Belmont Resources Enters into Option Agreement on its Pathfinder Property

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

(TheNewswire)



Vancouver, B.C. Canada - TheNewswire - August 31, 2021 - Belmont Resources Inc. (TSXV:BEA) (OTC:BELMF) (Frankfurt:L3L2) (“Belmont”), (or the “Company”) has entered into an Option Agreement (the “Agreement”) with Highrock Resources Ltd.(“Highrock”), for it 100% owned Pathfinder gold-silver project in the Greenwood Mining District, southeastern, British Columbia, Canada.

 

Terms of the Agreement

Under the terms of the option agreement, Highrock will earn a 75-per-cent interest in the property upon completion of the following:

  • - Cash payments totaling $15,000 consisting of: (i) $5,000 upon signing of the option agreement; (ii) $10,000 within one year of signing the Agreement;

    - Payments totaling 200,000 shares of Highrock consisting of: (i) 100,000 shares upon signing of the option agreement; and (ii) 100,000 common shares (for an aggregate of 200,000 shares) on or before six months  from the date of the initial listing of the Highrock shares on the Canadian Securities Exchange (“CSE”);

    - Expenditures on the Pathfinder Property totaling $200,000 consisting of: (i) $75,000 on or before the first anniversary of signing the option agreement; and (ii) $125,000 on or before the first anniversary of the date of the initial listing of the Highrock shares on the CSE.

 

About the Pathfinder Property

The Pathfinder property comprises 3 claims covering 295.57 hectares and in the Greenwood Mining District and is surrounded on three sides by KG Exploration Inc. (Exploration Division of Kinross Gold). The Pathfinder property is part of the Belmont group of claims (see Project portfolio following) that they have been acquiring in the Greenwood Mining District since 2019.

 

In 2019 the Company completed a sampling program than provided gold values up to 29.2 grams per tonne (g/t) Au (quartz-sulphide vein material).  (See News Releases from March 28th, May 9th & July 30, 2019). The work report gives details of surface rock sampling and compilation of previous published and un-published reports.

 

The work carried out included a detailed literature review as well as five days on the property carrying out mapping of outcrops, old mine workings, and other significant features.  Fifteen (15) surface rock samples were also collected from outcrops and old mine waste piles.  Gold values ranged from 0.006 ppm Au (altered silty volcaniclastics) to 29.2 grams per tonne (g/t) Au (quartz-sulphide vein material), with seven (7) of the samples returning grades of >1 g/t Au along with elevated to anomalous silver and base metal values.

 The mapping and sampling program verified the presence of multiple zones of quartz sulphide vein and massive pyrite-pyrrhotite-chalcopyrite replacement/skarn mineralization that warrant follow-up.

 

The property has had small scale, high grade gold mining with silver as an accessory product since the late 1800’s. Belmont has information from mining reports and studies carried out by other companies as well as the recent assay and survey data in order to plan the next stage of exploration on Pathfinder including strategically locating drilling targets.

 


Click Image To View Full Size

 

Figure 1: Location of previous trenching work carried out in 2008 showing channel sample of massive pyrite – pyrrhotite replacement of Triassic volcaniclastics and Cretaceous granodiorite

 


Click Image To View Full Size

 

Figure 2: Old Collapsed Adit from the historic Pathfinder Workings.

Qualified Person

Laurence Sookochoff, P.Eng., a director of Belmont Resources and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.

 

About Belmont Resources

Belmont Resources is engaged in the business of acquiring and re-developing past producing copper-gold-silver mines in southern British Columbia and Northern Washington State. This region is considered to have the highest concentration of mineralization and past producing mines in western North America. By utilizing new exploration technology, geological modelling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing mines.


Click Image To View Full Size

 The Belmont project portfolio:

  • - Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold-Silver mines

    - Come By Chance, B.C. – *Betts Copper-Gold mine

    - Lone Star, Washington – *Lone Star Copper-Gold mine

    - Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines

    - Black Bear, B.C. – Gold

    - Pride of the West, B.C.- Gold

    - Kibby Basin, Nevada – Lithium

    - Crackingstone, Sask. – Uranium

* past producing mine  

 

 ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: [email protected]


Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Copyright (c) 2021 TheNewswire - All rights reserved.