Belmont Resources Inc. (TSX VENTURE: BEA)(PINK SHEETS:
BEAAF)(FRANKFURT: L3L) (the "Company") with Dorex Minerals Inc.
(TSX VENTURE: DOX) or ("Dorex") is pleased to announce that the
3-Hole drill program at the north end of Bufo Lake in the western
portion of the Lumby/Bufo Property has met expectations with the
discovery of a new east-west striking gold zone. An 800 meter long
VLF EM and Max Mix conductive zone was tested with 3 drill holes
for a strike length of 250 meters with Holes BB-10-6, BB-10-07 and
BB-10-8. All 3 holes tested an area under the lake. Each of these
three drill holes intersected several wide zones of iron-carbonate,
sericite, silicification and chlorite alteration containing quartz,
quartz-calcite veining mineralized with pyrite, chalcopyrite,
pyrrhotite and minor sphalerite.
Holes BB-10-6 was drilled to a depth of 269 meters, intersected
several zones of ankerite, sericite alteration mineralized with
pyrite, pyrrhotite with minor chalcopyrite and pyrite. Samples from
this hole returned trace amount of gold. However, a 28.4 meters
section starting from 141.0 meters, assay 2.18 g/t silver.
Anomalous values of copper up to 293 ppm, nickel up to 153 ppm and
zinc up to 272 ppm were obtained from this hole. A total of 116
core samples were taken from this hole.
Holes BB-10-7 was drilled to a depth of 446 meters and 100
meters east of BB-10-6. The hole encountered numerous zones of
ankerite, sericite and calcite alteration, quartz and
quartz-calcite veining mineralized with pyrite, pyrrhotite,
chalcopyrite and minor sphalerite. The collar of Holes BB- 10-7 was
located 100 meters east of BB-10-6. A total of 158 core samples
were taken from this hole. Several zones of anomalous gold values
were obtained throughout this hole. The higher values are tabulated
below.
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Sample # From (m) To (m) Interval (m) Au - g/t Ag - g/t
----------------------------------------------------------------------------
998807 33.4 34.9 1.5 0.03 2.17
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998895 166.4 167.7 1.3 0.06 2.16
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998938 224.8 226.1 1.3 0.06 1.61
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998939 226.1 227.1 1.0 0.72 1.06
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Cumulative Silver
Sections
----------------------------------------------------------------------------
998902 to 998924 174.9 207.4 32.5 - 1.9
----------------------------------------------------------------------------
998934 to 998950 218.9 258.0 39.1 - 1.96
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A third drill hole, BB-10-8 was collared 150 meters east of
BB-10-7 and drilled to a depth of 227 meters. This zone also
intersected similar style alteration and mineralization to that was
intersected in holes BB-10-6 and BB-10-7. A total of 58 samples
were taken from this drill hole. The assays from this drill hole
returned higher gold values than the previous 2 drill holes. The
assays are tabulated as follows:
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Sample # From To Interval Au - g/t Ag - g/t
----------------------------------------------------------------------------
92003 125.0 126.2 1.2 0.26 1.26
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92033 211.7 213.1 1.4 0.12 1.43
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92034 213.1 214.6 1.5 0.3 1.03
----------------------------------------------------------------------------
Cumulative
Silver Section
----------------------------------------------------------------------------
92028 to 92035 204.4 216.3 11.9 - 1.28
----------------------------------------------------------------------------
A total of 332 samples were taken from the above three drill
holes totaling 497.5 meters of core sampling.
The Company is still awaiting and summarizing assays from holes
BB-10-9 and BB-10-10. Holes BB-10-9 and BB-10-10 intersected
alteration with mineralized quartz and quartz-calcite veining with
similar sulphide mineralization to that intersected in Holes
BB-10-2 with two sections containing 17.9 g/t and 6.4 g/t gold and
BB-10-3 with two sections containing 1.7 g/t and 2.4 g/t gold
drilled in the spring of 2010 in the south portion of Bufo
Lake.
The drill moved to the high grade silver-base metal showing
located at the east end of Lumby Lake. Two holes, BB-10-11 drilled
to a depth-333 meters and BB-10-12 drilled to a depth of 203 meters
were collared 50 meters east and west and 50 meters north of the
high grade silver-base metal showing located near the east end of
Lumby Lake. These drill holes intersected 170 m+ and 150 m+ wide
respectively of sulphide bearing felsic volcaniclastic and
tuffaceous rocks consisting of sphalerite, galena, acanthite,
pyrite, chalcopyrite and bornite. Each hole contains an upper
sphalerite and a lower chalcopyrite rich zone of mineralization.
Logging and core sampling from Holes BB-10-11 and BB-10-12 drilled
between Lumby and Herontrack Lake is still on-going.
Narrow ultramafic dykes, 2+ metres wide were intersected and are
mineralized with disseminated and net-textured sulphides. A narrow
0.4 meter wide section of net-textures sulphides consisting of
pyrrhotite and chalcopyrite in gabbro was intersected in Holes
BB-10-11 at a depth of 287 meters. Previous work by Atikokan
Resources Inc has confirmed that these gabbro rocks contain values
in gold, silver, copper, nickel, palladium and platinum.
The amount drilled up to Holes BB-10-12 totals 2,006 meters of
the 2450 meter program.
All samples are taken to the 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.
Assay results will be released from the unreported drill holes
once they are received and compiled.
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 of acceptance of certain 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
Vojtech Agyagos, CEO/President/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. Vojtech Agyagos
CEO/President/Director 604-683-6648 (604) 683-1350
www.belmontresources.com
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