Sunday 20th October 2019

Resource Clips


Posts tagged ‘uranium’

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.

Asian demand and climate concerns suggest a growing market for uranium, the World Nuclear Association finds

October 15th, 2019

…Read more

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.

Uranium: A 2040 prognosis

September 5th, 2019

Growing energy needs, emissions reduction look positive for the other yellow metal

by Greg Klein

Oversupplied and under-priced for years, uranium’s forecast now looks good up to 2040, according to a new study. In its latest Nuclear Fuel Report, a study released at roughly two-year intervals, the World Nuclear Association has revised its projections upwards for the first time in eight years. Demand will come from a growing reliance on nuclear energy thanks mainly to China, India and other Asian countries, said the industry organization. Global warming concerns also play a role.

Growing energy needs, emissions reduction look positive for the other yellow metal

The report presents different data for each of three case studies, explained World Nuclear News, a WNA publication. The Reference scenario reflects official targets and plans announced by states and companies, and also considers how nuclear can help address climate change. The Upper scenario anticipates more favourable economics, greater public acceptance and increased dependency to offset climate change. The Lower scenario considers the possibility of negative public sentiment, a lack of political support and more challenging economics.

Even at the Lower scenario, the study foresees nuclear capacity remaining at its current level of 402 gigawatt electrical to 2040. The Reference scenario sees moderate growth to 569 GWe, while the Upper scenario predicts capacity almost doubling to 776 GWe.

The Upper and Reference scenarios show faster growth than at any time since 1990.

Even greater expansion would be required should countries adopt the WNA’s Harmony climate change strategy, which calls for nuclear to supply 25% of the world’s electricity by 2050.

The need for new primary uranium supply becomes even more pressing as a number of older mines are projected to be depleted in the second decade.—World Nuclear Association

The three scenarios “show that the capacity of all presently known mining projects (current and idled mines, projects under development, planned or prospective) should be at least doubled by the end of the forecast period, and the need for new primary uranium supply becomes even more pressing as a number of older mines are projected to be depleted in the second decade,” the WNA emphasized. 

“There are more than adequate uranium resources to meet future needs. However, oversupply and associated low uranium prices are preventing the investment needed to convert these resources into production. Uranium resources would be unlikely to be a limiting factor for the expansion of nuclear programs in order to meet the Harmony goal.”

As for uranium production, the report sees “fairly stable” volume until the late 2020s, but a sharp decrease from 2035 to 2040 “as a quarter of all mines listed in the model reach the end of their production lives,” the WNN stated. “Global output of 66,400 tonnes uranium in 2030 declines to 48,100 tU under the Reference scenario. For the Upper scenario the figures are 71,500 tU (2030) and 49,400 tU (2040). The partial return of currently idled mines to production is expected to begin in 2023 in the Reference case, 2022 in the Upper scenario and 2026 in the Lower scenario.”

In addition to Asia’s growing nuclear reliance, the report bases its positive forecasts on improved government sentiment in France, and in the U.S. at the federal and state level. Countries like Bangladesh, Egypt and Turkey will become significant producers of nuclear energy.

In our models, we don’t get excited on the demand side.—Kazatomprom CEO
Galymzhan Pirmatov,
as quoted by Bloomberg

The study crunched data from questionnaires sent to WNA members and non-members, publicly available info and “the judgement and experience of the members of the association’s working group.” Among the considerations were nuclear economics, government policies, public acceptance, climate change, electricity market structure and regulatory standards.

Co-chairing the working group was Riaz Rizvi, chief strategy and marketing officer for Kazatomprom, the world’s top uranium miner. But the positive forecasts seem to contradict his boss. Last June Bloomberg quoted CEO Galymzhan Pirmatovas saying, “In our models, we don’t get excited on the demand side.”

Using data from other sources, Cameco Corp TSX:CCO estimated an August 31 U3O8 spot price of $25.30 per pound and long-term price of $31.00, down from $26.30 spot and $31.25 long-term a year earlier. The company gives numbers of $60.50 spot and $70.00 long-term for March 1, 2011, 10 days before a tsunami hit Japan’s Fukushima Daiichi complex. As Japan shut down other reactors one by one, followed by a few other countries like Germany, the mining industry faced oversupply. Uranium prices fell steadily, sometimes dramatically.

