Monday 24th June 2019

Resource Clips


Posts tagged ‘niobium’

Saville Resources/Commerce Resources release niobium-tantalum-phosphate results from northern Quebec

June 13th, 2019

In three batches during early June 2019, Saville Resources TSXV:SRE and Commerce Resources TSXV:CCE released assays from the first drill program in nine years on the Niobium Claim Group in Quebec’s Labrador Trough. Saville operates the program under a 75% earn-in from Commerce, which is advancing its Ashram rare earths deposit towards pre-feasibility.

Of five holes totalling 1,049 metres, one hole was lost. The other four exceeded near-surface high grades and wide widths of historic drilling conducted between 2008 and 2010, the companies stated. Previous campaigns totalled 41 holes for 8,175 metres.

Here are highlights from the spring 2019 program. True widths weren’t provided. Fluorine results are still to come.

Hole EC19-174A

  • 0.8% Nb2O5, 81 ppm Ta2O5 and 9% P2O5 over 31.5 metres, starting at 17 metres in downhole depth
  • (including 0.98% Nb2O5, 70 ppm Ta2O5 and 10.5% P2O5 over 13.5 metres)
  • (which includes 1.13% Nb2O5, 73 ppm Ta2O5 and 10.6% P2O5 over 9 metres)
  • (which includes 1.36% Nb2O5, 70 ppm Ta2O5 and 12.3% P2O5 over 4.5 metres)
  • (and also including 1.04% Nb2O5, 136 ppm Ta2O5 and 11.9% P2O5 over 7.7 metres)

  • 0.79% Nb2O5, 163 ppm Ta2O5 and 8.1% P2O5 over 37 metres, starting at 96.5 metres
  • (including 0.95% Nb2O5, 168 ppm Ta2O5 and 8.6% P2O5 over 9.94 metres)
  • (which includes 1.01% Nb2O5, 178 ppm Ta2O5 and 9% P2O5 over 7.5 metres)
Saville Resources exceeds historic high grades for niobium-tantalum in Quebec

  • 0.67% Nb2O5, 170 ppm Ta2O5 and 9.4% P2O5 over 19.95 metres, starting at 167.52 metres

  • 0.5% Nb2O5, 70 ppm Ta2O5 and 5% P2O5 over 33.5 metres, starting at 197 metres

Hole EC19-172

  • 0.62% Nb2O5, 92 ppm Ta2O5 and 7.1% P2O5 over 19 metres, starting at 43.5 metres

  • 0.6% Nb2O5, 302 ppm Ta2O5 and 9.9% P2O5 over 7.5 metres, starting at 76 metres
  • (including 1.64% Nb2O5, 490 ppm Ta2O5 and 8.1% P2O5 over 1.5 metres)

  • 0.45% Nb2O5, 274 ppm Ta2O5 and 6.9% P2O5 over 100.84 metres, starting at 123.44 metres
  • (including 0.67% Nb2O5, 181 ppm Ta2O5 and 7.9% P2O5 over 27 metres)

EC19-173

  • 0.66% Nb2O5, 53 ppm Ta2O5 and 6.6% P2O5 over 14.5 metres, starting at 87 metres
  • (including 0.78% Nb2O5, 55 ppm Ta2O5 and 7.7% P2O5 over 8.78 metres)
  • (which includes 1.1% Nb2O5, 500 ppm Ta2O5 and 11.6% P2O5 over 1.5 metres)

  • 0.38% Nb2O5, 233 ppm Ta2O5 and 6.2% P2O5 over 26.5 metres, starting at 136.5 metres
  • (including 0.66% Nb2O5, 337 ppm Ta2O5 and 8.6% P2O5 over 4.5 metres)

  • 0.59% Nb2O5, 168 ppm Ta2O5 and 9.7% P2O5 over 7.5 metres, starting at 222 metres

EC19-171

  • 0.43% Nb2O5, 267 ppm Ta2O5 and 9.1% P2O5 over 26 metres, starting at 23 metres

  • 0.76% Nb2O5, 64 ppm Ta2O5 and 8.2% P2O5 over 7.5 metres, starting at 49 metres

  • 0.7% Nb2O5, 116 ppm Ta2O5 and 6.6% P2O5 over 38.28 metres, starting at 71.22 metres
  • (including 1.1% Nb2O5, 182 ppm Ta2O5 and 7.2% P2O5 over 5.41 metres)

  • 0.63% Nb2O5, 95 ppm Ta2O5 and 6.2% P2O5 over 34 metres, starting at 145 metres

Read more about the Saville/Commerce Niobium Claim Group project.

