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Belmont's Option Partner Commences Drilling Lone Star Copper-Gold Project
(TheNewswire) Vancouver, B.C. Canada - TheNewswire - November 17, 202...
About this update from Belmont Resources Inc.
[{"type":"text","content":"Belmont's Option Partner Commences Drilling Lone Star Copper-Gold Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, B.C. Canada -\n \n \n TheNewswire -\n \n \n November 17, 2021 -\nBelmont Resources Inc. (“Belmont”), (or the “Company”),\n(TSXV:BEA\n \n \n )\n \n \n (\n \n \n FSE:L3L2\n \n \n )\n \n \n announces its option partner Marquee Resources Ltd. (ASX:MQR) has\ncommenced a 5,800 meter (“m”) drill program to further develop the\nknown copper-gold deposit at its Lone Star Copper-Gold Project\nsituated in the prolifically mineralized Republic Graben in Washington\nState.\n \n \n \n \n Drill Program\n \n \n \n \n \n \n - Initiation of a 5,800 meter drill program to\nsupplement data from 252 historical drill holes.\n \n \n \n \n - 42 holes are planned to depths from 50 to 270 m with\nthe following program objectives:\n \n \n \n \n \n \n 1)  Confirm grade, width and tenor of\nmineralisation.\n \n \n \n \n 2)  Achieve a drill hole spacing that is appropriate\nfor:\n \n a)  advancing the historic inferred mineral\nresource to a current indicated resource category.\n \n \n \n \n b)  producing a Preliminary Economic\nAssessment (“PEA”)\n \n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n 3)  Investigate for nearby resource extensions\nto the east and south.\n \n \n \n \n \n Belmont’s President & CEO, George Sookochoff,\ncommented: “Management at Belmont are delighted that drilling has\nstarted on the Lone Star project by Marquee. This is the beginning of\na very aggressive drill program that will eventually advance the\nproject to a “production ready stage” within a relatively short\ntime line. We look forward to receiving and announcing assay results\nin the near future.”\n \n \n \n \n Lone Star Option/JV\n \n \n \n \n Belmont and Marquee entered into an Option Agreement\n(the “Agreement”) whereby Marquee has an earn-in option to acquire\nup to an 80% working interest in the Lone Star Property. Under the\nAgreement, Marquee will issue 3,000,000 listed common shares and will\ncontribute cash and exploration expenditure consideration totaling CAD\n$3,054,000 over a two year period in exchange for up to 80% of the\nproperty. Of the $3,054,000 in project consideration, $...