Make no mistake, there is still a long way to go before we decide to restart McArthur River-Key Lake.—Cameco CEO Tim Gitzel

By January 2018 Cameco suspended its McArthur River mining and Key Lake milling operations, despite having put Cigar Lake into production less than four years earlier. Expressing cautious optimism last July, CEO Tim Gitzel added: “However, make no mistake, there is still a long way to go before we decide to restart McArthur River-Key Lake.”

But without them, Cameco has become more buyer than producer. To meet 2019 supply commitments, the company anticipates purchasing 21 million to 23 million pounds from other sources. That compares with an estimated nine million pounds expected from Cigar Lake this year.

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.

Lower cost, higher grade

August 30th, 2019

Denison Mines considers the Athabasca Basin’s first ISR uranium operation

by Greg Klein

Less than 80 kilometres from the technological marvel of Cigar Lake, another uranium project could introduce an extraction method that’s less innovative but a regional novelty just the same. Denison Mines TSX:DML now has testing underway for in-situ recovery at the Wheeler River project’s Phoenix deposit. Should the studies succeed and the mine become a reality, this would be ISR’s first application in Canadian uranium mining.

Denison Mines considers the Athabasca Basin’s first ISR uranium operation

Denison Mines hopes to apply low-cost extraction
to high-grade resources. (Photo: Denison Mines)

ISR finds common use in Kazakhstan, Uzbekistan, the U.S., Australia and enough other countries to account for 48% of global uranium production in 2016, according to the World Nuclear Association. The lower-cost method has often been associated with lower-grade deposits that have geological conditions making the process viable. With a Phoenix probable reserve averaging 19.1%, Denison was able to consider other options. In fact the company originally planned to use Cigar Lake’s jet-boring technique.

But the experience of Cameco Corp TSX:CCO proved to be a cautionary tale. “Among 
the most technically challenging mining projects in the world” according to the company, Cigar Lake took nine years to build, with setbacks that included two serious floods. Finally opened in 2014, its jet-boring extraction makes the very high-grade operation “one of the technically most sophisticated mines in the world.”

Two years later, when Wheeler River reached PEA, Denison was still considering jet-boring for Phoenix. But capex, opex, length of construction and technical risks similar to Cigar Lake’s “catastrophic events” persuaded the company to pursue other options.

That Denison did, examining some 32 extraction techniques over two years before selecting ISR for Phoenix in the pre-feasibility study released last October. Wheeler’s Gryphon deposit, about three kilometres northwest, has more conventional underground mining proposed.

Both deposits are classified as Athabasca Basin unconformity-related. But Gryphon features basement-hosted mineralization while Phoenix mineralization is unconformity-hosted and also shows ISR potential.

Denison Mines considers the Athabasca Basin’s first ISR uranium operation

With its current drill program, Denison hopes to find
potential satellite ISR deposits. (Photo: Denison Mines)

Put simply, the process involves drilling wells into the deposit, injecting a liquid solution that leaches uranium from ore, then pumping the uranium-bearing liquid to a surface processing facility. No tailings or waste rock come to surface. The solution then gets recharged with fresh reagents for re-use in a closed system.

ISR, also known as ISL or in-situ leaching, can be used for copper and other minerals as well.

However Phoenix differs from many ISR projects by the permeability of the deposit’s sandstone walls, which will require freezing to contain the solution. Ground freezing involves pumping very cold brine into holes outside the deposit’s circumference to extract heat from the surrounding rock. Cigar Lake also uses underground freezing to contain the jet-boring process. One advantage of Phoenix over other ISR projects, however, is the relatively compact size of the high-grade deposit, about one kilometre by 50 metres.

Should geology, engineering, permitting and financing come together, Phoenix would take only about two and a half years to build, according to the PEA. With an estimated 11-year lifespan, production would average six million pounds U3O8 annually for nine of those years.