Towards a critical resource

June 13th, 2019

Saville Resources exceeds historic high grades for niobium-tantalum in Quebec

by Greg Klein

The project’s first drill campaign in nine years poses a big question: Why was this the project’s first drill campaign in nine years?

Saville Resources/Commerce Resources report best-yet niobium hole from Quebec critical minerals project

Saville president Mike Hodge examines
core at the Niobium Claim Group.

Even in the face of highly encouraging historic niobium-tantalum results, this program’s first hole exceeded expectations. More near-surface high grades and wide widths followed, culminating in a fourth hole that surpassed them all. Now Saville Resources TSXV:SRE looks forward to more drilling to build an inferred resource on the Niobium Claim Group in northern Quebec’s Labrador Trough.

But why the nine-year hiatus? The answer can be illustrated by Commerce Resources’ (TSXV:CCE) Ashram rare earths deposit, two kilometres away. Moving that project towards pre-feasibility took precedence, even when the company found strong niobium-tantalum intercepts on another part of its Eldor property. To give these other critical minerals their due, Commerce and Saville signed an agreement last year allowing the latter company to earn 75% of the 1,223-hectare niobium claims.

Additional high-grade boulder samples renewed interest in a number of prospective areas but Saville’s initial drill program in spring 2019 targeted Mallard, the most advanced zone with 17 historic holes totalling 4,328 metres. The new program added five holes (one hole was lost) and 1,049 metres.

“We were confident that we could improve on the historic drill results and we did that,” notes Saville president Mike Hodge.

Near-surface highlights from the best hole showed 0.8% Nb2O5 over 31.5 metres, 0.79% over 37 metres, 0.67% over 19.95 metres and 0.5% over 33.5 metres. Eleven individual samples from that hole exceeded 1%, with one sample reaching as high as 1.68% over 1.5 metres. (True widths were unknown.) Tantalum and phosphate also brought strong numbers.

A 50-metre step-out east of another of the campaign’s successful holes, 50 metres southeast of a second and 200 metres southeast of a third, EC19-174A was also proximal to impressive historic results.

Saville Resources exceeds historic high grades for niobium-tantalum in Quebec

In just a few of the recent highlights, however, EC19-173 featured 0.66% Nb2O5 over 14.5 metres. EC19-171 hit 0.7% over 38.28 metres, including 1.1% over 5.41 metres. EC19-172 reached 0.62% over 19 metres.

Among tantalum grades were 274 ppm Ta2O5 over 100.8 metres from EC19-172, and 267 ppm over 26 metres from EC19-171.

The step-outs extend Mallard’s strike 100 metres southeast and also suggest a possible northern extension towards the project’s Miranna and Spoke targets, as yet undrilled.

That’s despite very high-grade boulder samples from Miranna showing 2.75%, 4.24%, 4.3% and an exceptional 5.93% Nb2O5.

“These are still untested targets which we believe could have significantly higher grades than Mallard,” says Hodge. “But my first goal would be an inferred near-surface resource in the Mallard area.”

Contributing to that would be historic data, which includes intervals of 0.82% Nb2O5 over 21.9 metres, 0.9% over 4.8 metres and 1.09% over 5.8 metres.

In all, the Niobium Claim Group underwent 41 historic holes for 8,175 metres, with all field work since 2008 conducted by Dahrouge Geological Consulting. Saville has so far exceeded its first-year spending commitment of $750,000 out of a five-year, $5-million exploration agenda that would earn 75% of the project from Commerce.

But if Miranna’s 5.93% Nb2O5 sample looks outstanding, another boulder collected west of the project’s Northwest area soared up to 16.1%, also showing 7,540 ppm Ta2O5.

“That was the highest, but there were plenty in the 3% to 6% niobium range,” Hodge emphasizes.

Saville Resources exceeds historic high grades for niobium-tantalum in Quebec

With overlapping boulder trains on the property, “there are a few locations they could be coming from,” he adds. “But the likelihood of it coming from the Spoke or Miranna areas would be the highest probability.”

Other areas of interest include the Northwest zone, northwest of Miranna. Location of 11 historic holes totalling 2,257 metres, its results included 0.61% Nb2O5 over 12 metres.

South of Mallard, the Star Trench area has four historic holes for 664 metres, with results including 1.5% Nb2O5 and 1,810 ppm Ta2O5 over 0.52 metres, and 1.69% Nb2O5 and 2,220 ppm Ta2O5 over 0.31 metres.

Niobium and tantalum both rank on the U.S. list of 35 critical minerals. Heightened concern has brought concerted American efforts to develop reliable sources and create supply chains domestically and with allied countries. In early June the U.S. unveiled its Energy Resource Governance Initiative to work with allies as part of the president’s critical minerals strategy announced a few days earlier.

