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Belmont Resources Signs LOI to Acquire the Lone Star Mine Property in the Republic Gold Camp, Washington State.
VANCOUVER, BC / ACCESSWIRE / February 26, 2020 / George Sookochoff, CEO/President of Belmont Resources Inc (TSXV:BEA)(Frankfurt:L3L2) ("Belmont"), (or the "Comp
About this update from Belmont Resources Inc.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / February 26, 2020 / George Sookochoff, CEO/President of Belmont Resources Inc (TSXV:BEA)(Frankfurt:L3L2) (\"Belmont\"), (or the \"Company\") announces that it has entered into a Letter of Intent (\"LOI\") with Advanced Mineral Technology Inc., a private Washington State corporation (the \"Vendor\") that owns 100% of the issued and outstanding common shares of BGP Resources Inc. (\"BGP\" and the \"BGP Shares\"). Belmont is acquiring the Lone Star Property through the acquisition of BGP Resources Ltd. which holds 100% interest in the Lone Star Property. The Lone Star copper-gold property is situated in northern Washington State on the northeastern tip of the Republic Graben, an important geological feature which hosts several gold and copper mines. The property is situated on a three kilometre long mineralized trend of gold-copper with past producing gold-copper mines and prospects, including No.7, City of Paris, Lincoln and the Lexington. This mineralized system is structurally controlled by the NW-SE No.7 fault. The past producing Lone Star Mine operated over two time periods; from 1897-1918 producing 146,540 tonnes, and from 1977-1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north. The Lone Star deposit has an historic resource estimate which was reported in a \"Technical Report and Resource Estimate on the Lone Star Deposit, Ferry County Washington (September 23, 2007)\" for Merit Mining Corp. and authored by P&E Mining Consultants Inc. Lone Star 2007 Historic Resource Estimate Class Tonnes Au g/t Cu % AuEq g/t CuEq% AuEq ozs Cu Mlbs Indicated 63,000 1.28 2.3 8.82 2.69 19,600 3.19 Inferred 682,000 1.46 2.0 8.02 2.44 192,936 30.07 (1.5% CuEq Cut-Off Grade)*Gold equivalent (AuEq) grade was calculated using US$593/oz gold and US$2.84/lb copper1 ounce = 28.3495 grams; 1 gram = 0.035274 ounces Terms of the Proposed Transaction: In consideration and subject to Regulatory Approval, the Company will pay the Vendor: a. 1,500,000 common shares of the Company as per schedule below. i. Upon Venture Exchange (\"Exchange\") approval of agreement - 500,000 shares issued subject to 4 months+1 day hold period from issuance date. ii. Upon first anniversary of agreement - additional 500,000 shares issued iii. Upon second ...