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Belmont Resources' JV partner Marquee Resources intercepts thick lithium bearing sediments at Kibby Basin, Nevada

08.12.2022  |  The Newswire
HIGHLIGHTS:
  • The Company has successfully tested the magnetotelluric anomaly at the Kibby Basin Lithium Project and the results from two boreholes (KB 22-01 and KB 22-02) have confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater.

  • Mineralised intervals containing up to 924 ppm lithium with greater than 300 ppm lithium over thicknesses in excess of 450m (1475 ft) have been identified in core samples of clay-rich playa sediments.

  • Lithium mineralization is fairly consistent in both thickness and grade in the two boreholes, TheNewswire - Belmont Resources Inc. ("Belmont"), (or the "Company"), (TSXV:BEA); (FSE:L3L2) welcomes the news that its joint venture partner Marquee Resources Ltd. (ASX: MQR) ("MQR or The Company") announce results from its Kibby Basin Lithium Project 2022 drill campaign. Assay results received indicated thick sequences of lithium-bearing sediments at the Project, with up to 924 ppm Li from the two exploration boreholes (KB 22-01 and KB 22-02) that were completed.

    Core Assay Results

    Hole KB 22-01 was drilled as a vertical borehole to a depth of 880 m (2888 ft). The hole was drilled as an air-core pre-collar to a depth of 329 (1080 ft), followed by HQ core, reduced to NQ core at 408 m (1338 ft).

    As expected, analysis of cuttings from the upper non-core section of the hole indicated weakly anomalous lithium content, ranging from a few 10s of ppm to 154 ppm Li. Drilling switched to core immediately below a hard gravel unit, which forms the boundary between unconsolidated pluvial-fluvial sediments and partially lithified equivalents with substantial tuffaceous (ash) content below. A representative sampling of approximately 10% of the core was split in half using a diamond saw and one split was delivered to Paragon Geochemical in Sparks, NV, an ISO/IEC 17025-2017 certified laboratory, for 31-element ICP analysis, including lithium.

    Lithium content increased significantly below the contact, with a 79 m (260 ft)-thick section from 362-441 m (1188-1448 ft) averaging 771 ppm Li with a high of 924 ppm Li. The upper high lithium zone was contained within a very thick zone, averaging 383 ppm Li over 487 m (1597 ft) continuing to the bottom of the hole. The lithium mineralisation is open at depth.

    Hole KB 22-02 was drilled as a vertical borehole to a depth of 915.6 m (3004) ft. Similar to the first hole, KB 22-02 was drilled as a mud-rotary pre-collar to a depth of 366 m (1200 ft), followed by HQ and NQ core.

    As with the first hole, KB 22-02 encountered anomalous lithium values above the hard gravel and significant lithium enrichment below. A 169 m (555 ft)-thick zone averaging 558 ppm Li with a high of 860 Li lay below the contact. Lithium mineralisation continued to the bottom of the hole with an average of 379 ppm Li over an interval of 451 m (1478 ft). Mineralisation remains open at depth.

    Both KB 22-01 and KB 22-02 were drilled to test a thick MT conductor. The start of the high lithium zone in both holes corresponds with the approximate top of the conductor. Neither hole drilled to the bottom of the conductor or the bottom of the potential aquifer zone within the playa-filling sediments.

    The results of the core sampling are presented in Table 1.

    Preliminary Groundwater Assay Results

    Hole KB 22-01 was sampled for lithium-bearing groundwater in the pre-collar interval to a depth of 329 (1080 ft), and the HQ and NQ core intervals to 408 m (1338 ft). Twenty-three intervals were sampled including two long interval, large purge-volume samples and a duplicate for QA. Sample intervals were purged of drilling fluids and cuttings prior to sampling. The general chemical parameters of water samples were measured at the time of collection using a multiparameter chemistry meter. Samples were then sent to a laboratory where they were analysed for a wide range of total and dissolved metals, anions, and general parameters.

