Belmont Resources announces drill program for recently acquired Lone Star project in Washington State

Belmont Resources Inc has released an update for its recently acquired Lone Star copper-gold project situated in the Republic mining camp of Washington State. Home to a past-producing mine, Belmont plans to conduct a 3,000-metre drill program at the Lone Star copper-gold deposit to define additional resources, as well as increase the measured resource ahead of a possible future Preliminary Assessment, Scoping or Feasibility Study. Lone Star falls in line with Belmont Resources’ strategy of acquiring and re-developing past-producing copper-gold-silver mines in southern British Columbia and Northern Washington State. READ: US stocks set to edge lower having closed at record highs last week; China data weak According to the company, this region is considered to have the highest concentration of mineralization and past-producing mines in western North America. The former Lone Star mine operated for more than two decades over two time periods. The first, an underground mine open from 1897-1918 producing 146,540 tonnes, grading 1.25% copper, 0.036 ounces per tonne (opt) gold Au and 0.2 opt silver. An open-pit mine was operated from 1977-1978 by Granby Mining. During this time 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in British Columbia. Belmont’s 3,000-meter drill program will consist of 15 holes, with five holes for infill drilling, seven holes testing outward from the southern cluster of thick high-grade zones, and three holes to test the expansion of an eastern thick, rich zone. “We were very fortunate to acquire such as great project, which is already at an ‘intermediate stage of exploration’ and allows us hit the ground running with a drill program to update the current historical resource to a potentially even larger current NI 43-101 resource and subsequent Preliminary Assessment,” said George Sookochoff, president & CEO of Belmont in a statement. Sookochoff went on to give a brief overview of the property, which includes a NI 43-101 report completed by Merit Mining Inc. “Unfortunately, the major crash of 2007-08 created financial difficulties for Merit, as well as most junior exploration companies at the time, and the property reverted back to the owner BGP Resources Inc. a Washington State corporation,” he said. “The project remained dormant until recently when we became aware that this project was, surprisingly, still available for acquisition.” Now with the goal of completing a new NI 43-101 technical report, Belmont plans to diligently advance the promising project. “In this business, it is very important to not only recognize opportunities, but also to act quickly and take full advantage. We certainly were not going to pass up the opportunity that the Lone Star presents. On July 29, 2021, we announced the acquisition of the project and are now very excited to continue where Merit Mining left off,” said Sookochoff. Aside from the Lone Star news, Belmont also provided an update regarding the Come By Chance property where work has been paused due to wildfires in the Grand Forks region. “Management does not anticipate restarting its exploration prior to the third week of September 2021, at which time it will continue with an IP survey over a large copper-gold skarn / copper-gold porphyry target,” the company said. “A drilling program will follow in order to test the target.” Contact the writer at georgia@proactiveinvestors.com Follow her on Twitter @MissInformd