Vancouver, B.C. Canada - October 30, 2019 - Belmont Resources Inc. (“Belmont”), (or the “Company") (TSX.V: BEA; FSE: L3L1; DTC Eligible – CUSIP 080499502); .
Glenora Property – Greenwood Mining District:
Belmont has acquired 2 Mineral Claims containing 127 hectares near Greenwood BC. The claims are adjacent to the south side of Golden Dawn’s (TSX.V: GOM) Golden Crown Project which is located 3 km south of the Greenwood Processing Plant and 1 km south of the historic Phoenix Open Pit Mine which produced over 1 million ounces of Gold and 500 million pounds of Copper up to 1978 (historical results). The Golden Crown Property contains a NE 43-101 compliant resource (indicated plus inferred) of 205,000 tonnes containing 75,600 of gold equivalent ounces (source: GOM website). The Glenora claims are situated near the southern entrance of a 1,070 meter long underground exploration drift that was developed in 1985 to access a multi-vein system. A total of 229 surface drill holes and 53 underground drill holes have been completed on the Golden Crown property to support the above mentioned resource estimate.
Belmont plans to compile additional data on the claims in order to plan the best possible exploration program to enhance the property while concurrently reviewing additional strategically located claims and crown grants in the Greenwood area, along the same mineralized trend of other discoveries in the vicinity.
Terms of the Acquisition Agreement:
The claims have been optioned from three non-related third parties (the “Vendors”) under the following terms:
- A total of 420,000 Units upon TSX Venture Exchange approval. Each Unit contains one common share (the “Shares”) in the capital of Belmont Resources Inc. (the “Shares”) and one transferable warrant (the “Warrants”) exercisable at a price of $0.08 per Share for a period of eighteen (18) months from the approval date (the “Warrants”), provided however should the weighted average trading price of Belmont’s shares be a least $0.20 per share or above for 10 consecutive trading days, then Belmont may, by written notice reduce the remaining exercise period applicable to the Warrants to not less than 30 days from the date of such notice;
- A total of 420,000 Shares in the capital of Belmont Resources Inc. on the one year anniversary of the Agreement Date;
- The grant of a 1.5% NSR Royalty to the vendors, with Belmont having the right to acquire half (50%) of the NSR from the vendors within five years of the Agreement Date in consideration for $500,000 payable in cash, divided as to one-third to each of the three vendors.
About Belmont Resources Inc. Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
For further information see our Website at: www.BelmontResources.com -Facebook https://www.facebook.com/Nevadalithium/ -Twitter https://twitter.com/Belmont_Res
- On March 28, 2019 Belmont entered into an agreement to acquire 100% interest in 253.34 hectares of mineral claims (now increased to 295.56 ha) which are part of the former Pathfinder Property, located in the historically productive Republic-Greenwood Gold District. Copper and gold mining in this camp dates back to the turn of the century. The property is currently surrounded on 3 sides by claims held by KG Exploration (Canada) Inc. (a wholly owned subsidiary of Kinross Gold Corporation).
- Belmont owns 75% of the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has earned a 25% interest in the Kibby project.
- In 50/50 ownership with International Montoro Resources Inc., Belmont owns and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada
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