LONESTAR COPPER GOLD PROJECT JV
Belmont continues to fast track the Lone Star deposit towards production with first two drill hole results highlighted by 1.3% Copper over 44.2 metres.
6,000 metre drill program designed to:
1) Confirm grade, width and tenor of mineralisation of previous 250 drill holes and historic resource.
2) Achieve a drill hole spacing that is appropriate for advancing the historic inferred mineral resource to a current indicated resource category, and producing a Preliminary Economic Assessment.
3) Investigate for nearby resource extensions to the east and south.
Timeline
July 29, 2021: Belmont Acquires Past Producing Lone Star Copper Mine
November 4, 2021: Belmont Signs Option/JV Agreements With Marquee Resources On Lone Star Copper-Gold Project
November 17, 2021: Belmont/Marquee Commences 6,000m (42 holes) Drill Program At Lone Star Copper-Gold Project
January 6, 2022: Belmont/ Marquee Announce First Drilling Results At The Lone Star Copper-Gold Project Highlighted By 1.3% Copper Over 44.2 Metres
8 of 42 holes completed (6,000m)
Continued news flow of results expected over the next few month.
Drilling Highlights
- Wide zones of high-grade copper mineralization (up to 18.5% Cu) confirmed from first two diamond drill holes with significant elevated gold (up to 10.4g/t Au) and silver (up to 106 g/t Ag) values also received.
- Multiple zones of mineralization intersected which include:
LS21-001
- 2m @ 1.3% Cu from 65.8m (including 19.8m @ 2.4% Cu)
- 1m @ 1.15% Cu from 140.4m (including 8.5m @ 2.1% Cu)
LS21-002
- 54m @ 3.7% Cu & 1.8g/t Au from 48.3m (including. 2.6m @ 18.5% Cu & 10.4g/t Au)
- 6m @ 0.8% Cu from 120.7m (including 7.6m @ 2.1% Cu & 1.4g/t Au)
- Drilling ongoing with 7 diamond holes of 42 completed as part of the 6,000m program.
- Second batch of assays delivered to the lab for analysis and are expected to be received early February
Option/JV
Belmont recently signed an option/JV agreement with Marquee Resources (ASX:MQR) (see NR Nov.4, 2021) whereby Marquee agrees to commit the following:
- $504,000 cash payments
- $2,550,000 Work Program
- 3,000,000 MQR Shares
- Produce a Preliminary Economic Assessment on the project
- Over a 24 month term
- For 80% ownership of the Lone Star project.
- Upon completion, a joint venture is to be formed and a decision will be made in regards to bringing the Lone Star into production.
Mining
The claims cover a previously disturbed area from past underground and open pit mining and if a development program was considered, the open pit area could support an open pit and underground operation. A portal could be established in a bench wall on the current pit and waste rock could be contained within the confines of the current open pit.
Milling
The 200 tpd Greenwood Toll Mill is located only 13kms north of the Lone Star property and will potentially receive ore for milling from the Lone Star mine.
The Property
The Lone Star property is located in northern Washington State on the northeastern tip of the Republic Graben, an important geological feature which hosts several gold and copper mines.
The past producing Lone Star Mine operated over two time periods; from 1897-1918 producing 146,540 tonnes, and from 1977-1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north.
The property was acquired by Merrit Mining. In 2007 Merrit completed a 43-101 Technical Resource Report and were about to produce a Preliminary Economic Assessment report but due the market crash Merrit Mining went into receivership and the property remained dormant until purchased by Belmont.
Download Lone Star Technical Report 2007
- Historic resource based on $2.84/lb Copper and $593 oz Gold
- Company plans to update resource with current metal prices ($4.40/lb Copper and $1,800 oz Gold)
The Lone Star Mine Washington State
Mines on the No.7 Fault
Lone Star Property Map
Lone Star Section – Possible Mining Scenarios
NI 43-101 Disclosure:
Technical disclosure in this web page has been approved by Laurence Sookochoff, P.Eng., a Qualified Person as defined by National Instrument 43-101.
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature.
(3) The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
(4) Gold equivalent (AuEq) grade was calculated utilizing a gold price of US$593/oz and copper price of US$2.84/lb., based on the 24 month (at July 31, 2007) trailing average of gold and copper prices, to obtain a conversion factor of % copper x 3.284 + gold g/t = Au Eq g/t. Metallurgical recoveries and smelting/refining costs were not factored into the gold equivalent calculation.
(5) The Cu equivalent (CuEq) cut-off value of 1.5% was calculated and rounded utilizing the following: Cu price US$2.84/lb, $US exchange rate $0.88, process recovery $95%, smelter payable 95%, smelting and refining charges C$7/tonne mined, mining cost C$62/tonne mined, process cost $C28/tonne processed, G&A cost $7.50/tonne processed.
(6) A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. As such the issuer, Belmont Resources, is not treating this historical estimate as current mineral resources or mineral reserves.