Imports provide America’s total supply of both niobium and tantalum. Niobium, used for alloys and super-alloys in jet engines, rockets and other manufactures, comes to the U.S. mostly from one company in Brazil. According to 2018 figures from the U.S. Geological Survey, Brazil mined 88.2% of global supply, while Canada extracted another 10.3%.

Tantalum finds widespread use in electronics as well as super-alloys for jet engine components. USGS numbers from last year attribute 39.5% of global supply to the Democratic Republic of Congo, 27.8% to Rwanda, 8.3% to Nigeria and 6.7% to China. Apart from security of supply, concerns about conflict minerals result from troubling conditions and murky supply routes in the DRC and Rwanda.

Meanwhile Hodge wants to get back to the field. “We made a great first step in expanding on what we had,” he says. “All of these holes ended in a mineralized zone. The reason we stopped them there was to start a near-surface inferred resource. There’s carbonatite with mineralization in niobium, tantalum and phosphate open in all directions, so the results definitely call for more drilling.”

See more highlights from the Niobium Claim Group’s spring 2019 program.

Saville Resources/Commerce Resources report best-yet niobium hole from Quebec critical minerals project

June 11th, 2019

This story has been expanded and moved here.

Update: Saville Resources/Commerce Resources hit more near-surface, high-grade niobium, with tantalum and phosphate in Quebec

June 6th, 2019

This story has been expanded and moved here.

Saville Resources/Commerce Resources hit near-surface niobium high grades, with tantalum and phosphate in Quebec

June 3rd, 2019

This story has been updated and moved here.

Commerce Resources and two Inuit corporations sign LOI to advance northern Quebec rare earths

May 15th, 2019

by Greg Klein | May 15, 2019

Commerce Resources and two Inuit corporations sign LOI to advance northern Quebec rare earths

The parties consider Inuit involvement critical to this critical minerals project.

 

While a project that would provide essential raw materials continues towards pre-feasibility, a letter of intent ensures Inuit participation, the signatories announced May 15. The Nayumivik Landholding Corporation of Kuujjuaq and the Makivik Corporation signed the LOI with Commerce Resources TSXV:CCE regarding the Ashram rare earths deposit in arctic Quebec’s Nunavik region.

The letter marks “a first for Nunavik mining development, specifically for a pre-development project,” said Maggie Emudluk, Makivik VP of economic development. The LOI ensures “Inuit will be directly involved upstream in any discussions and proposed planning of this project. They will also be enabled to provide insights and share concerns during the progression of the project. Makivik is pleased that the LOI is in accordance with the Nunavik Inuit Mining Policy objectives that look forward to establishing clear lines of communication with the industry.”

Commerce Resources and two Inuit corporations sign LOI to advance northern Quebec rare earths

The Nunavik Mineral Exploration Fund held the recent
Nunavik Mining Workshop to discuss the region’s
mineral potential as well as its rich culture.

With one of the most advanced deposits outside China hosting these elements deemed critical by the U.S., Ashram shows favourable metallurgy as well as grade. The project’s rare earths occur within carbonatite host rock and the minerals monazite, bastnasite and xenotime, which are familiar to commercial REE processing. Near-surface mineralization further optimizes potential cost advantages.

Using a base case 1.25% cutoff, a 2012 resource shows:

  • measured: 1.59 million tonnes averaging 1.77% total rare earth oxides

  • indicated: 27.67 million tonnes averaging 1.9% TREO

  • inferred: 219.8 million tonnes averaging 1.88% TREO

The deposit also features some of the most sought-after REEs, with a strong distribution of neodymium, europium, terbium, dysprosium and yttrium. Metallurgical tests also show potential for a fluorspar byproduct.

“We look forward to working closely with Commerce and Makivik Corporation to implement the LOI during the pre-development phase of the proposed Ashram deposit,” commented Sammy Koneak, Nayumivik Landholding president. “We are confident that continued communication between the parties under the terms and spirit of the LOI will result in ongoing respect for our rights and our environment.”

Commerce president Chris Grove heralded the LOI as “a milestone that speaks to the cooperation between all parties— a document that recognizes the primacy of the James Bay Agreement, the practicalities of advancing our Ashram deposit through the next few years of development, the practicalities of getting our material to world markets, and the best way to achieve our collective goals of a new producing mine in Nunavik through the cooperation of the Inuit and Commerce towards our mutual benefit. We look forward to this future with the Inuit in Nunavik.”

