Business
Belmont Resources Signs Definitive Agreement to Acquire Athelstan-Jackpot Crown Grants In the Greenwood Gold Camp, B.C.
VANCOUVER, BC / ACCESSWIRE / May 11, 2020 / George Sookochoff, CEO/President of Belmont Resources Inc. (TSXV:BEA)(Frankfurt:L3L2) ("Belmont"), (or the "Company"
About this update from Belmont Resources Inc.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / May 11, 2020 / George Sookochoff, CEO/President of Belmont Resources Inc. (TSXV:BEA)(Frankfurt:L3L2) (\"Belmont\"), (or the \"Company\") is pleased to announce that it has signed a Definitive Agreement (\"the Agreement\"), dated May 7, 2020 with Forty Ninth Ventures Ltd. (the \"Vendor\") for the Company to acquire a 100% interest in the Vendor's right, title and interest in and to the Crown Granted Claims known as the \"Athelstan-Jackpot Property\", located in the Greenwood Mining Division, British Columbia. The terms of a non-binding Letter of Intent (\"LOI\") to acquire the Properties were announced on February 24, 2020 (refer to press release \"Belmont Signs LOI to Acquire Athelstan-Jackpot Crown Grants In the Greenwood Gold Camp, B.C.\" posted under the Company's profile on SEDAR. The Athelstan-Jackpot acquisition is part of the Company's continued focus to acquire and develop strategic gold properties in the prolific Greenwood mining district. The Athelstan gold property (\"Athelstan\") comprises 10 contiguous crown granted mineral claims and a private parcel of land covering an area of approximately 120 hectares (ha) The claims are situated about 8 kilometres (km) northwest of the city of Grand Forks, B.C. and 3kms south east of the former Phoenix Mine which produced during the period 1900 - 1976, 27 million tonnes at a grade of 0.9% Cu and 1.12 g/t Au, from a number of different ore bodies (Church, 1986). This amounts to over 1 million ounces of gold and 500 million pounds of copper produced from the Phoenix deposit. View Athelstan Map at: http://www.belmontresources.com/Athelstan-Airborne-Mag.jpg George Sookochoff, CEO/President commented, \"The signing of the Agreement is an exciting milestone for the Company and enhances Belmont's strategy of consolidating properties with known historic gold-copper mines in the prolific Greenwood mining district.\" About the Athelstan Property The Athelstan property was staked in the late 1890's, and was worked intermittently from 1901 through to 1940. The property has two past producing gold mines, Athelstan and Jackpot and total production during this period was in the order of 33,200 tonnes of direct smelting ore at an average grade of about 5.4 g/t Au (~6,324 ozs) and 6.3 g/t Ag (~7,378 ozs) (Minfile 082ESE047). More recently extensive exploration has ...