    Samples from twelve intervals of the upper non-core section of the hole were by means of airlifting groundwater from a short interval of exposed borehole. The non-core hole samples were delivered to ALS Geochemistry in Reno, NV, an ISO 45001-2018 certified laboratory, for 53-element ultra-trace ICP analysis. Eleven samples from the lower core hole were sampled using a large-volume bailer lowered to targeted depths. The core hole samples were delivered to Western Environmental Testing Loratories (WETLAB) in Sparks, NV, a Nevada Division of Environmental Protection accredited laboratory, for 34-element ICP analysis, select anion by Ion Chromatography, and general chemistry analyses.

    ALS results from the non-core upper portion of the hole indicated dissolved content up to 0.15 mg/L at 208 m (685 ft). Dissolved lithium content in the eleven WETLAB samples collected in the lower core hole below the gravel unit was below detection levels.

    Hole KB 22-02 was sampled for lithium bearing groundwater in the HQ and NQ intervals from 366 m (1200 ft) to 915.6 m (3304 ft). Thirty-six samples were collected and analysed; including several resampled intervals to confirm results and a long interval, large purge volume sample. Sample intervals were purged of drilling fluids and cuttings prior to sampling. The general chemical parameters of water samples were measured at the time of collection using a multiparameter chemistry meter. Samples were then sent to WETLAB, where they were analysed for a wide range of total and dissolved metals, anions, and general parameters.

    The lower portion of the KB 22-02 below 817 m (2682 ft) drilled through relatively competent formation material and was sampled by means of a straddle packer system across three intervals. Two samples were from purge water with anomalous chemistry readings. The remaining thirty-one samples were collected using a large-volume bailer lowered to targeted depths following core hole purging.

    Twenty-nine water samples were delivered to WETLAB in Sparks, NV for 34-element ICP analysis, select anion by Ion Chromatography, and general chemistry analyse.

    The preliminary results of the water sampling from KB 22-01 and KB 22-02 are presented in Table 2 and Table 3, respectively.


    Click Image To View Full Size
    Figure 1 - Lithology Logs

    Summary1

    The Kibby Basin Lithium Project is a highly prospective asset located within a 60km radius of North America's only producing Lithium mine, owned by the world's largest Lithium producer, Albemarle. The Kibby Project contains potentially favourable conditions for the development of lithium?rich brines and sediments and has similar features as Clayton Valley which hosts Albemarle Silver Peak Lithium mine.

    Adding further excitement to the 2,560 acres (~10sqkm) project is the fact the Project is fully permitted for water extraction for brine processing and production of lithium compounds - a very scarce commodity in the immediate area and will prove extremely valuable should the initial exploration success lead to lithium production.

    The company is buoyed by the 7.4km long structure identified in Kibby Valley with characteristics interpreted to be akin to major structures bounding the south side of Clayton Valley, that forms a pull-apart drop-down closed basin within a 700sqkm drainage catch basin.

    Location

    The Kibby Basin Lithium Project is located 60kms north of Clayton Valley, Nevada which hosts the sole North American producing Lithium mine (Silver Peak Lithium) owned by the world's largest Lithium producer, Albemarle. Marquee's 100% owned Clayton Valley Lithium Project also sits in the Clayton Valley.


    Click Image To View Full Size

    Kibby Basin claims and ownership. Kibby Basin Lithium Project Location in relation to Clayton Valley.

    Property Geology

    The Kibby Basin Lithium Project has similar features as Clayton Valley, Nevada and contains potential favourable conditions for the development of lithium?rich brines and sediments such as; an arid climate, major catch basin, basin has structural traps and is closed, associated igneous or geothermal activity, suitable lithium source rocks and one or more adequate aquifers.


