Belmont Provides Update at Kibby Basin Lithium Project, Nevada

2022-10-19

TSXV - TSX Venture Exchange · Uranium · Rare Earth Elements · Copper · Gold · Silver · Lithium · Canada

(TheNewswire)

Vancouver, B.C. Cana d a – TheNewswire - October 19, 2022 - Belmont Resources Inc. (“ B elmont”), (or the “Comp a ny”), (TS X V:BEA ) ; ( FSE:L3L2) is pleas e d to provide an update f o r its Belmont-Marquee Resources ( A S X :MQR) (“M ar quee”) Kibby Joint Venture (JV) 3,000 meter drill program in Nevada.

The objective of Kib b y drill progr a m is to deli n eate a lithi um -enriched brine aquifer deposit in K i bby Basin, Nevada, USA th a t is amenable to mining using wells t o e x tract brine for proc e ssing to a s aleable lithium hydroxide mon o hydrate (LiOH∙H2O) pr o duct.

Kib b y Basin [](https://belmontresources.com/wp-content/uploads/2022/10/Kibby-section.jpg)S e ction s howi n g [](https://belmontresources.com/wp-content/uploads/2022/10/Kibby-section.jpg)c onductiv e anomal y ( lith i u m [](https://belmontresources.com/wp-content/uploads/2022/10/Kibby-section.jpg)b rin e ta r g e t)

Drill hole KB22-02 has b een completed at a total depth of 915 m eters (3,004 feet). T h e drill hole t argeted a highly con d uctive geophysical (Magnetotelluric - MT) anomaly, which has the sign a ture for a potential lithium enriched brine a q uifer benea t h the Kibby Playa (dried lakebed).

Hole KB 22-02 drilled a section of m uddy lakebeds with inte r sp e rsed siltstones and sandstones, which can serve as important aqui f ers for lithi u m brines. Several interv a ls of tuff a ceous sedi m ents as well as airfall and reworked ash, also potential h o sts for lithi u m brine, were encounte r ed.

Drill core fr o m KB22-02 has been l o gged at Belmont’s core cutting facili t ies in near b y Mina, NV. Ten percent of t h e core has b een split a n d delivered to Paragon La b s in Sparks, NV for lit h ium analyses. Water samples are bei n g analyzed for lithium and chemical / physical pr o perties at W estern Environmental Testing La b oratory in Sparks NV.

Upon completion of a drill hole, Mr. G eoffrey Ba l dwin, P.G. o f Applied Hydrologic L T D analyzes the drill core and g e ologic lo g s t o select sp e cific intervals for groun d water sampling with an “ Inflatable P a cker System.”

The inflatable packer c a n isolate d iscrete zones of the aquif e r where wa t er samples could be ob t ained and attributed to that speci f ic part of the a quifer. This minimizes c r oss contamination between various levels and destabilization of t h e drill hole. The select e d interval may be anywhere from 10 to 200+ f o ot intervals. The top and bottom of the interval are first se a l e d by inflati n g the packer seals. The interval is t h en purged of any fluids in the interval to avoid contamination before new fluid from the aquifer is allowed to accumulate in the interval before being pumped to surface.

Kibb y Dril l Pla n an d [](https://belmontresources.com/wp-content/uploads/2022/10/Belmont-Resources-Kibby-Basin-Lithium-Project.jpg)C onductiv e Anomal y [](https://belmontresources.com/wp-content/uploads/2022/10/Belmont-Resources-Kibby-Basin-Lithium-Project.jpg)( lithiu m brin e ta r get)

This sampl i ng process will be rep e ated numerous times to take s pecif i c water samples upward along the 915 meter drill hole.

Each water sample is b ottled and sent to Wes t ern Environmental Test i ng Laboratory in Sparks, NV for lithium analyses.

Drilling KB22‐02 Completed. Down Hol e Packe r [](https://belmontresources.com/wp-content/uploads/2022/09/Kibby-22-02-drilling.png)W a te r Testin g I n P rogress

[]()President & CEO, Mr. George Sookochoff, commented :

“I am excited to see that we have completed the second dri l l hole at Kib b y. The first water sample was taken from 854-915 m (2802-3004 ft . ) using an “ I nflatable P a cker” device. It is extremely importa n t that any water sample taken from a precise depth in t erval be uncont a minated with fluids f r om above or below. Our hydrol o gist Mr. Geoffrey Baldw i n, P.G. of Applied Hydrologic i s do i ng a fantast i c job ensu ri ng that the samples are of the high e st quality.”

“Drilling for l i thium brines is very challenging, es p ecially at the depths we are drilling, but we have a great crew working on the Ki b by site that have proved to be able t o m eet those challeng e s head on a nd keep the project moving forward. Robert Cuffney, S e nior Geologist; Geoffrey Baldwin, Hydrologist; a n d the Drill NV crew. Good job everyone!”

