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South BC Gold Rush

While the lithium market has lost much of its previous heat and is still in hibernation mode, gold comes roaring back. A few days ago, the gold price in Canadian Dollars reached a new all-time high at $1,881, confidently breaking above the previous all-time high of $1,855 in 2011.

For junior exploration companies, market sentiment is crucial as financings are required to advance projects. Although Belmont is eager to continue drilling its Kibby Basin Lithium Project in Nevada, USA, obviously it has become difficult to obtain fresh cash to do so.

As gold is making an impressive comeback and investors are looking for exposure to gold stocks, lithium is somewhat out of favor at least for the moment. Once the market sentiment in the lithium space improves, Belmont hopes to find new financing for continued drilling at its Kibby Basin Lithium Project.

Consequently, diversification is key for any exploration company to navigate through the ups and downs of the commodity markets. As we know, sentiment can propel into different directions virtually over night and until that happens, Belmont is well positioned with its Pathfinder Gold Project because it is located in the historic Greenwood Mining District of southern British Columbia, Canada, where several other juniors are eager and joining forces to make Greenwood an active mining district again.

As Rockstone is already covering some of the more advanced “Greenwood Juniors” (Ximen Mining Corp., Golden Dawn Minerals Inc., and GGX Gold Corp.), Belmont jumps on the bandwagon targeting the creation of shareholder value by advancing a gold project near Greenwood (“the smallest incorporated city in Canada”), once a booming mining center and possibly a re-emerging gold hot spot, where flow-through funds (easier to raise than “hard-dollars”) are welcome and exploration incentives from the provincial government make exploration juniors’ hearts beat faster.

And today’s released assays from surface sampling on the Pathfinder Property could make investors’ hearts beat faster as Belmont has now successfully shown that this past producing gold-silver-copper property warrants more exploration, especially when considering that last exploration efforts were made more than decade ago.


See Belmont’s July 30, 2019 News-Release for Qualified Person’s review of technical information. 

Today, Belmont announced pretty satisfying assays from surface sampling on the Pathfinder Property as the company “has received a positive Summary Report from consulting geologist Chris Allen, who recently completed his visit to the 295.56 hectare Pathfinder property”, Belmont stated in its news-release. “The report gives details of surface rock sampling and compilation of previously published and un-published reports for the recently acquired Pathfinder property” (see news-releases from March 28 and May 9, 2019).


Full size / Location of previous trenching work carried out in 2008 showing channel sample of massive pyrite-pyrrhotite replacement of Triassic volcaniclastics and Cretaceous granodiorite. (Source: Belmont’s July 30, 2019 News-Release)

According to today’s news-release:

“The work carried out included a detailed literature review as well as five days on the property carrying out mapping of outcrops, old mine workings, and other significant features. Fifteen (15) surface rock samples were also collected from outcrops and old mine waste piles. Gold values ranged from 0.006 ppm Au (altered silty volcaniclastics) to 29.2 grams per tonne (g/t) Au (quartz-sulphide vein material), with seven (7) of the samples returning grades of >1 g/t Au along with elevated to anomalous silver and base metal values. The mapping and sampling program verified the presence of multiple zones of quartz sulphide vein and massive pyrite-pyrrhotite-chalcopyrite replacement/skarn mineralization that warrant follow-up. Analyses was carried out by ALS Canada of North Vancouver. See table below of selected assays from rock samples.”

“The property has had small scale, high grade gold mining with silver as an accessory product since the late 1800’s. Belmont will compile information from mining reports and studies carried out by other companies as well as the recent assay and survey data in order to plan the next stage of analysis and sampling at Pathfinder, including strategically locating drilling targets.”

Considering the strong gold and copper grades sampled at surface, along with encouraging indicators for mineralisation styles (e.g. silver, lead, antimony, bismuth and arsenic), the Pathfinder Project offers great potential for detailed exploration to discover and delineate mineral occurrences of merit. Moreover, the Greenwood Camp is accelerating as a possible new area-play with several companies moving ahead aggressively.


Full size / The Greenwood Camp as shown by GGX Gold Corp. (approximate location of Belmont’s Pathfinder Property added by Rockstone).


Full size / The Greenwood Camp as shown by Belmont Resources Inc. with exact location of its Pathfinder Property.

The Pathfinder Project

In late March, Belmont announced the acquisition of parts of the former Pathfinder Property, when Belmont‘s CEO, Jim Place, stated:

“This was an opportunity that Belmont could not pass up. On the heels of a very positive Vancouver Resources Investment Conference (“VRIC”); the Prospectors & Development Association of Canada (“PDAC”) and with the optimism in the market surrounding growth in gold prices, mergers and acquisitions, and mine development; we were presented with a portion of the Pathfinder property. Other exciting gold news from companies exploring the historic Greenwood area mining camp have received much investor’s attention recently.”

