Belmont Resources Inc. – A diversified resource exploration and development company
Lumby/Bufo Property, Atikokan, Ontario
Since 2010, Belmont has been exploring its 3,127-hectare (23 contiguous mineral claims) property in the Atikokan, Ontario area known as the Lumby/Bufo (“LB”) claims. The property adjoins on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef Deposit”. The LB property is located approximately 160 kilometres west of Thunder Bay, and 40 km northeast of the former mining town of Atikokan.
Osisko’s Hammond Reef deposit (530.6 million tons at an average grade of 0.62 grams per tonne gold for 10.5 million ounces and based on a cut-off of 0.30 gram per tonne gold1) is related to the northeast-trending Marmion shear; numerous historic gold occurrences in the Marmion batholith are associated with similar parallel northeast structures.
Since acquiring the property, Belmont has conducted over $500,000 worth of exploration expenditures and drilled 13 holes totaling 3,465 metres. The property and surrounding area have been of interest to mineral exploration companies since the discovery of a high-grade gold-bearing float boulder at the west end of Lumby Lake made by the Geological Survey of Canada in 1937.
This boulder was reported by the GSC to contain several ounces of gold per ton. The claim group has potential for the discovery of high-grade gold, silver and base-metal deposits as proven by the exploration work carried out by Atikokan Resources Inc. from 1994 to 2004. Atikokan Resources made a significant high-grade silver-base metal discovery at the east end of Lumby Lake, reporting grab samples from the main showing assaying up to 416 ounces/ ton silver, 25 per cent lead and 15 per cent zinc. A 300-ton bulk sample extracted in 2003 averaged 15 ounces /ton silver.
The volcanic rocks of the property and area consist of bimodal sequences of felsic, intermediate and mafic volcanic rocks which are favourable geological environments for a VMS-style deposit. Previous geological, geochemical and geophysical surveys carried out by past operators have assisted in identifying several parallel conductors and chargeability anomalies which suggest continuation of favourable sulphide mineralization on the eastern portion of the LB property at Jefferson Lake. Recent diamond drilling and prospecting by Belmont suggests base metal and gold mineralization can be traced eastward from Bufo Lake through Morris, Lumby, and Herontrack lakes and to the central portion of Spoon Lake.
In 2010, Belmont identified an east-west striking, over 200-metre- wide zone of moderate shearing and strong carbonate alteration primarily within mafic volcanic rocks along southern contact of the Lumby Lake belt in the Bufo Lake area of the property. Subsequent drill-testing of this zone returned up to 17.9 g/t gold over 1.5 metres and 6.35 g/t gold over 1.5 metres, with visible gold in hole BB-10- 02. Further drilling has traced the carbonate alteration system over a strike length of 550 metres, and the system remains open to the east, the west, and down-dip.
Belmont has recently entered into an agreement with Yuntone Capital Corp. The agreement with Yuntone consists of cash payments totaling $50,000, a total of 350,000 shares and a work commitment of $1.5 million for a 60 per cent interest in the property. The agreement and an updated NI Independent 43-101 Technical Report is subject to regulatory approval.
Quebec properties: Berthiaume, Orvilliers, and Joutel Townships
Belmont recently optioned four groups (51 mineral claims), representing 2,254.27 hectares, all located within the Abitibi Harricana-Turgeon volcanic greenstone belt of Northwestern Quebec. This belt hosts several world-class deposits that have produced both gold and base metals.
The Joutel block is just northeast of major past producers including the Agnico-Eagle gold mine (6.1 Mt @ 6.57 g/t gold) and two base-metal mines, the Poirier Mine (4.8 Mt @ 1.97 per cent Cu, 0.6 per cent Zn, 4.57 g/t Ag) and Joutel Copper (1.5 Mt @ 2.4 per cent Cu, 2.9 per cent Zn, and 17.15 g/t Ag).
The Orvilliers block is midway between the Selbaie Mine (41 Mt @ one per cent Cu, two per cent Zn, 0.65 g/t Au, 43 g/t Ag) and the Estrades base metal-gold deposit (1.0 Mt @ 0.94 per cent Cu, 10.7 per cent Zn, 182 g/t Ag, 5.5 g/t Au), and northeast of the Casa-Berardi gold mine (+ 9.2 Mt @ 5.8 g/t gold).
The other two claim groups, located in Berthiaume (“Be”) Township, covers a massive sulphides occurrence that provided both zinc and copper anomalies from a previous drilling program. Belmont has just completed 51.8 km of line-cutting in three separate blocks on the Be property and as recommended in the Ni 43-101 report, GeoSig Inc. of Quebec completed approx. 44.4 km of Induced Polarization (IP) survey. The results were very encouraging and Belmont will be proceeding with detailed mapping, prospecting and rock-chip sampling on high-priority anomalous zones as well as drilling. See further details in our news release of February 12, 2013.
Crackingstone and Orbit Lake, Uranium City, Saskatchewan
Belmont holds 50 per cent interest in two highly prospective properties: a 982-hectare core (Crackingstone) property and adjoining 11,859 (Orbit). Previous grab samples collected assays up to 12.53 per cent uranium. Belmont has completed extensive ground geophysical programs, and a helicopter airborne magnetic and radiometric survey which identified numerous NE-SW anomalies on the Orbit Lake blocks, one with a strike length over 15 km, and four major trends having linear strike distances of one to 4.5 km long. Belmont has also completed a successful radon gas survey on Crackingstone. Phase 1 drilling completed (20 holes, 3,075 metres) on a 1,800 metres conductor, multiple radioactive zones, with assays up to 2.087 per cent (41.74 lbs./t) U3O8 on Crackingstone.
For more information, visit www.belmont-resources.com/.
1 National Instrument 43-101 compliant global inferred resource (see Osisko press release November 7, 2011).