[]()About the Kib b y Lithium Project

Kibby Basin is locat e d within the Bas i n and Range Province in s outhern Nevada. It is a closed-basin that is fault-bou n ded on the East, North and South.

The Kibby potential de p osit type is a continental, mineral-enriched brine a quifer within a hydrographically closed b a sin (endorheic basin). Con t inental brin e s are the pr i mary source for lithium p roducts wor l dwide. Bradley and others (20 1 3) noted th a t “all produc i ng lithium br i ne deposi t s share a n u mber of first-order characteris ti cs: (1) arid climate; (2) c l osed basin containing a playa or sa l ar; (3) tect o nically driven subsidence; (4) associ at ed igneous or geothermal activity; (5) suitable l i t hium source-rocks; (6) o ne or more adequate aquifers; and (7) suff i cient time to concentrate a brine.

Kibby Basin has similar characteristics as the Clayton Valley B asin

[]()Kib b y Basin Lithium Claims Water Rights

Belmont holds legal wa t er rights wi t h the Monte Cristo hydrologic basin where the Kibby Basin li t hium property, is situated. Be l mont is fully permitted by the state of Nevada to e xtract a maximum 2,896 acre- feet (944 million gallo n s) annually of water for brine processing and production of l ith i um compo u nds,

a pre-requis i te for the exploration a n d development of lithi u m brine projects in Nevada. Under State of Nevada law, water (incl u ding lithium brines) can n ot be pumped f rom a subterranean source with o ut valid water rights and permits.

Obtaining a water permit for the Kibby Basin lith i um project was a major milestone f or Belmont where, because of t he desert c o nditions in t he region, water is of ma j or importance to any potential mini n g operation. T he Clayton Valley Basin for instance is over-appro p riated (c u rrent water rights are in excess of water volumes available for an average year) and obtaining water rights for propos e d operations is a hurdle that several com p anies in the Clayton Valley Basin have yet to overcome, ev e n in their a dv anced stage of development.

Cypress D e velopment (TSV:CYP) recently paid $3,000,000 for a w a ter permit in Clayton Valley ( Cypress NR ) which allows for the beneficial u se of 1,770 acre/feet ( 5 77 million g allons) ann u ally of water for mining, milling and domestic use.

[]()About the Belmont/Marquee option/JV Agr e ement

In Nov e m ber 2021, Belmont announced an Option/JV agr e ement with Marquee R e sources (A SX . MQR)

for the Kibby Playa Blo c k, one of fi v e claim blocks 100% o w ned by Belmont Resources in the Ki b by Basin.

The agreement terms are for Marquee to issue Belmont C $ 100,000 cash upon sign i ng (completed); issue 3,000,000 Marquee sha r es (1,000,0 00 issued); a nd incur C $ 2,500,000 in exploration expenditures within 15 months of the signing of the Option Agreeme n t in order to earn up to a n 80% inte r est in the K i bby Playa block.

[]()About Belmont Resources

Belmont R e sources h a s assembled a portfolio of highly prospective co p per-gold-lith i um & uranium projects located in B r itish Columbia, Saskatc h ewan, Washington and Neva d a States. Its hold i ngs include the Come By Chance (CBC), Athelstan-Jackp o t (AJ) and Pathfinder s i t uated in the prolific G reenwood mining camp in southern British Columbia. The Crackingst o ne Uranium project in the uranium rich Athabaska Basin of northern Saskatchewan. The Lone Star copper-gold mine in the m i neral rich Republic m ining camp of north central Washington Sta t e. The Kib b y Basin Lith i um project l oca t ed 60 k i lometers north of the li t hium rich Clayton Valley Basin.

[]()The Belmont project portfolio:

Athelstan-Jackpot B.C. Gold-Silver mines

Come By Chance B.C. Copper-Gold mine

Lone Sta Washington Copper-Gold mine

Pathfinde B.C. Go –Silver mi es

Black Bea B.C. Gold

Pride of the Wes B.C.- Gold

Kib Basin, Nevada Lithium

Crackingstone, Sask. Uranium

past producing mine

[]()NI 43-101 Disclosure:

The techni c al informat i on in this news re l ease h as been prepared i n accordan c e wi t h Canadian regu l atory requ i re m en t s as set out in National I nstrument 43‐101 and has b een reviewed and approved by Robert Cuffney, C P G.

ON BEHA L F OF THE BOARD OF DIREC T ORS

“George S o okochoff”

George So o kochoff, CEO/President Ph: 604-505-4061

Email: george@belmontresources . com

Website: w ww.Belmon t Resources.com

We seek sa f e harbor. Neither TSX V enture Exchange nor i t s R egulation Services P rovider (as t h at term is defined in t h e policies of the TSX V e nture Exchange) accep t s responsibility for the a dequacy or accuracy of this r e le a se. The TSX Venture Exchange has not approved nor disap p roved of the information contain e d herein .

Belmont Provides Update at Kibby Basin Lithium Project, Nevada

Earlier from Belmont Resources Inc.