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February 24, 2020 (ACCESSWIRE via COMTEX) — VANCOUVER, BC / ACCESSWIRE / February 24, 2020 / Belmont Resources Inc (BEA) (“Belmont”), (or the “Company”) is admiring to advertise that it has entered into a Letter of Intent (“LOI”) with Forty Ninth Ventures Ltd. (the “Vendor”) whereby Belmont and the Vendor will agree the acceding of a absolute acquirement acceding (the “Purchase Agreement”) that will accommodate Belmont with an advantage to access a 100% absorption in the Vendor’s right, appellation and absorption in and to the Crown Accepted Claims accepted as the “Athelstan-Jackpot Property”, amid in the Greenwood Mining Division, British Columbia.

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The proposed Athelstan-Jackpot accretion allotment of the Company’s connected focus to access and advance cardinal gold backdrop in the abounding Greenwood mining district.

Background:

In adjoining Republic Commune of arctic Washington State, Kinross Gold developed anew accustomed metallogenic models, which resulted in the assay and consecutive mining of several epithermal gold deposits.

In balance of 2.5 actor ounces gold accept been produced from epithermal gold veins in this region.

A agnate geologic administration to that of the Republic commune is present in the Greenwood area. Whereas antecedent assay and development had primarily focused on Skarn blazon copper-gold deposits, analogously little assay has targeted epithermal blazon gold deposits.

Mr. George Sookochoff who afresh became President & CEO Belmont Resources and is a GIS database specialist, has over the years digitally aggregate geological, geochemical, geophysical and added analytic abstracts from the Greenwood Affected dating aback to the backward 1800’s into a audible seamless GIS agenda database.

Belmont is utilizing this all-encompassing GIS database to appraise the anticipation of occurrences of alien epithermal gold deposits in the Greenwood Affected by allegory the geological patterns of epithermal gold deposits in Washington State and attractive for allusive appropriate in the Greenwood affected GIS database.

The Athelstan-Jackpot properties, as able-bodied as the added afresh acquired backdrop by Belmont, accept been called based on in allotment this allusive assay process.

Image: https://www.accesswire.com/users/newswire/images/577647/belmontImg102242020.jpg

View Republic Commune Mines Map

About The Athelstan-Jackpot Property:

The Athelstan-Jackpot acreage is amid 8km west of Grand Forks B.C. and about 3kms south east of the above Phoenix Mine which produced during the aeon 1900 – 1976 27 actor tonnes at a brand of 0.9% Cu and 1.12 g/t Au, from a cardinal of altered ore bodies

(Church, 1986). This amounts to over 1 actor ounces of gold assembly from the Phoenix deposit.

View BEA Phoenix Claim Block Location Map

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The acreage is anchored at the circle of two major, bounded accountability zones. The Lind Creek accountability is an east-west trending, abstinent arctic dipping, Jurassic advance accountability and has a abutting spatial accord with abundant of the gold mineralization in Greenwood area.

A Jurassic age-old quartz-feldspar porphyry additionally occurs forth the Lind Creek accountability at the Athelstan-Jackpot property. This advancing has a bounded affiliation with gold mineralization in the Greenwood area.

The acreage was staked in the backward 1890’s, and was formed intermittently from 1901 through to 1940. Absolute assembly during this aeon was in the adjustment of 33,200 tonnes of absolute admixture ore at an boilerplate brand of about 5.4 g/t Au (~6,324 ozs) and 6.3 g/t Ag (~7,378 ozs) (Minfile 082ESE047)

View BEA Phoenix Claims Map

A 2003 trenching and bedrock sampling affairs was managed by R. Walters of Spokane, Washington. Linda Caron, M.Sc., P. Eng of Grand Forks completed arroyo layout, geological mapping and reporting. The after-effects were appear in a December 2003 Assessment address on the Athelstan-Jackpot Acreage authored by Linda Caron.

View Athelstan-Jackpot Claim Trenches

In the 2003 affairs seven trenches were dug on 2 altered targets (J-34 and B-1 Zones), for a absolute of 275 affiliated metres of excavation.A absolute of 123 bedrock samples were calm from the 2003 trenches and from old apparatus

View Athelstan Arroyo J-34 Breadth Sampling

An absorbing area of sulfide mineralization occurs in Arroyo J34-5, that alternate 6.6 g/t Au, 12 g/t Ag and 6% As over a accurate array of 3.7 metres in one area sampled (samples 7585-7593).A added area sampled, a few metres to the west, alternate 9.2 g/t Au, 18 g/t Ag and 6.6% As over a 2.5 accent accurate array (samples 7580-7584).The best aftereffect alternate from a mineralized microburst was from sample 7642, at the abject of an absorbed stope sampled alternate 21.8 g/t Au, <5 g/t Ag and 16.7 % As above a 0.8 accent accurate width.Another sample acquired from this area alternate 8.0 g/t Au, 190 g/t Ag and 8.2% As over a accurate array of 1.3 metres (sample 7548).One sample, from the abject of an old shaft, alternate 28.4 g/t Au, 166 g/t Ag and 13% As above 0.3 metres (sample 7555).

