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Belmont Continues Drilling at Kibby, Nevada Lithium Project & Extends Terms with MGX Minerals Inc.
VANCOUVER, BC / ACCESSWIRE / March 4, 2019 / Belmont Resources Inc. ("Belmont" or the "Compa...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Continues Drilling at Kibby, Nevada Lithium Project & Extends Terms with MGX Minerals Inc.VANCOUVER, BC / ACCESSWIRE / March 4, 2019 / Belmont Resources Inc. (\"Belmont\" or the \"Company\") (TSX-V: BEA; FSE: L3L1; DTC Eligible - CUSIP 080499403).Kibby Basin - Hole KB-4 Update:Further to our March 1, 2019 news release, Belmont and MGX announces drilling KB-4 has reached a depth of 615 feet and will continue to a targeted depth of approximately 900 feet into lakebed sediments. The hole targets a potential fault as interpreted from the geophysical survey data, which looks deep into sub-surface layers.MGX Minerals Inc. extension:Belmont is pleased to announce the signing of a Letter of Extension to April 30, 2019 with MGX Minerals Inc. (CSE: XMG) on its earn-in agreement on the Kibby, Nevada lithium project. MGX has currently earned a 25% interest in the Kibby, Nevada project. At the discretion of MGX they may acquire an additional 25% interest (for a total of 50%) by MGX incurring exploration expenditures of $300,000 (the \"Additional Funds\") on additional drill holes and upon completion of the additional expenditures become the operator on Kibby.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_ResBelmont owns 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 currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its significant uranium properties (Crackingstone - 982 ha) in the Uranium City District in Northern Saskatchewan, Canada ON BEHALF OF THE BOARD OF DIRECTORS\"James H. Place\"James H. Place, CEO/PresidentBelmont Resources Inc.#600 - 625 Howe Street, Vancouver, B.C. V6C 2T6Ph: (604) 683-6648 ...