Business
Belmont Optionee Marquee Resources Completes Lone Star PEA
(TheNewswire) November 29 , 2023 – TheNewswire - Vancouver, B.C., Ca...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Optionee Marquee Resources Completes Lone Star PEA \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n November\n \n \n 29\n \n \n , 2023 –\n \n \n TheNewswire -\n \n \n Vancouver, B.C., Canada; Belmont Resources Ltd.\n(“Belmont” or the “Company”) (TSXV:BEA\n \n \n )\n \n \n (\n \n \n FSE:L3L2)\nannounces that its JV partner Marquee Resources Ltd. (ASX:MQR)  for\nthe Lone Star project situated in Washington State has completed a\nLone Star NI 43-101 Preliminary Economic Assessment Technical Report\n(the “PEA”). The PEA has been prepared in accordance with the\nrequirements of National Instrument 43-101 (“NI 43- 101”)\nby\n \n \n Mining Plus (USA and Australia).\n \n \n \n \n The completion of a PEA is part of Marquee’s final\nrequired work commitment in order to earn an 80% interest in the Lone\nStar Project.\n \n \n \n \n PEA Features:\n \n \n \n \n \n \n Mineral Resource Estimate (MRE) includes Indicated 9.76\nMt at 0.60% CuEq and Inferred 3.35 Mt at 0.44% CuEq, based on a 0.10%\nCuEq cutoff within a conceptual pit shell.\n \n \n \n \n \n \n Life of Mine (LOM): 14 years\n \n \n \n \n \n \n Financial Outcome: NPV: Negative US$ 123.9m and IRR:\nNegative 10.2%.\n \n \n \n \n \n \n Please refer to https://www.marqueeresources.com.au/\nfor more information and a full version of the PEA.\n \n \n \n \n George Sookochoff, CEO of Belmont Resources,\ncommented, \"While the Preliminary Economic Assessment offers an\nearly glimpse into the project economics, it is important to note that\nit provides a preliminary perspective. It serves as a guide for\nsteering the project toward a positive economic trajectory and\neventual production.\n \n \n \n \n Despite the initial economic challenges identified, the\nreport highlights critical factors that could potentially shift the\neconomics into a positive direction. Notably, there is a prospect of a\ngold deposit approximately 400m west of the Lone Star deposit within\nthe property. Additionally, the Lone Star deposit's open extensions to\nthe east and south present further opportunities.\n \n \n \n \n Our forthcoming discussions with Marquee will shed\nlight on their strategies for advancing the Lone Star project.\nSubsequently, we will update our Belmont shareholders on the\ndevelopments.\"\n...