July 25, 2023 –
TheNewswire -
Vancouver, B.C., Canada - Belmont Resources Ltd.
(“Belmont” or the “Company”) (TSXV:BEA
)
;
(
FSE:L3L2) is pleased to announce that it has closed a
non-brokered private placement offering (the "Offering") for
aggregate gross proceeds of $444,000. The Company will issue
14,800,000 common shares (the “Common Shares”) at $0.0
3. Warrants are not
attached to the Offering and no finder’s fee will be paid.
The Common Shares issued will be subject to a hold
period expiring four months and one day from issuance. The Company
will now apply to the TSX Venture Exchange to issue the Common
Shares.
The Company intends to use the net proceeds of the
Private Placement for (1) $210,000 exploration expenditures; (2)
$50,000 property payments; (3) $70,000 office, audit & legal; (4)
$30,000 management fees; (5) $24,000 European marketing services; and
(6) unallocated working capital $60,000. While the Company intends
to spend the net proceeds from the Offering as stated above, there may
be circumstances where, for sound business reasons, funds may be
re-allocated at the discretion of the Board.
About Belmont Resources
Belmont Resources has assembled a portfolio of highly
prospective copper, gold, lithium, uranium and rare earths projects
located in British Columbia, Saskatchewan, Washington and Nevada
States. Its holdings include:
Athelstan-Jackpot (A-J):
2 former gold mines. 2,000m drilling to target new lode-gold
deposit target in North Zone. Targeting multi-coincident geophysical
anomaly on strike with neighboring gold trend and gold mines.
Drilling is planned to start approximately August 15,
2023
Crackingstone
Uranium-Rare Earths:
Some of the highest grade Rare Earth Elements (REE’s) are being
discovered in Northern Saskatchewan due to the presence of Uranium,
Thorium Pegma
ti
te.
Crackingstone project meets the criteria for poten
ti
ally discovering a large REE’s
deposit with its high grade uranium along with thorium and pegmatite.
A review of 3,000m of 2008 drill data shows a 1.3km pegmatite dyke
drilled but only assayed for uranium at that time.
2023 plans are to re-assay pegmatite
sections for REE’s ;
Come By Chance (CBC):
2021 geophysics delineated potential large copper-gold
porphyry
2022 drilling provided further vectors towards
potential core of porphyry;
The
Lone
Star
Copper-Gold:
optioned to Australian Marquee Resources ASX:MQR; MQR has
spent $2.5M in drilling, completed new resource in Dec. 2022 and is
currently producing a
Preliminary Economic Assessment
in order to earn
80% interest.
Click Image To View Full Size
The
Kibby
Basin Lithium
project located 60 kilometers
north of the lithium rich Clayton Valley Basin: Optioned 80% of the
central Kibby Playa claim block to Australian Marquee Resources MQR.
MQR has spent $2.5M in drilling in 2022 for potential deep seated
lithium brine. 2022 Drilling confirmed high levels of lithium-bearing
sediments along with dissolved lithium in the groundwater. Mineralized
intervals containing up to 924 ppm lithium with greater than 300 ppm
lithium over thicknesses in excess of 450m have been identified in
core samples of clay-rich playa sediments.
ON BEHALF OF THE BOARD OF DIRECTORS
“George
Sookochoff”
George Sookochoff, CEO/President
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as the term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy
of this news release.
This Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties, based
on assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of exploration and
other risk factors beyond its control. Actual events or results
could differ materially from the Companies forward-looking statements
and expectations. These risks and uncertainties include, among other
things, that we may not be able to obtain regulatory approval; that we
may not be able to raise funds required, that conditions to closing
may not be fulfilled and we may not be able to organize and carry out
an exploration program in 2023, and other risks associated with being
a mineral exploration and development company. These forward-looking
statements are made as of the date of this news release and, except as
required by applicable laws, the Company assumes no obligation to
update these forward-looking statements, or to update the reasons why
actual results differed from those projected in the forward-looking
statements.
Copyright (c) 2023 TheNewswire - All rights reserved.