    Click Image To View Full Size

    • Arid Climate

    • Pull?apart drop-down closed basin

    • 700 sq. kms drainage catch basin

    • Basin has structural traps and is closed

    • Associated igneous or geothermal activity

    • Suitable lithium source rocks

    • Permitted for Water

    Geological highlights of the Kibby Basin that make it potentially favourable to the development of Lithium-rich brines and sediments:

    Table 1
    Core sampling results

    KB22-01

    KB22-02

    From

    To

    Sample length

    Li

    From

    To

    Sample length

    Li

    (m)

    (m)

    (m)

    ppm

    (m)

    (m)

    (m)

    ppm

    cuttings samples

    cuttings samples

    0

    6.1

    6.1

    70

    6.1

    12.2

    6.1

    80

    12.2

    18.3

    6.1

    80

    18.3

    24.4

    6.1

    80

    24.4

    30.5

    6.1

    80

    30.5

    36.6

    6.1

    100

    36.6

    42.7

    6.1

    100

    42.7

    48.8

    6.1

    140

    48.8

    54.9

    6.1

    110

    24.4

    30.5

    6.1

    65

    54.9

    61

    6.1

    100

    54.9

    61.0

    6.2

    65

    61

    67.1

    6.1

    90

    85.3

    91.4

    6.1

    75

    67.1

    73.2

    6.1

    80

    115.8

    121.9

    6.1

    96

    73.2

    79.3

    6.1

    40

    146.3

    152.4

    6.1

    110

    79.3

    85.4

    6.1

    100

    176.8

    182.9

    6.1

    136

    85.4

    91.5

    6.1

    90

    207.3

    213.3

    6.1

    144

    103.6

    109.7

    6.1

    143

    230.3

    236.4

    6.1

    119

    134.1

    140.2

    6.1

    122

    268.2

    274.3

    6.1

    135

    164.6

    170.7

    6.1

    132

    286.5

    289.5

    3.0

    130

    237.7

    243.8

    6.1

    141

    298.7

    304.8

    6.1

    106

    298.7

    304.8

    6.1

    154

    317.0

    320.0

    3.0

    161

    317.0

    323.1

    6.1

    64

    329.2

    335.3

    6.1

    165

    317.0

    323.1

    6.1

    53

    359.6

    365.7

    6.1

    139

    split core samples

    split core samples

    362.1

    364.2

    2.1

    682

    365.7

    368.2

    2.4

    318

    408.3

    413.4

    5.1

    810

    380.4

    383.1

    2.7

    90

    413.8

    416.9

    3.1

    924

    415.4

    418.5

    3.0

    105

    438.1

    441.3

    3.2

    917

    427.9

    430.7

    2.7

    108

    471.7

    474.9

    3.2

    523

    462.7

    465.7

    3.0

    494

    505.2

    508.4

    3.2

    151

    496.2

    499.2

    3.0

    510

    529.6

    532.8

    3.2

    103

    525.4

    527.6

    2.1

    860

    564.9

    571.2

    6.3

    186

    555.0

    558.1

    3.0

    539

    587.4

    590.7

    3.3

    219

    586.1

    587.6

    1.5

    768

    636.2

    639.4

    3.2

    202

    629.1

    631.8

    2.7

    345

    684.6

    687.9

    3.3

    362

    647.7

    650.7

    3.0

    138

    663.8

    666.9

    3.1

    251

    678.8

    681.0

    2.3

    89

    684.9

    687.9

    3.0

    255

    708.6

    710.8

    2.1

    144

    770.3

    773.5

    3.2

    356

    751.9

    755.0

    3.0

    192

    753.7

    755.9

    2.2

    115

    772.3

    775.1

    2.7

    188

    770.5

    773.5

    3.0

    294

    809.2

    812.3

    3.1

    200

    813.2

    815.6

    3.1

    296

    833.0

    836

    3.0

    411

    849.7

    852.8

    3.0

    324

    868.9

    872

    3.1

    501

    873.2

    876.3

    3.1

    311

    910.1

    913.1

    3.0

    312

    Table 2
    Preliminary results of the water sampling KB22-01

    Sample No.