The Pathfinder Property is surrounded on 3 sides by claims held by KG Exploration (Canada) Inc., a wholly owned subsidiary of Kinross Gold Corp. Kinross, through its subsidiary, has also entered into a option to earn a 75% interest in approximately 27,000 hectares from Grizzly Discoveries Inc. on claims adjoining Kinross. Grizzly recently announced that “Kinross is planning further exploration within the Greenwood option area for 2019.”

The Pathfinder Property is located in proximity to the Gold Drop Property held by Ximen Mining Corp. (currently optioned by GGX Gold Corp.), where shallow drilling made headlines earlier this year with assays of “129 g/t gold and 1,154 g/t silver over 7.28 meter core length“, which ranked as the world‘s 7th best drill intercept of 2019 back then.


Full size / The Greenwood Camp in the heart of southern British Columbia’s mining trends as shown by Ximen Mining Corp. highlighting the GOM Mill from Golden Dawn Minerals Inc. in proximity to the Gold Drop Property (and thus also in proximity to Belmont’s Pathfinder Property). 


Full size / The Greenwood Camp within the regional Republic Graben Trend extending from southern BC to northern Washington, USA as shown by Golden Dawn Minerals Inc. (approximate location of Belmont’s Pathfinder Property added by Rockstone).

In a December 2000 report (historic; non-compliant with NI 43-101) on the Pathfinder Property, R. C. Wells (P.Geo.) of Kamloops Geological Services Ltd., stated that the Pathfinder Property “is easily accessible by road” and “covers a highly mineralized area”. The report provides further details of historic mining and exploration activities on the Pathfinder Property and adjacent properties, such as:

Small-scale historic production from the Pathfinder sulfide zone (several sulfide bodies up to 6 m in width that were developed at shallow depth with an adit, 3 or more shafts and over 800 ft / 244 m of tunneling) was recorded, mainly in 1916, at 239 tonnes averaging close to 3.12 g/t gold, 16.91 g/t silver and 1% copper. Also, historic production from the Little Bertha quartz vein system between 1900 and 1939 is reported to have totaled 876 tonnes averaging 15.1 g/t gold and 137 g/t silver, with the main vein developed by several tunnels, raises and surface workings.

Adjacent to the Pathfinder Property, gold-silver-copper bearing quartz veins were mined on the Gold-Eagle Property between 1904 and 1941, with 1905 production recorded to have averaged 8.1 g/t gold, 74 g/t silver and 1.39% copper.

There is evidence of old mine workings in several locations on the Property, some going back to the late 1800s and early 1900s. In the late 1990s, more systematic and integrated exploration programs by Cassidy Gold Corp. resulted in the discovery of several vein and skarn showings/zones with geophysical and geochemical anomalies on the Pathfinder Property, however none of these were tested by trenching or drilling.

Following up on Cassidy’s work, Conlon Resources Corp. optioned the Pathfinder Property in May 2000 and carried out more thorough soil sampling and geochemical analysis. The work by Conlon, carried out and documented by R.C. Wells, P.Geo. of Kamloops Geological Services Ltd. (AR #26498 – December 28, 2000) identified several prospective targets and recommended further study, including core drilling of high-probability areas.

Historic sampling in 2000 returned gold values up to 50.9 g/t, 3.7% copper and 99 g/t silver. The 2000 exploration results were “highly encouraging” and began to outline several polymetallic, gold-copper targets.

R.C. Well’s report states that, “The results to date indicate that the mineralization is probably more extensive than previously reported” and that, “The gold-silver mineralization at Pathfinder has several features in common with the past producing mines in the Rossland mining camp, 60 kilometres to the southeast. This camp was historically the second largest BC gold producer. Sulfide-rich ores consisted of massive pyrrhotite-rich replacement “veins” averaging close to 0.5 oz/t [17.1 g/t] gold, with significant copper and silver.”

Important Note: All previous work is of a historical nature, and may not have been conducted under NI 43-101 standards, therefore assay results and production figures cannot be relied upon; they appear as an indication of past mining activity in the area only. Belmont intends to ascertain the mineralization on its claims with its own sampling program. Significant historical information/ data will be compiled by Belmont as soon as possible to assist in the 2019 exploration program and completion of an updated geological report.


