, 1.33 million ounces silver and 41,000 ounces gold

Results from last year’s three-hole 1,555-metre drill program “confirm the consistent nature of mineralization in the Arrow zone and give us more confidence in the existing mineral resource estimate,” Desjardins stated at the time. Assays reached as high as 5.15% zinc-equivalent over 12.85 metres.

Ximen Mining to do due diligence on B.C.’s first underground gold mine

April 8th, 2019

by Greg Klein | April 8, 2019

Ximen Mining to do due diligence on B.C.’s first underground gold mine

Connected to power and paved road, the Kenville property has mining
equipment, offices, mechanic shop, core storage and accommodation on site.

 

Just days after picking up additional land in one historic southern British Columbia camp, Ximen Mining TSXV:XIM turned its attention to another former mine. A new option agreement would give the company a stake in another company whose chief asset is another option—to acquire the site of B.C.’s first underground lode gold operation.

Located eight kilometres west of the city of Nelson in southeastern B.C.’s Kootenay region, the Kenville gold mine operated intermittently between 1889 and 1954, extracting 181,395 tonnes containing 2,029 kilograms of gold, 861 kilograms of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of copper and 37 kilograms of cadmium, Ximen stated.

Ximen Mining to do due diligence on B.C.’s first underground gold mine

An historic, non-43-101 estimate gives Kenville’s
257 level 16,289 gold ounces measured and indicated.

Some 13,000 metres of drilling between 2007 and 2008 targeted previously untested areas southwest of the former mine, the company added. Detailed sampling also took place on the 257 level, which alone of the mine’s seven levels remains accessible. In 2009 an historic, non-43-101 resource for the 257 level used a 1.1 g/t cutoff to estimate:

  • measured: 3,312 tonnes averaging 31.72 g/t gold for 3,377 gold ounces

  • indicated: 21,312 tonnes averaging 18.84 g/t for 12,912 ounces

  • inferred: 522,321 tonnes averaging 23.01 g/t for 356,949 ounces

Further drilling took place between 2009 and 2012, finding at least four new veins with potential strike lengths of over 700 metres, according to historic, non-43-101 reports.

Historic accounts of soil surveys and drilling suggest potential for porphyry-type copper-molybdenum-silver-gold mineralization elsewhere on the property, Ximen stated.

Pending due diligence and TSXV approval, the acquisition would take place by optioning an interest in a company that holds an option to acquire Kenville. According to the terms, Ximen would option a promissory note to the vendor amounting to $780,000 plus interest, another promissory note to the vendor amounting to $1 million plus interest convertible into shares of 0995237 B.C. Ltd, mining equipment located in Alberta, and 5,333,334 shares in 0995237 B.C. Ltd.

“The principal asset of 0995237 is its option to acquire the Kenville gold mine,” Ximen stated.

The combined assets would cost Ximen 1,408,333 shares at a deemed price of $0.80, $1.38 million payable in installments and settling of the vendor’s $270,000 debt to arm’s length third parties.

Last week Ximen announced its acquisition of over 12,900 hectares in B.C.’s historic Greenwood camp. The new turf surrounds the company’s Gold Drop project, now optioned to GGX Gold TSXV:GGX. Last year’s Gold Drop drill program found near-surface, high-grade intervals of gold and silver, along with tellurium.

Ximen’s southern B.C. portfolio also includes the Treasure Mountain property under option to New Destiny Mining TSXV:NED and the Okanagan-region Brett gold project.

Ximen closed private placements of $540,000 in December and $250,000 in February. In March the company arranged a private placement of $405,000 subject to TSXV approval.

Read more about Ximen Mining here and here.

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.

Ximen Mining/GGX Gold examine tellurium potential of B.C. gold-silver project

March 7th, 2019

This story has been updated and moved here.