    Depth (ft)

    Specific Conductivity

    Total Dissolved Solids

    Lithium - Dissolved

    Lithium - Total

    From

    To

    (?S/cm)

    (mg/L)

    (mg/L)

    (mg/L)

    KB22-01 No. 1

    295

    300

    3200

    2530

    0.0395

    NA

    KB22-01 No. 2

    355

    360

    4780

    3110

    0.0549

    NA

    KB22-01 No. 3

    395

    400

    1330

    860

    0.1015

    NA

    KB22-01 No. 4

    415

    420

    1370

    3440

    0.0587

    NA

    KB22-01 No. 5

    455

    460

    2390

    1540

    0.0752

    NA

    KB22-01 No. 6

    495

    500

    5580

    3620

    0.0607

    NA

    KB22-01 No. 7

    555

    560

    6410

    4150

    0.0684

    NA

    KB22-01 No. 8

    680

    685

    1590

    1030

    0.15

    NA

    KB22-01 No. 9

    735

    755

    2450

    1590

    0.1275

    NA

    KB22-01 No. 10

    820

    840

    2320

    1510

    0.0792

    NA

    KB22-01 No. 11

    880

    900

    2730

    1780

    0.0776

    NA

    KB22-01 No. 12

    980

    1000

    1090

    710

    0.0558

    NA

    KB22-01 No. 13

    1124

    1134

    2254

    1830

    Pending

    Pending

    KB22-01 No. 14

    1124

    2888

    2165.2

    1850

    Pending

    Pending

    KB22-01 No. 15

    1194

    1204

    2005

    1570

    Pending

    Pending

    KB22-01 No. 16

    1338

    1348

    3256

    2690

    Pending

    Pending

    KB22-01 No. 17

    1338

    2888

    2956.6

    2230

    Pending

    Pending

    KB22-01 No. 18

    1447

    1457

    2957

    2270

    Pending

    Pending

    KB22-01 No. 19

    1687

    1697

    2939

    2280

    Pending

    Pending

    KB22-01 No. 20

    1947

    1957

    2650

    1930

    Pending

    Pending

    KB22-01 No. 21

    2207

    2217

    2834

    1600

    Pending

    Pending

    KB22-01 No. 22

    2447

    2457

    3030

    2090

    Pending

    Pending

    KB22-01 No. 23

    2787

    2797

    3225

    2180

    Pending

    Pending

    Table 3
    Preliminary results of the water sampling KB22-02

    Sample No.

    Depth (ft)

    Specific Conductivity

    Total Dissolved Solids

    Lithium - Dissolved Concentration

    Lithium - Total Concentration

    From

    To

    (?S/cm)

    (mg/L)

    (mg/L)

    (mg/L)