The urgency of securing rare earths and other critical minerals has been recognized in a number of American government initiatives. This week the U.S. exempted rare earths and other critical minerals from tariffs imposed on China, emphasizing America’s reliance on a trade war enemy for commodities essential to the economy and defence. Last week a bipartisan group of U.S. senators proposed legislation to reduce their country’s reliance on unreliable sources of critical minerals.

Looking at other critical minerals, Commerce holds the Niobium Claim Group just a few kilometres from Ashram. Working towards a 75% earn-in, Saville Resources TSXV:SRE awaits assays from this year’s spring drill program. Previous intervals of near-surface, high-grade niobium along with tantalum support the company’s optimism.

Commerce also holds the Blue River tantalum-niobium deposit in southern British Columbia, which reached PEA in 2011.

Saville Resources reports favourable geology, plans Phase II drilling at Quebec niobium-tantalum project

April 29th, 2019

by Greg Klein | April 29, 2019

Assays are pending but the first drill program since 2010 has Saville Resources TSXV:SRE optimistic about results. With five holes totalling 1,049 metres, the season devoted four holes to the Mallard target in the property’s southeastern area. Historic, non-43-101 results from Mallard’s previous campaign brought near-surface high grades that included:

  • 0.82% Nb2O5 over 21.89 metres, starting at 58.93 metres in downhole depth

  • 0.72% over 21.35 metres, starting at 4.22 metres
  • (including 0.9% over 4.78 metres)
Saville Resources reports favourable geology, plans Phase II drilling at Quebec niobium-tantalum project

A spring campaign under winter conditions
comprised the project’s first drill program since 2010.

True widths were unknown.

The spring campaign sunk an additional hole 60 metres from another location of high-grade, near-surface results that included an historic, non-43-101 interval of 0.71% Nb2O5 over 15.33 metres, starting at 55.1 metres. The new hole tested the intercept down-dip as well as the strike extension of the main mineralized zone.

“In each hole, favourable rock types and coarse-grained pyrochlore mineralization were visually identified over varying widths and concentrations,” the company stated. “Portable XRF data and detailed geological logging further support these observations.”

Saville plans further drilling at Mallard, as well as Miranna and several other targets, to build a 43-101 resource estimate. Previous boulder samples from Mallard include an exceptional 5.93% Nb2O5, as well as 2.75%, 4.24% and 4.3% Nb2O5. Tantalum samples from the area reached up to 1,040, 1,060 and 1,220 Ta2O5.

Work on the 1,223-hectare Niobium Claim Group takes place under a 75% earn-in from Commerce Resources TSXV:CCE, whose Ashram rare earths deposit a few kilometres away moves towards pre-feasibility.

In early April Saville released assays from last year’s campaign on the Bud property in southern British Columbia’s historic Greenwood mining camp, with samples reaching as high as 4.57 g/t gold, 27.7 g/t silver and 6.7% copper.

A private placement first tranche that closed in December brought Saville $311,919. In March the company optioned its James Bay-region Covette nickel-copper-cobalt property to Astorius Resources TSXV:ASQ. A 100% fulfillment would bring Saville $1.25 million over three years, with Astorius spending another $300,000 on exploration within two years. Saville retains a 2% NSR.

Read more about Saville Resources.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

April 5th, 2019

by Greg Klein | April 5, 2019

A former mining region about 500 highway kilometres east of Vancouver continues to attract interest as another company picks up additional property. Through a combination of purchase and staking, Ximen Mining TSXV:XIM acquired over 12,900 hectares surrounding its Gold Drop project, now optioned to GGX Gold TSXV:GGX.

Last year’s drilling at Gold Drop returned near-surface, high-grade intervals of gold and silver along with tellurium, classified by the U.S. government as a critical mineral. Some highlight assays include:

Ximen Mining expands its presence in British Columbia’s Greenwood camp

A quartz sample from Ximen’s recent site
visit brought 2.87 g/t gold and 127 g/t silver.

Hole COD18-67

  • 129.1 g/t gold, 1,154.9 g/t silver and 823.4 g/t tellurium over 7.28 metres, starting at 23.19 metres in downhole depth

COD18-70

  • 107.5 g/t gold, 880 g/t silver and 640.5 g/t tellurium over 6.9 metres, starting at 22.57 metres

True widths were unavailable. The operator has spring drilling scheduled to begin this month.

Ximen’s new Providence claim also borders Grizzly Discoveries’ (TSXV:GZD) Greenwood project, where Kinross Gold TSX:K subsidiary KG Exploration works towards a 75% earn-in. Other companies active in the Greenwood area include Quebec niobium-tantalum explorer Saville Resources TSXV:SRE, which this week announced sampling found high-grade gold and copper along with silver on its Bud project. Last week Nevada lithium explorer Belmont Resources TSXV:BEA announced its acquisition of the Greenwood-area Pathfinder project. Golden Dawn Minerals TSXV:GOM has been working a number of properties in the area, home to numerous former mines.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

An historic pit yielded this sample
of copper-rich massive sulphide.