Hinting at satanic numerology, Gryphon would spend six years in construction and another six in operation, producing six million pounds a year. Processing would take place at the McClean Lake mill, now chewing through Cigar Lake ore. Denison holds 22.5% of the mill, along with Orano Canada (70%) and OURD Canada (7.5%).

As for Wheeler River ownership, Denison maintains a 90% stake, with JCU Canada holding the rest.

Denison Mines considers the Athabasca Basin’s first ISR uranium operation

With a deposit lying below Patterson Lake South,
Fission Uranium now has second thoughts
about open pit mining. (Photo: Fission Uranium)

Denison has further ISR tests now underway, part of the project’s feasibility studies. With work conducted by Petrotek Engineering Corp, the program has so far sunk two pump/injection wells and four observation wells along a 34-metre portion of the deposit’s strike. This week president/CEO David Cates described early results as encouraging, “with initial pump and injection tests confirming hydraulic connectivity between all of the test wells within the ore zone.”

The tests also suggest the basement rock beneath the unconformity would contain the solution, unlike the sandstone walls which would require freezing.

Three more test areas will be evaluated up to summer 2020 to compile a hydro-geological model to simulate ground water flow and other factors. The current campaign also includes environmental baseline studies and a 10-hole, 5,000-metre drill program searching for potential satellite ISR operations along the project’s K West trend.

While Wheeler River holds the largest undeveloped deposits in the eastern Basin, the Patterson corridor extending beyond the Basin’s southwestern rim claims fame for two even larger projects.

A pre-feas released by Fission Uranium TSX:FCU in May for Patterson Lake South’s Triple R deposit examined a hybrid open pit and underground mine, but the company was quick to reconsider. An alternative pre-feas began in July to evaluate an underground-only operation. The May pre-feas foresaw four years of construction, six years of open pit operation and two years of underground operation to produce 87.5 million pounds U3O8 over the eight-year span.

The company hopes its new pre-feas, expected in September, will find “further-improved economics, even lower capex and a reduced construction time.” Permitting might also have been a concern, however, for open pit mining on a uranium deposit currently underneath a lake. With the new report using the same resource estimate, Fission plans to compare both scenarios before moving on to feasibility.

Another basement-hosted deposit, NexGen Energy’s (TSX:NXE) Arrow deposit on the Rook 1 project reached pre-feas in December. The proposed underground mine would begin production during the second year of development, ultimately producing 228.4 million pounds U3O8 over a nine-year life, enough to give the company an estimated 21% of global output, just behind first-place Kazatomprom’s 22%, NexGen says.

The company plans full feasibility for Arrow in H1 next year.

Cameco CEO Tim Gitzel remarks on a commitment by Donald Trump and Justin Trudeau to collaborate on critical minerals supply

August 29th, 2019

…Read more

The end is still nigh

August 21st, 2019

So James Rickards found time to write another doomsday survival guide

by Greg Klein

So James Rickards found time to write another doomsday survival guide

 

St. John wrote just one Book of the Apocalypse but James Rickards has finished six so far. His most recent, Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos, offers a warning and advice for the economic end times that he considers imminent. Exactly how and when that’ll happen, he doesn’t say. But this book continues his exposé of the world’s monetary system: “the real system as distinct from the one elites would have you believe exists.”

What Aftermath offers in addition to Rickards’ trademark pitch for gold are some very general tips on investment and asset allocation—so general, however, that they hardly merit a book. This volume’s strength comes in its essays, discussions and digressions on a variety of (usually related) topics.

Among the most important is public debt, primarily that of the U.S. Long unsustainable, the burden groans under a 300% increase over 20 years, currently fuelled by Donald Trump’s revival of trillion-dollar deficits. He gets away with it, though: “Entitlements and defense both get to gorge at the trough, so there’s no dissension in D.C. The only loser is the country.”