Full size / Old Collapsed Adit from the historic Pathfinder Workings. (Source: Belmont’s July 30, 2019 News-Release)

According to BC Geological Survey’s Minfile 082ESE075 on ”Pathfinder”:

“The Pathfinder deposit consists of four parallel veins cutting the sedimentary rocks of the Knob Hill Group, which are here intruded by dikes. The veins, from 2.4 to 6.4 metres in width, are mineralized with pyrrhotite, pyrite and chalcopyrite in a highly siliceous gangue.

The mineralization is considered to occur partially as a replacement of the enclosing sedimentary rocks. Some reports indicate that crude banding was observed in the Pathfinder zone sulphides. Evidence indicates the Pathfinder showing is spatially related to the contact zones of the Coryell Intrusions and likely formed as hydrothermal replacements and fracture fillings in the sheared hostrocks.

From 1899 to 1916, 239 tonnes of ore were shipped from the Pathfinder claim. From this ore, 746 grams of gold, 4043 grams of silver and 2330 kilograms of copper were recovered.

The Pathfinder claim (Lot 782) was located by Messrs. Parkinson and Pfeifer in 1895 and Crown granted to the Pathfinder Mining, Reduction and Investment Company Ltd. in 1897. Early development work to 1916 consisted of three shafts totalling 103 metres, interconnected by some 244 metres of crosscuts and drifts.

In 1917, a new company, Pathfinder Consolidated Mining Company, was formed to work the Pathfinder and Little Bertha (MINFILE 082ESE074) claims; the Iron Bell and Derby claims were subsequently added to the company holdings. Intermittent work by the company was confined to the Little Bertha claim, where a crosscut adit was begun in 1919; by 1932, the adit had been extended to 1000 feet. Leasers worked the Little Bertha claim from 1937 to 1939.

Exploration in the 1960s by Hecla Mining Co. and Alwin Mining Co. consisted of trenching, reopening adits and completing at least 12 diamond drill holes (Alwin). Only passing reference to this work is reported.

In 1980, Aries Resources Inc. optioned the property and conducted exploration around the main workings at Pathfinder, Diamond Hitch and Little Bertha. Three short holes were drilled on the Little Bertha vein zone with limited success. In 1980, Dolmage, Campbell and Associate conducted geological mapping between Pathfinder and Hornet creeks.

Nu-Lady Gold Mines Ltd. optioned the property in 1983. Exploration between 1983 and 1985 focused on the sulphide-rich mineralized zones at Diamond Hitch (1983 to 1984) and Pathfinder (1985) and consisted mainly of shallow diamond drilling. Five of the seven holes drilled on the Diamond Hitch were closely spaced over a 50-metre strike length.

From 1987 to 1988, an exploration program by Ber Resources Ltd. was followed up with magnetic, very low-frequency electromagnetic, soil and geological surveys and further trenching. This work was mainly in the eastern property area on the Pathfinder trend.

Two programs were completed on the property by Niagara Developments in 1992 and 1994. The earlier work consisted of a very low-frequency electromagnetic survey in the Little Bertha area. The latter featured a fairly detailed ground magnetic survey over the eastern Pathfinder trend.

Cassidy Gold Corp. held an option on the Pathfinder property between 1996 and 1999. Much of Cassidy’s exploration effort focused on the area between the Little Bertha and Pathfinder workings. The primary target was high-grade gold (silver)-bearing mesothermal quartz veins similar to the Little Bertha. Massive sulphide and skarn zones were secondary targets.

Exploration in 1996 consisted of grid preparation, soil and rock sampling, geological mapping and grid geophysical surveys (magnetic, very low-frequency electromagnetic, induced polarization). Cassidy dropped the option in 1999.

In 2000, Conlon Resources Corp. explored the property through grid preparation, soil geochemical surveying, geological mapping, prospecting and sampling, mainly in the new Pathfinder grid area.

In 2008, Kingsman Resources Inc. sampled from 11 trenches in the Pathfinder zone. Significant results include 5.3 grams per tonne gold and 2881 parts per million over 11.7 metres in trench TRPF08-5, within which narrow higher grade intervals include 14.9 grams per tonne gold and 1.18 per cent copper over 1 metre. Trenching generally indicates a close correlation between gold and copper (Assessment Report 30500).

In October 2008, Kingsman Resources Inc. drilled 11 diamond drill holes totalling 871.12 metres, exploring mineralization exposed in trenches. Drilling encountered lower gold grades than what was found in trenches but did find broad zones of gold mineralization. Such zones are structurally controlled as opposed to stratabound and are spatially related to granodiorite and feldspar porphyry. The best results include 1.02 grams per tonne gold, 8.8 parts per million silver and 3162 parts per million copper over 17.04 metres in drillhole PF08-1, including a massive sulphide lens grading 3.89 grams per tonne gold, 35 parts per million silver and12 560 parts per million copper over 2.9 metres. Gold and copper are strongly correlated (Assessment Report 31006).

