TSXV's Belmont Falls 25% on Assay Results on Kibby Basin, Nevada

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Belmont Resources Inc. is an emerging resources company engaged in the acquisition, exploration and development of mineral properties; in Canada and United States.

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TSXV's Belmont Falls 25% on Assay Results on Kibby Basin, Nevada

posted on May 02, 2019 12:54PM

2019-05-02 11:38:06 AM ET (MT Newswires)

11:38 AM EDT, 05/02/2019 (MT Newswires) -- Belmont Resources Inc. (BEA.V) fell 25.0% to $0.03 apiece on Thursday after releasing its KB-4 Drilling Results.

In a statement, the company said that the Kibby Basin contained "significant anamalous lithium concentrations" in the sediments and rock at depth, and has undergone geothermal alteration at depth as shown in the results of testhole KB-3. Belmost therefore thinks that the potential for lithium brines still exists.

The drilling carried out to date by Belmont and MGX Minerals Inc. on Kibby covered a broad area with test holes that were widely spaced, said Belmont, and that the potential still exists for discovery of lithium brines in the 2056 hectares (5,080 acres) of the basin that have not yet been explored.