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Belmont Acquires Significant Land Position In Confederation Lake, Red Lake Mining Division, Ontario
VANCOUVER, BC / ACCESSWIRE / September 4, 2019 / Belmont Resources Inc. (“Belmont&#...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Acquires Significant Land Position In Confederation Lake, Red Lake Mining Division, OntarioVANCOUVER, BC / ACCESSWIRE / September 4, 2019 / Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499502).Fredart/Gerry Lake Property Acqusition -Red Lake Mining DivisionBelmont Resources Inc. is pleased to announce that they have entered into a mineral property acquisition agreement (the “Agreement”) with Pistol Bay Mining Inc. (TSX-V: PST) on its Fredart/Gerry Lake and several adjoining claim groups in the Confederation Lake greenstone belt, approximately 70km southeast of Red Lake, Ontario. The Arrow Zone/Garnet Lake, an adjoining claim block also owned by Pistol Bay contains an Inferred Mineral Resource (2017 NI 43-101) containing 2.1 million tonnes @ 5.78% Zn, 0.72% Cu, 195g/t Ag, and 0.60 g/t Au as filed on SEDAR - September 2017. The geological setting of the Fredart and associated claims is similar to the Garnet Lake claims area.The Fredart property had 124 drill holes between 1956 and 2003, totaling 22,500 metres. Additional drilling on the western extension of the Fredart trend and the Joy-Caravelle area has not been compiled yet. The Copperlode “A” or Fredart Zone deposit has a historical mineral resource of 425,000 tonnes grading 1.56% copper. This historical resource estimate does not comply with the standards of NI 43-101 and has not been reviewed by a Qualified Person. The zone was drill-tested to a depth of approximately 200 metres over a length of 350 metres, and was reported as being open at depth. Only a portion of the drill holes were assayed for gold, due to the low price of gold at the time. The area was also explored for molybdenum in the 1970s, and samples containing up to 1.46% Mo were reported.Access to the area is by all-weather roads, and a first class gravel road for 40km from the town of Ear Falls, along the length of the property. Local resources include the availability of skilled labour; a 115kV transmission line from Ear Falls hydro-electric generating station to Pickle Lake and Musselwhite crosses the property; natural gas at Ear Falls; and water is readily available throughout the area.The Fredart property and additional claim units comprises 406 mining claims with an area of approx. 6,7...