Belmont Resources Inc. [BEA-TSXV, L3L2] has released results from a continuing drilling program at the Lone Star joint venture project in northeastern Washington State.
The Lone Star project is a formerly producing open-pit and underground mine situated on the north end of the prolific Republic graben of Washington State. The project has 252 historic drill holes
In November 4, 2021, Belmont said it had entered into option agreements with Marquee Resources Ltd. [MQR-ASX] with respect to the Lone Star copper-gold project and its Kibby Basin Lithium project in Nevada.
Under the two option agreements, Marquee will make cash payments totaling $604,000 to Belmont, spend $5.05 million to explore the two projects and issue six million shares of Marquee over a two-year earn in period to earn an 80% interest in each of the two projects.
When the deal was announced, Belmont said Marquee is committed to bringing the Lone Star Mine into a production ready stage within a relatively short time line.
The Lone Star Mine operated over two separate periods, including from 1897 to 1918, producing 146,540 tonnes and from 1977 when 400,000 tonnes of ore were transported from the Lone Star open pit to its Pheonix mill in British Columbia.
The property was acquired by Merritt Mining, a company that went into receivership before it was able to deliver a preliminary economic assessment report in 2008, following the global economic crisis.
The project contains an historic indicated resource of 63,000 tonnes of grade 1.28 g/t gold, 2.3% copper, 8.82 g/t gold equivalent AuEq, 2.69% copper equivalent (CuEq), 19,600 ounces of AuEq and 2.19 million pounds of copper. On top of that is an historic inferred resource of 682,000 tonnes.
The current drill program aims to validate the historic 252-hole database, achieve an infill drill hole spacing that is appropriate for advancing the 2007 historic inferred mineral resource to a current measured and indicated resource category. Drilling is also designed to test for extensions of the historic resource both laterally and at depth.
Drilling continues around the clock as part of a 42-hole, 6,000-metre drill program.
So far 16 holes or 2,815 metres have been completed at Lone Star with full assay results from the first six holes already received.
Drilling highlights include 5.0 metres of 4.4% CuEq in hole LS21-003 from 72.4 metres, and 22.3 metres at 1.1% CuEq from 125.6 metres (including 9.5 metres at 1.5% CuEq).
With Marquee being the operator and advancing Lone Star and Kibby, Belmont said it could focus on advancing its CBC project in southwest British Columbia where a geophysical survey where a geophysical survey has delineated a prospective large copper-gold porphyry target.
Belmont said it plans further drilling this year at its AJ gold project in southwest B.C., which hosts two past-producing gold mines.
Marquee Resources is an Australian Stock Exchange-listed explorer with interests in a basket of cobalt projects in Ontario and the Clayton Valley lithium project in Nevada.
On February 11, 2022, Belmont shares closed at $0.08 and currently trade in a 52-week range of 10.5 cents and $0.045.