A abundant acreage calibration geological mapping affairs was completed in 2004 afresh by Linda Caron, M.Sc., P. Eng. and abundant in an August 2004 Assessment Address authored by the same.

View Athelstan Geology Map

The authorization of the affairs was to bigger accept the attributes of mineralization, to accept the accord amid altered zones of accepted mineralization, and to appraise the abeyant for assay of added mineralization on the property.

One of the audible styles of mineralization empiric on the acreage consists of low sulfidation epithermal quartz veinlets and silicification.One advocacy of the 2004 address was for conduct to analysis for low-grade aggregate burden gold mineralization.

Belmont affairs to analysis all antecedent assay abstracts from the Athelstan-Jackpot acreage and adduce an assay account and affairs for 2020.

Terms of the Proposed Transaction:

Under the acceding of the LOI, Belmont may access a 100% absorption in the Athelstan-Jackpot Crown Grants by authoritative assertive staged banknote payments and allotment payments of accepted shares in the basic of Belmont to the Vendor.

a. On TSX Venture Exchange (“Exchange”) approval; 200,000 accepted shares of Belmont Resources, accountable to 4 months 1 day authority aeon from arising date aloft signing of a final agreement;

b. After a aeon of one year from the signing of the final bounden acceding a banknote acquittal in the bulk of US$50,000 added an added 200,000 accepted shares of Belmont Resources, accountable to 4 months 1 day authority aeon from arising date;

c. Belmont will accept the advantage to affair accepted shares admired at US$25,000 in lieu of the banknote acquittal of $25,000 of the absolute US$50,000 banknote acquittal (b)

Share amount will be bent by a 5 day trading boilerplate amount above-mentioned the one year advantage ceremony date.

d. Aloft Belmont accepting 100% right, appellation and absorption to the Property, the Owner will absorb a 2.0% NSR (Net Smelter Royalty) in the property;

e. Belmont will accept the appropriate to buy aback 1% of the NSR for US$500,000

NI 43-101 Disclosure:

Technical acknowledgment in this account absolution has been accustomed by Laurence Sookochoff, P.Eng., a Qualified Person as authentic by National Instrument 43-101.

Other Business:

(i) Banal Options:

The Aggregation additionally announces it has accepted 200,000 options to Directors & Officers at an exercise amount of $0.05. The options are exercisable for three years. The options are accepted pursuant to the Company’s banal advantage plan, applicative authoritative policy, and accountable to authoritative acceptance.

(ii) Investor Relations:

The Aggregation additionally announces it has mutually agreed to abolish the Investor Relations Acceding with 360 Aviation Services Inc. (“360”) able December 31, 2019. The Aggregation would like to acknowledge 360 for their abetment back April 2016 in introducing the Company’s Kibby Basin-Nevada lithium activity to investors and costs during our assay programs.

About Belmont Resources Inc.

Belmont Resources Inc. is a Canadian based ability aggregation traded on the TSX-V beneath the attribute “BEA”. The Aggregation is systematically exploring and accepting gold backdrop in Southern British Columbia and Arctic Washington State.

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-683-6648

Email: george@belmontresources.com

Website: www.BelmontResources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the appellation is authentic in the behavior of the TSX Venture Exchange) accepts albatross for the capability or accurateness of this account release.

This Press Absolution may accommodate advanced statements that may absorb a cardinal of risks and uncertainties, based on assumptions and judgments of administration apropos approaching contest or after-effects that may prove to be inaccurate as a aftereffect of assay and added accident factors above its control. Forward attractive statements in this account absolution accommodate statements about the accessible adopting of basic and assay of our properties. Absolute contest or after-effects could alter materially from the Companies advanced statements and expectations. These risks and uncertainties include, amid added things, that we may not be able to access authoritative approval; that we may not be able to accession funds required, that altitude to closing may not be accomplished and we may not be able to adapt and backpack out an assay affairs in 2020, and added risks associated with actuality a mineral assay and development company. These advanced statements are fabricated as of the date of this account absolution and, except as appropriate by applicative laws, the Aggregation assumes no obligation to amend these advanced statements, or to amend the affidavit why absolute after-effects differed from those projected in the advanced statements.

SOURCE: Belmont Resources Inc.

View antecedent adaptation on accesswire.com:

https://www.accesswire.com/577647/Belmont-Signs-LOI-to-Acquire-Athelstan-Jackpot-Crown-Grants-In-the-Greenwood-Gold-Camp-BC

Copyright 2020 ACCESSWIRE

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