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Belmont Signs Option/JV Agreements with Marquee Resources on Lone Star Copper-Gold and Kibby Lithium Properties
(TheNewswire) Marque to make cash payments totaling $604,000 and $5,050,000 i...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont Signs Option/JV Agreements with Marquee Resources on Lone Star Copper-Gold and Kibby Lithium Properties\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Marque to make cash payments\ntotaling $604,000 and $5,050,000 in exploration expenditures on two\nprojects over a two-year earn-in period\n \n \n \n \n \n \n Vancouver, B.C. Canada –\n \n \n TheNewswire -\n \n \n November 4, 2021 -\nBelmont Resources Inc. (“Belmont”), (or the “Company”),\n(TSXV:BEA\n \n \n )\n \n \n ;\n \n \n (\n \n \n FSE:L3L2) is pleased to announce that\nit has entered into option agreements (the “Option Agreements”)\nwith respect to its Lone Star Copper Gold Project (“Lone Star”) in\nWashington State and its Kibby Basin Lithium Project (“Kibby”) in\nNevada with Marquee Resources Ltd. (ASX:MQR) (“Marquee”).\n \n \n \n \n Under the two Option Agreements, Marque will make cash\npayments totaling $C604,000 to Belmont, spend $C5,050,000 in\nexploration expenditures on the two projects and issue to Belmont\n6,000,000 shares of Marquee over the two-year earn-in period to earn\nan 80% interest in each of the two projects.\n \n \n \n \n Belmont’s President and CEO,\nGeorge Sookochoff commented: “We are very pleased to partner with\nMarquee in the development of the Lone Star and Kibby projects at an\naccelerated pace.\n \n \n \n \n Marquee is committed to bringing the\nLone Star Mine into a production ready stage within a relatively short\ntime line. They back up this commitment with an impressive offering of\ncash, money in the ground and Marquee shares.\n \n \n \n \n They also recognize the potential of\nthe Kibby Lithium property and are committing significant funds to\ntest a highly conductive anomaly on the property, which may indicate a\nhigh content of lithium brine at depth.\n \n \n \n \n This is a great opportunity for\nBelmont shareholders as we aggressively advance both projects on a\nnon-dilutive basis while retaining an interest.\n \n \n \n \n With Marquee being the operator\nand advancing the Lone Star and Kibby projects, Belmont will\nconcentrate on advancing its CBC project where a geophysical survey\nhas delineated a prospective large copper-gold porphyry target. An IP\nsurvey will commence shortly followed by drilling in Q1 2022.   A...