In 2009, the property was examined by Drs. Gerry Ray and Bob Thompson, who suggested a high potential for Rossland-style gold-silver-copper mineralization based on several geological similarities (Press Release, Kingsman Resources Inc., February 17, 2010).”

According to BC Geological Survey’s Minfile 082ESE074 on ”Little Bertha, Pathfinder”:

“The Little Bertha showing consists of one or more north-northeasterly trending, east-dipping quartz veins in dioritic rocks of the Nelson Intrusions. Pyrite, galena and chalcopyrite occur in the quartz gangue. Evidence of faulting is seen in the uppermost Little Bertha workings (stope), where a slickensided fault plane marks the hanging wall of the vein. The vein ranges up to 2 metres in width. The estimated strike length of the vein is approximately 100 metres and is considered open in both directions. Local concentrations of sulphides were noted near the hanging wall contact. Sampling in 1996 yielded values of 26.81 grams per tonne gold, 475.89 grams per tonne silver and approximately 1.5 per cent combined lead and zinc from a selected sample of sulphide-rich vein (Assessment Report 25993).

From 1900 to 1939, 876 tonnes of ore were shipped from the Little Bertha claim. Approximately 83 per cent of this total was mined from 1937 to 1939. From this ore, 13 251 grams of gold, 120 276 grams of silver, 29 kilograms of copper and 391 kilograms of lead were recovered.

The Little Bertha claim, originally owned by A.T. Kendrick, was developed by a 40-foot shaft and 250 feet of tunnelling by 1905. Bertha Consolidated Gold Mining Company Limited, incorporated in February 1907, apparently held the claim for a number of years.

In 1917, a new company, Pathfinder Consolidated Mining Company, was formed to work the Pathfinder (MINFILE 082ESE075) and Little Bertha claims; the Iron Bell and Derby claims were subsequently added to the company holdings. Intermittent work by the company was confined to the Little Bertha claim, where a crosscut adit was begun in 1919; by 1932, the adit had been extended to 300 metres. Leasers worked the Little Bertha claim from 1937 to 1939.

Exploration in the 1960s by Hecla Mining Co. and Alwin Mining Co. consisted of trenching, reopening adits and completing at least 12 diamond drill holes (Alwin). Only passing reference to this work is reported.

In 1980, Aries Resources Inc. optioned the property and conducted exploration around the main workings at Pathfinder, Diamond Hitch and Little Bertha. Three short holes were drilled on the Little Bertha vein zone with limited success. In 1980, Dolmage, Campbell and Associate conducted geological mapping between Pathfinder and Hornet creeks.

Nu-Lady Gold Mines Ltd. optioned the property in 1983. Exploration between 1983 and 1985 focused on the sulphide-rich mineralized zones at Diamond Hitch (1983 to 1984) and Pathfinder (1985) and consisted mainly of shallow diamond drilling. Five of the seven holes drilled on the Diamond Hitch were closely spaced over a 50-metre strike length.

From 1987 to 1988, an exploration program by Ber Resources Ltd. was followed up with magnetic, very low-frequency electromagnetic, soil and geological surveys and further trenching. This work was mainly in the eastern property area on the Pathfinder trend.

Two programs were completed on the property by Niagara Developments in 1992 and 1994. The earlier work consisted of a very low-frequency electromagnetic survey in the Little Bertha area. The latter featured a fairly detailed ground magnetic survey over the eastern Pathfinder trend.

Cassidy Gold Corp. held an option on the Pathfinder property between 1996 and 1999. Much of Cassidy’s exploration effort focused on the area between the Little Bertha and Pathfinder workings.

The primary target was high-grade gold (silver)-bearing mesothermal quartz veins similar to the Little Bertha. Massive sulphide and skarn zones were secondary targets. Exploration in 1996 consisted of grid preparation, soil and rock sampling, geological mapping and grid geophysical surveys (magnetic, very low-frequency electromagnetic, induced polarization). Cassidy dropped the option in 1999.

In 2000, Conlon Resources Corp. explored the property through grid preparation, soil geochemical surveying, geological mapping, prospecting and sampling, mainly in the new Pathfinder grid area.

In 2009, the property was examined by Drs. Gerry Ray and Bob Thompson, who suggested a high potential for Rossland-style gold-silver-copper mineralization based on several geological similarities (Press Release, Kingsman Resources Inc., February 17, 2010).

In 2010, Kingsman Resources Inc. released tellurium results for samples from low-grade dumps, rock piles and an erratic float boulder on the property. In the Bertha area, the highest values include sample 90829.12 with 85.79 grams per tonne gold and 315 parts per million tellurium (Press Release, Kingsman Resources Inc., March 12, 2010).”

