Belmont & Dorex Drilling Progress on Lumby/Bufo Property
21 Janeiro 2011 - 12:00PM
Marketwired
Belmont Resources Inc. (TSX VENTURE: BEA)(PINK SHEETS:
BEAAF)(FRANKFURT: L3L) (the "Company") with Dorex Minerals Inc.
(TSX VENTURE: DOX) or ("Dorex") have completed 1,803 meters on the
Lumby/Bufo Property (the "Property") consisting of 23 contiguous
mineral claims (3,040 ha) located approximately 35 km northeast of
the town of Atikokan, Ontario and within the Thunder Bay Mining
Division.
To date, a total of 1,803 meters of diamond drilling of the 2450
meter program have been completed (6 holes). The first 3 holes,
BB-10-6, BB-10-7 and BB-10-8, totaling 942 meters were drilled to
test and explain the cause of a VLF- EM and Max Min conductor under
the northern portion of Bufo Lake. These three holes tested a 350
meter section (central portion) of this conductor. Several zones of
ankerite alteration with quartz and quartz-calcite veining with
sulphide mineralization were intersected in these 3 holes. A total
of 332 samples were taken from these holes and sent out for
analysis.
Two additional holes, BB-10-9 and BB-10-10, continued testing
the gold zone discovered in the 2010 spring 5-hole drilling program
(BB-10-1 to BB-10-5) carried out in the south portion of Bufo Lake.
Holes BB-10-9 collared 50 meters north of BB-10-2 to a depth of 300
meters to test the down-dip extension of the gold intervals
intersected in holes BB-10-2. An additional and parallel, 3+ meter
wide ankerite zone was exposed and tested by this hole near the
start of this hole. Hole BB-10-10 was drilled 100 meters west of
BB-10-3 to a depth of 228 meters testing the westerly extension of
the gold zone between BB-10-3 and BB-10-4. Several zones of
ankerite and quartz-carbonate veining containing sulphides were
encountered in both holes. A float boulder, assaying 2.33 oz/ton
gold, was previously located near the south shore of Bufo lake
about 200 meters south of this new gold zone under the south
portion of Bufo Lake. A total of 257 samples were taken from these
two holes and delivered to Accurassay Labs in Thunder Bay for
analysis. All samples are being analyzed for Au via fire assay + AA
finish, Ag via AA, and for 34 multi-elements.
The drill was moved to the high grade silver-base metal showing
located at the east end of Lumby Lake. A sixth hole, BB-10-11,
collared 50 meters north and west of the high grade silver-base
metal showing was drilled south at -45 deg to a depth 333 meters.
This drill hole intersected four zones of mineralized felsic
volcaniclastic and tuffaceous rocks totaling 167.5 meters
mineralized with sphalerite, galena, acanthite, pyrite,
chalcopyrite and bornite. The upper three zones (107.4 meters)
contain the zinc-galena-acanthite whereas the lower 60.1 meter
section contains chalcopyrite, pyrrhotite with lesser sphalerite
and minor acanthite.
Two narrow sections containing disseminated and net-textured
sulphide mineralization were also intersected in this hole. A 2.8
meter section of finely disseminated sulphide was intersected at a
depth of 69 meters. A second 0.4 meter section of net-textures
sulphide zone of pyrrhotite and chalcopyrite contained in coarse
grained gabbro was intersected at a depth of 287 meters. Previous
work by Atikokan Resources Inc has also confirmed the presence of
gold within this zone of mineralization.
Assay results will be released from these holes, once they are
compiled.
On November 11, 2010 Belmont entered into an option agreement
with Dorex. To earn an initial 49% interest in the Property, Dorex
will complete $1,500,000 in exploration expenditures by December
31, 2011 of which $500,000 must be incurred by February 28, 2011.
Dorex may increase its interest to 60% by incurring further
exploration and payments to Belmont (see NR -November 15, 2010).
Dorex has received conditional approval of the transaction, subject
to submitting and receipt for acceptance of further documents.
The Lumby-Bufo Property is contiguous with and on strike to the
north-northeast with the Hammond Reef deposit, where Osisko is
presently focused on expanding their gold resources. A preliminary
assessment ("PA") study was completed on Hammond Reef on November
12, 2009, resulting in a NI 43-101 compliant Inferred Resource
estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8
g/t gold, using a 0.3 g/t Au cutoff).
This press release has been reviewed and approved by Raymond A.
Bernatchez, P.Eng. Consulting Geologist and a qualified person as
defined in NI 43-101.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100%
interest in 3,040 ha. (23 contiguous mineral claims), known as the
Lumby/Bufo property located approximately 35 km. northeast of the
town of Atikokan and adjoining on strike to the north-northeast
with the Osisko Mining Corp. (former Brett Resources Inc.) "Hammond
Reef" deposit.
Belmont Resources Inc. has previously focused on acquiring and
developing uranium properties in developed and emerging uranium
districts. Belmont (50/50) with International Montoro Resources
Inc. has acquired two significant uranium properties (Crackingstone
-982 ha & Orbit Lake -11,109 ha) in the Uranium City District
in Northern Saskatchewan. The Company also holds interests (50/50
with Int. Montoro) in one rare earth mineral and one uranium claim
block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at
www.BelmontResources.com and www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, CFO/Director
The statements used in this Press Release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Companies forward-looking statements and expectations.
Neither the 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 news release.
Contacts: Belmont Resources Inc. Gary Musil CFO/Director (604)
683-6648 (604) 683-1350 (FAX) www.BelmontResources.com
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