So James Rickards found time to write another doomsday survival guide

Among the less-acknowledged causes of American debt are student loans, “now more than 50 percent larger than the junk mortgage pile in the last financial crisis” and growing. Also growing are the default rates, already more than three times that of mortgages at the height of the 2007-to-2008 crisis.

Debt hardly distinguishes the U.S. from other countries, and the entire world remains at risk from contagious sovereign defaults in emerging countries. Rickards’ at-risk list might surprise some readers.

China is a Ponzi like Madoff. China has trillions of dollars in external dollar-denominated debt, wealth management products, bank loans, intercompany loans, and other financially engineered arrangements that can never be repaid. If everyone with a claim on China wanted her money back, China couldn’t come close to satisfying even a small portion of those seeking liquidity.

…. Apart from borrowed money, wasted infrastructure investment, and fictitious accounting, there is no Chinese economic growth miracle.

While the U.S. denominates its debt in U.S.-printable U.S. dollars, money-creation won’t work forever. The only thing supporting fiat currency is confidence, and that can’t last, Rickards argues. History, psychology and common sense demonstrate that “confidence in money is fragile, easily lost, and impossible to regain.”

Spreading to all reserve currencies, “this loss of confidence will be exacerbated by malicious efforts on the part of Russia, China, Turkey, Iran, and others to abandon dollars entirely and to bypass the U.S.-dollar payments system.”

This accumulation of risk factors is entirely new, and outside the experience of any trader or quant.

Contagion demonstrates one danger of interconnected systems, but exceedingly complex technology and financial instruments intensify the peril. Flash crashes only hint at the possibilities, Rickards suggests. “Markets now confront a lethal brew of passivity, product proliferation, automation, and hypersynchronous behavioral responses. This accumulation of risk factors is entirely new, and outside the experience of any trader or quant.”

Getting back to currencies, the author presents intriguing evidence that a gold standard is actually in place. Using research from D.H. Bauer, Rickards says that special drawing rights, the International Monetary Fund reserve asset that’s speculated to replace the U.S. dollar as the world currency, have been pegged to gold. Bauer’s data shows yellow metal hovering around SDR900, fluctuating no more than SDR50 in either direction.

 An important pillar of a global monetary reset seems already in place.

Rickards blames China. “Even if the peg is nonsustainable in the long run, it’s a clear short-run signal that China is betting on the SDR and gold, not the yuan or the dollar. An important pillar of a global monetary reset seems already in place.”

Sometimes digressive in his subject matter, Rickards’ other topics include an interesting perspective on the Uranium One purchase. He served on a CIA advisory board as manoeuvres by Frank Giustra and Bill and Hillary Clinton led to the company’s takeover by Rosatom. “It’s as if the deal were being handled inside the intelligence community on a special track, precisely to avoid the analysis our group was formed to provide.”

Another digression looks at the disturbing prevalence of surveillance, data mining and choice architecture to monitor and manipulate citizens. “Neofascist” China plans 600 million surveillance cameras, digital facial and gait recognition software and internet monitoring to reward its people for good deeds or penalize them for offences ranging from smoking in public to tweeting verboten thoughts.

Most plans for catastrophe will fall apart in the first five minutes of being needed.

He also criticizes some alternative end time strategies. “Most plans for catastrophe will fall apart in the first five minutes of being needed.” Survivalists holed up in bunkers will face “pop-up militias,” he warns. The ultra-rich, with plans to flee to their luxurious New Zealand estates, haven’t considered how they’ll get to the airport, how they’ll refuel their private planes en route, whether they’ll get past the NZ military on arrival, or how they’ll ensure the loyalty of their private security guards. The catastrophe will be worse than they imagine.

Even so, too many of his digressions are unnecessary, such as his tedious account of being locked out of his car, an unnecessarily long rebuttal of behavioural psychology and the rather weird discussion of finite size involving King Kong, Godzilla, skyscrapers and whales.

“Investors should not focus on the cause of the collapse (it’s a long list and the timing is uncertain),” he notes. Certainly the book’s rambling nature belies any sense of urgency. He even hopes to finish another volume before the catastrophe finally hits. That would be his seventh on the subject since 2012.

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.