Belmont Receives Acceptance of Kibby Basin Property Agreement & NI 43-101 Technical Report
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2016) - Belmont Resources Inc. (TSX VENTURE:BEA)(FRANKFURT:L3L1)(OTC PINK:BEAAF) ("Belmont", or the "Company) is pleased to announce that the TSX Venture Exchange has accepted for filing the Property Purchase Agreement (the "Agreement") to acquire a 100% interest in the Kibby Basin Property (the "Property") located 65 km north of Clayton Valley, Nevada-U.S.A. The Property has potential to host lithium-bearing brines in a geologic setting similar to the continental brine model ascribed to Clayton Valley.
Kibby Basin Property - NI 43-101 Report:
The Kibby Basin Property consists of sixteen (16) unpatented association placer mining claims, totaling approximately 1036 hectares (2,560 acres) in Esmeralda County, Nevada. The claims are 35.8 direct air miles northwest of Tonopah, Nevada. The Kibby property is located in Kibby Flat, which is the geographic name for the playa in the lowest portion, of the Monte Cristo Valley. Vehicle access is good to all portions of the Property.
Due to the regional setting, geologic research has made available extensive information on the area. Using a continental-brine lithium model based on Clayton Valley, the available data is very useful. Detailed published structural interpretation at Clayton Valley from boreholes, seismic surveys, and gravity surveys has defined a hydrogeologic setting sufficient to host the lithium resource. A basin with similar features exists at Kibby Flat.
Clayton Valley's centralized location between Las Vegas and Reno; highways; access to power, water and labour; provide excellent infrastructure for mineral exploration and development. Regional and property-wide geology reviewed for the Kibby Basin Property shows key features that are similar to the known lithium mine area at Silver Peak-Clayton Valley.
- The setting of Kibby Flat within the Monte Cristo Valley indicates a basin large enough to develop layers that could act as aquifers.
- Regional gravity data suggests a basin with sufficient depth to provide enough volume of Quaternary sediments to host aquifers of sufficient extent.
- Groundwater is present and widespread.
- Geothermal indicators suggest an area with locally higher heat-flow.
The data suggests two work phases will prudently and effectively test for the presence and quality of the four key features mentioned above. Phase one results will determine how best to execute the drilling proposed in phase two.
The phase one program consists of a regional geophysical review and a detailed gravity survey. The Company plans to immediately execute the exploration program.
NI 43-101 Disclosure:
Ernest L. Hunsaker III, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
Further information on the Technical Report describing the Kibby Basin Property dated May 26, 2016 can be reviewed as filed on SEDAR and on the Company's website Project page at www.BelmontResources.com
Acquisition Terms:
In consideration for a 100% interest in the Kibby Basin Property, the Company has entered into an Agreement with Zimtu Capital Corp. ("Zimtu") (TSX VENTURE:ZC). The Company will make staged cash and share payments as follows:
- Pay to Zimtu the sum of $25,000 as follows:
- $5,000 upon signing of the Agreement (paid);
- $20,000 upon regulatory approval of the Agreement.
- Issue 1,000,000 common shares of Belmont to Zimtu as follows:
- 500,000 common shares upon regulatory approval (issued subject to a hold period until September 27, 2016); and
- 500,000 common shares at six months from regulatory approval.
The Agreement is subject to a 1.5% NSR of which the Company has the right to purchase half (50%) from Zimtu, at any time for $1,000,000.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