Cautionary Note regarding historical information: The mentioned historical information of the Pathfinder Property is relevant only as an indication that some mineralization occurs on these properties, and no resources, reserve or estimate is inferred. A qualified person has not done sufficient work to classify the historical information as current mineral resources or mineral reserves; and neither Rockstone, Belmont Resources Inc. (“Belmont”) nor Zimtu Capital Corp. (“Zimtu”) is treating the historical information as current mineral resources or mineral reserves.

Technical Perspective


Link to updated chart (15 min. delayed): http://schrts.co/kHTrBPdD

Company Details


Belmont Resources Inc.
Suite 600 - 625 Howe Street
Vancouver, BC, V6C2T6 Canada 
Phone: +1 604 683 6648
Email: gmusil@belmontresources.com
www.belmontresources.com

Shares Issued & Outstanding: 11,528,728


Chart

Canadian Symbol (TSX.V): BEA
Current Price: $0.07 CAD (07/29/2019)
Market Capitalization: $0.8 Million CAD


Chart

German Symbol / WKN (Frankfurt): L3L1 / A2PLWB 
Current Price: €0.038 EUR (07/29/2019)
Market Capitalization: €0.4 Million EUR 

Previous Coverage

Report #21 “Belmont Makes A Splash, Receives Water Rights Permit in Nevada and Acquires Gold Project in British Columbia”

Report #20 “Belmont Re-Starts Drilling at Kibby Basin Nevada Lithium Brine Project with MGX Minerals; Adds Two New Key Members to the Board of Directors"

Report #19 “Belmont to Start Drilling for Lithium Brine at Kibby Basin in Nevada after Thanksgiving"

Report #18 “Belmont reports final lithium assays from first hole of 2018 and gets ready for continued drilling at Kibby Basin in Nevada"

Report #17 “MGX-Belmont Announce Next Round of Encouraging Lithium Drill Results from Nevada"

Report #16 “MGX-Belmont sample up to 580 ppm lithium in sediments at Kibby Basin Nevada Joint Venture"

Report #15 “MGX-Belmont Drilling Finds Multiple Brine Prospective Zones at Kibby Basin Lithium Joint Venture in Nevada"

Report #14 “The Drills are Turning at MGX-Belmont‘s Kibby Basin Lithium Joint Venture in Nevada” 

Report #13 “MGX and Belmont to Start Drilling at Kibby Basin Lithium Project in Nevada on Saturday” 

Report #12 “MGX and Belmont Form Nevada Lithium Joint Venture at Kibby Basin” 

Report #11 “Ohm-m! The Divine Sounding of Resistivity” 

Report #10 “Belmont Resources (BEA.V): Cheapest US lithium play may just be what others promised” 

Report #9 “It‘s Time For Belmont To Shine In Nevada” 

Report #8 “Bingo! Belmont finds striking drill targets for lithium brine deposits at Kibby Basin in Nevada” 

Report #7 “The Missing Puzzle Piece to Discover Lithium Aquifers in the Kibby Basin of Nevada?” 

Report #6 “Belmont on track to eclipse the Clayton Valley” 

Report #5 “Belmont getting ready to drill for untapped lithium brines at Kibby Basin in Nevada” 

Report #4 “The perfect lithium basin?”

Report #3 “Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada” 

Report #2 “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project” 

Report #1 “Early Report on Belmont Resources”

Contact:
Stephan Bogner (Dipl. Kfm., FH)
Rockstone Research 
8260 Stein am Rhein, Switzerland
+41-44-5862323
info@rockstone-research.com
www.rockstone-research.com 

Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Belmont Resources Inc. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Belmont´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Belmont´s profile on SEDAR at www.sedar.comPlease read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds a long position in Belmont Resources Inc., Ximen Mining Corp., Golden Dawn Minerals Inc., GGX Gold Corp. as well as Zimtu Capital Corp., and is being paid by Zimtu Capital Corp. for the preparation, publication and additional distribution of this report, whereas Zimtu Capital Corp. also holds a long position in Belmont Resources Inc., Ximen Mining Corp. and Golden Dawn Minerals Inc..Belmont pays Zimtu for the preparation, publication and additional distribution of this report.

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COMPANY INFO
Name: Belmont Resources Inc.
Canada Symbol: BEA
Germany Symbol / WKN: L3L1 / A2PLWB
Shares Issued & Outstanding: 11,528,728
Phone: +1 604 683 6648
Email: gmusil@belmontresources.com
Web: www.belmontresources.com
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