Bea. nov. 9.16 blm review completed on kibby basin - notice of intent to drill.-gm.final
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Belmont Resources Inc. announces that the Bureau of Land Management has completed its review of Belmont's Notice of Intent to drill up to nine exploratory holes at its Kibby Basin lithium project in Nevada. The drilling will test for the presence of lithium deposits and is part of Belmont's phase two exploration program. Belmont has secured all necessary permits and posted a reclamation bond to begin drilling. The Kibby Basin is considered highly prospective for lithium brine deposits due to its geology and proximity to lithium production and battery manufacturing facilities.
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Bea. nov. 9.16 blm review completed on kibby basin - notice of intent to drill.-gm.final
- 1. BELMONT RESOURCES INC. #600 – 625 Howe Street, Vancouver, B.C. V6C 2T6 Ph: (604) 683-6648 Fax: (604) 683-1350 E-Mail: belmontr@telus.net BLM COMPLETES ITS REVIEW OF THE KIBBY BASIN, NEVADA- NOTICE OF INTENT TO DRILL Vancouver, B.C. Canada, November 9, 2016 – Belmont Resources Inc. (TSX.V: BEA; FSE: L3L1; (“Belmont”, or the “Company). Kibby Drilling Update Belmont Resources Inc. wholly owned subsidiary, Belmont Nevada Inc. is pleased to report that the Bureau of Land Management (BLM), Tonopah field office has completed its review of the Kibby Basin – Notice of Intent (“NOI”) to drill up to nine (9) holes (200 – 500 feet in depth). The work forms part of the phase 2 exploration program in the Kibby Basin as previously outlined in the NI 43-101 Technical Report (E.L. Hunsaker III – May 2016); following the completion of the phase 1- Geophysical Review (Wright Geophysics Inc.-June 2016), Gravity Survey (Magee Geophysical Services LLC –June 2016), and Kibby Basin Survey Interpretation (Wright Geophysics Inc. – June 26, 2016). The drill holes will require only minimal pad and access road construction, with a limited disturbance area of approximately 3.46 acres, in accordance with applicable BLM and Nevada Division of Minerals regulations. A reclamation bond has been posted and Belmont is will receive written confirmation that the NOI is officially accepted. The Kibby Basin contains all the geological requirements needed for a lithium brine mine. Commercial deposits of shallow lithium brines have the following characteristics in common: An arid climate A closed basin with a dry seasonal lake An active basin – tectonically driven subsidence Igneous or geothermal activity – indicators suggest an area with locally higher heat flow Lithium source/host rocks A permeable aquifer – a large enough basin to develop porous layers that act as an aquifer Enough time to concentrate brine. The age of the Monte Cristo Valley is estimated to be 11 to 24 million years old. “We are now in the process of securing a drilling contractor and equipment”, said Vojtech Agyagos, CEO/President. “The drilling is designed to demonstrate the existence of a deposit of lithium within the prospect area. Recently announced surface samples assayed positive for lithium.” The Kibby Basin Lithium project is located in Esmeralda County, Nevada and home to North Americas only producing lithium mine (Albemarle’s –NYSE: ALB) Silver Peak Mine. The Kibby Basin is approximately 120 miles from Tesla’s $TSLA $5 billion lithium-ion battery Gigafactory currently under construction. NI 43-101 Disclosure Robert (“Bob”) G. Cuffney, Certified Professional Geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
- 2. About Belmont Resources Inc. For further information follow us on: Facebook https://www.facebook.com/Nevadalithium/ Twitter https://twitter.com/Belmont_Res Powerpoint: http://www.slideshare.net/stockshaman/belmont-resources-kibby-basin-nevada- lithium-project-ppp Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A. On March 30, 2016; the Company entered into a property acquisition agreement to acquire sixteen placer (16) mining claims, representing 1036 hectares (2,560 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada. The Company believes the property to be highly prospective to host lithium. On July 11, 2016; the Company reported it has arranged the staking of 213 x 20 acre additional placer mineral claims totaling approx. 1724 hectares ( 4,260 acres) , adjoining the Kibby 16, increasing the total Kibby Basin land position (the “Property”) to 2760 hectares (6,820 acres). In 50/50 ownership with International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunities for its two significant uranium properties (Crackingstone -982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan. ON BEHALF OF THE BOARD OF DIRECTORS “Vojtech Agyagos” Vojtech Agyagos CEO/President 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. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. 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 2016; 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. 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.