Among those within or bordering Ximen’s acquisition is the Providence mine, which produced 10,426 tonnes containing 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead and 118 tonnes of zinc during intermittent operation between 1893 and 1973, according to historic reports. The historic Combination deposit gave up 11 tonnes for 60,340 grams of silver and 653 grams of gold. Ximen’s new claims cover 11 known mineral occurrences, the company stated.

Recent sampling returned 2.87 g/t gold and 127 g/t silver from a mine dump northeast of the former Providence operation. Another sample showed 2,350 ppm copper from one of the property’s undocumented exploration pits that show exposed massive sulphides containing chalcopyrite, bornite and magnetite.

In southern B.C.’s Okanagan region, Ximen also holds the Brett gold project. In November the company announced that metallurgical tests on material stockpiled in the 1990s during early-stage mine development support an historic account of 4 g/t to 5 g/t gold.

About three and a half hours’ driving distance from Vancouver, Ximen has its Treasure Mountain property under option to New Destiny Mining TSXV:NED. Grab samples collected last year included 11.3 g/t and 8.81 g/t gold, as well as samples showing up to 1.45% zinc, 122 g/t silver, 0.87 g/t gold, 57 g/t tellurium and 12.3 g/t indium.

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

Read more about Ximen Mining.

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

April 3rd, 2019

by Greg Klein | April 3, 2019

High gold-copper grades from a 2018 field program indicate another encouraging project in the portfolio of a company now drilling for niobium-tantalum in Quebec. Saville Resources TSXV:SRE released 20 sample assays from its Bud property, located in an historic southern British Columbia mining camp that has attracted considerable exploration activity.

Six highlights show elevated gold grades coinciding with elevated copper:

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

Mining at the Bud property’s Morrison showing from
the late 1890s to 1903 produced 2,918 tons containing
230 ounces of gold, 837 ounces of silver and 23,629 pounds
of copper, according to historic reports.

  • 4.57 g/t gold, 27.7 g/t silver and 6.7% copper

  • 4.44 g/t gold, 17 g/t silver and 6.84% copper

  • 3.54 g/t gold, 76.4 g/t silver and 2.41% copper

  • 1.96 g/t gold, 12.3 g/t silver and 1.2% copper

  • 1.74 g/t gold, 19.3 g/t silver and 1.65% copper

  • 1.23 g/t gold, 66.3 g/t silver and 7.14% copper

The program shows renewed interest in the 381-hectare property following a hiatus. Excavator trenching in 2003 revealed 1.9 g/t gold, 19.5 g/t silver and 1.5% copper over 1.3 metres. One sample averaged 7.8 g/t gold, 9.3 g/t silver and 2,156 ppm copper, while another graded 51.6 g/t gold, 403 g/t silver and 4.16% copper.

A three-hole, 538-metre drill program in 2005 identified a large hydrothermal system with prospective structure and stratigraphy, the company stated. A few selected intervals showed:

  • 3.82 g/t gold, 5.5 g/t silver and 656 ppm copper over 1.15 metres
  • (including 14.3 g/t gold, 22.6 g/t silver and 2,653 ppm copper over 0.15 metres)

  • 3.97 g/t gold, 23.8 g/t silver and 2.03% copper over 0.5 metres

True widths weren’t provided.

The 380-hectare property sits about four kilometres northwest of the town of Greenwood, roughly 500 kilometres by highway east of Vancouver. The surrounding Boundary district includes the former camps of Republic, Belcher, Rossland and Greenwood, which historically produced over 7.5 million ounces of gold, Saville noted. A resurgence of activity has included the Gold Drop property two kilometres southwest of Bud, where last month Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX reported near-surface intervals of tellurium in addition to gold and silver.

Other Greenwood-area explorers include Kinross Gold TSX:K subsidiary KG Exploration, working towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project, Golden Dawn Minerals TSXV:GOM, and Belmont Resources TSXV:BEA, which last week announced acquisition of the Pathfinder property.

In Quebec’s James Bay region, meanwhile, a crew prepares to drill Saville’s flagship Niobium Claim Group, where the agenda calls for at least four holes and 700 metres in an area with encouraging historic assays. More recent boulder samples on the property have provided niobium grades as high as 2.75%, 4.24%, 4.3% and an outstanding 5.93% Nb2O5.

Read more about Saville Resources.

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.