    KB22-02 No. 1

    1198

    1208

    1888

    1227

    <0.1

    0.116

    KB22-02 No. 2

    1208

    1218

    2009

    1305

    0.285

    2.56

    KB22-02 No. 3

    1238

    1248

    1942

    1262

    0.227

    1.18

    KB22-02 No. 4

    1308

    1318

    2049

    1332

    0.229

    1.11

    KB22-02 No. 5

    1338

    1348

    2132

    1386

    0.235

    1.04

    KB22-02 No. 6

    1378

    1388

    2176

    1414

    0.273

    1.09

    KB22-02 No. 7

    1488

    1498

    2261

    1470

    0.295

    1.18

    KB22-02 No. 8

    1528

    1538

    2321

    1509

    0.327

    1.44

    KB22-02 No. 9

    1578

    1588

    2470

    1605

    0.338

    2.37

    KB22-02 No. 10

    1628

    1638

    2665

    1732

    0.213

    2.15

    KB22-02 No. 11

    1698

    1708

    3074

    1998

    0.355

    5.29

    KB22-02 No. 12

    1728

    1738

    3200

    2080

    0.346

    10.5

    KB22-02 No. 13

    1798

    1808

    3306

    2149

    0.279

    27

    KB22-02 No. 14

    1848

    1855

    3384

    2199

    0.335

    10.9

    KB22-02 No. 15

    2008

    2018

    3656

    2377

    Pending

    Pending

    KB22-02 No. 16

    2028

    2038

    3618

    2351

    Pending

    Pending

    KB22-02 No. 17

    2058

    2068

    3648

    2371

    Pending

    Pending

    KB22-02 No. 18

    2098

    2108

    3238

    2104

    Pending

    Pending

    KB22-02 No. 19

    2108

    2118

    3431

    2230

    Pending

    Pending

    KB22-02 No. 20

    2248

    2314

    3063

    1991

    Pending

    Pending

    KB22-02 No. 21

    2248

    2258

    3083

    2004

    Pending

    Pending

    KB22-02 No. 22

    2318

    2615

    2866

    1862

    Pending

    Pending

    KB22-02 No. 23

    2328

    2338

    3136

    2039

    Pending

    Pending

    KB22-02 No. 24

    2478

    2615

    2847

    1851

    Pending

    Pending

    KB22-02 No. 25

    2500

    2510

    Pending

    Pending

    Pending

    Pending

    KB22-02 No. 26

    2500

    2510

    Pending

    Pending

    Pending

    Pending

    KB22-02 No. 27

    2682

    2739.7

    2946

    1915

    Pending

    Pending

    KB22-02 No. 28

    2732

    2802.8

    3007.5

    1955

    Pending

    Pending

    KB22-02 No. 29

    2804

    3004

    2877.1

    1881.7

    Pending

    Pending

    Kibby Basin Lithium Claims Permitted for Water

    The Kibby Basin lithium property is fully permitted by the state of Nevada to extract a maximum 2,896 acre-feet (944 million gallons) annually of water for brine processing and production of lithium compounds.

    Obtaining a water permit for the Kibby Basin lithium project was a major milestone for Belmont where, because of the desert conditions in the region, water is of major importance to any potential mining operation. The Clayton Valley Basin for instance is over-appropriated (current water rights are in excess of water volumes available for an average year) and obtaining water rights for proposed operations is a hurdle that several companies in the Clayton Valley Basin have yet to overcome, even in their advanced stage of development.

    Cypress Development (TSV:CYP) recently paid $3,000,000 for a water permit in Clayton Valley (Cypress NR) which allows for the beneficial use of 1,770 acre/feet (577 million gallons) annually of water for mining, milling and domestic use.

    About the Belmont/Marquee option/JV Agreement

    In November 2021, Belmont announced a Option/JV agreement with Marquee Resources (ASX.MQR) for the Kibby Playa Block, one of six claim blocks on the Kibby Basin owned by Belmont.

    The agreement terms are for Marquee to issue Belmont C$100,000 cash upon signing (completed); issue 3,000,000 Marquee shares (1,000,000 issued as of December 10, 2021); and incur C$2,500,000 in exploration expenditures within 15 months of the signing of the Option Agreement in order to earn up to an 80% interest in the Kibby Playa claim block. Belmont retains a 100% interest in the surrounding claim blocks within the Kibby basin.

    About Belmont Resources

    Belmont Resources has assembled a portfolio of highly prospective copper-gold-lithium & uranium projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include the Come By Chance (CBC), Athelstan-Jackpot (AJ) and Pathfinder situated in the prolific Greenwood mining camp in southern British Columbia. The Crackingstone Uranium project in the uranium rich Athabaska Basin of northern Saskatchewan. The Lone Star copper-gold mine in the mineral rich Republic mining camp of north central Washington State. The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin.

    The Belmont project portfolio:

    • Athelstan-Jackpot, B.C. - * Gold-Silver mines

    • Come By Chance, B.C. - * Copper-Gold mine

    • Lone Star, Washington - * Copper-Gold mine

    • Pathfinder, B.C. - * Gold-Silver mines

    • Black Bear, B.C. - Gold

    • Pride of the West, B.C.- Gold

    • Kibby Basin, Nevada - Lithium

    • Crackingstone, Sask. - Uranium
      * past producing mine


    Click Image To View Full Size

    NI 43-101 Disclosure:

    The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Mr. Robert G. Cuffney, Certified Professional Geologist.

    ON BEHALF OF THE BOARD OF DIRECTORS

    "George Sookochoff"

    George Sookochoff, CEO/President

    Ph: 604-505-4061

    Email: george@belmontresources.com

    Website: www.BelmontResources.com

    We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.

    1 Kibby Basin Property Gavity Survey Basin Model, James L. Wright M.Sc. 26 June 2016

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