VANCOUVER, BC / ACCESSWIRE / December 18, 2018 / ("Belmont Resources Inc. ("Belmont" or the "Company") (TSX.V:BEA; FSE: L3L1; DTC Eligible – CUSIP 080499403).
Kibby Basin – Drilling KB-4 Commences
Belmont is pleasedto announce drilling has re-commenced at the Kibby Basin Lithium Brine project withMGX Minerals Inc. (CSE: XMG) in Nevada.HoleKB-4 has a targeted depth of 300 meters into the lakebed sediments.The hole targets a potential fault as interpretedfrom the geophysical survey data, which looks deep into the sub-surface layers.Previous drilling has shown consistent lithiumin clay mineralization 1200-1700 feet up to 580 ppm Li and moderate lithium mineralizationat shallow depths to 300 feet up to 100 ppm Li.Geophysical and geological interpretation has indicated potential geothermalactivity may have brought concentrations of dissolved minerals close to the surface.The drill hole KB-4 is in the center of the measured gravity low targeting the centerof the anomaly on the interpreted fault.
Figure 1. Drill Hole Locations
Figure 2 KB-4 Locationas "A" on MT Survey (depth to top and bottom of conductor shown)
Figure 3 MT Section of KB-4 as"A", showing fault offset of MT conductor
NI 43-101 Disclosure
Robert ("Bob") G.Cuffney, Certified Professional Geologist, a Qualified Person as defined by NationalInstrument 43-101, has reviewed and approved the above technical information inthis news release.
Jared Lazerson joins the Board of Directors
Belmont welcomesJared Lazerson to the Board. Mr. Lazerson is CEO and Director of MGX Minerals Inc.(CSE:XMG). Mr. Lazerson represents MGX Minerals interest on the Belmont Board.MGX currently owns 4 million shares of Belmontwith 4 million two year warrants at 8 cents in the first year and 10 cents in thesecond year; and has the right to acquire up to 10 million shares of Belmont at20 cents for 3 years.Mr. Lazerson startedMGX in 2014 and has overseen the growth of the Company that now includes multipleindustrial technology subsidiaries including rapid lithium extraction technologyand battery mass storage, with current mineral exploration operations in four countries.MGX was the winner of the 2018 Standard &Poor's Global Platts Metals Global Award for Leadership in Base and Specialty Metals.Mr. Lazerson holds a B.A. in International Relationsfrom the University of Pennsylvania.
Karim Rayani joins the Board of Directors
Belmont also welcomesKarim Rayani to the Board.Mr. Rayani hasspent the last 14 years providing management consulting and investment banking servicesto companies in the junior mining, bio medical and technology sectors.Mr. Rayani has assisted in raising over $45 millionover the last 4 years for public and private companies.Formerly he was head of Bloomberry Capital Group;a Vancouver based merchant bank and capital advisory firm.Currently he is Chairman of R7 Capital VenturesLtd.; President/CEO/Director of District 1 Exploration Corp.; and Director of FiberCrowne Manufacturing.His business endeavorshave enabled him to establish a global network of contacts with a focus on institutionalaccounts, and will assist Belmont in raising financing for its ongoing explorationprojects.
Roger Agyagos resigns
The Board wishesto thank Roger Agyagos for his contribution to the Audit Committee of the Companyand as a Director since 2004; and wishes him well in his future endeavors.
About Belmont Resources Inc.
Belmont is an emergingresource company engaged in the acquisition, exploration and development of mineralproperties in Canada and Nevada, U.S.A.
Belmont owns theKibby Basin Lithium project covering2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A.The Kibby Basin property is located 65 km northof Clayton Valley, Nevada the location of the only US Lithium producer.MGX Minerals Inc. (CSE: XMG) has currently earneda 25% interest in the Kibby project and has the right to increase this to 50% byexpending an additional $300,000 by December 31, 2018 and become the operator.
In 50/50 ownershipwith International Montoro Resources Inc., Belmont has acquired and is exploring joint venture opportunitiesfor its two significant uranium properties (Crackingstone-982 ha & Orbit Lake – 11,109 ha) in the Uranium City District in Northern Saskatchewan,Canada
ON BEHALF OF THE BOARD OF DIRECTORS
"James H. Place"
James H. Place
This Press Release may contain forward-looking statementsthat may involve a number of risks and uncertainties, based on assumptions and judgmentsof management regarding future events or results that may prove to be inaccurateas a result of exploration and other risk factors beyond its control. Forward looking statements in this news releaseinclude statements about the possible raising of capital and exploration of ourproperties.Actual events or results coulddiffer materially from the Companies forward-looking statements and expectations.These risksand uncertainties include, among other things, that we may not be able to obtainregulatory approval; that we may not be able to raise funds required, that conditionsto closing may not be fulfilled and we may not be able to organize and carry outan exploration program in 2016; and other risks associated with being a mineralexploration and development company. These forward-looking statements are madeas of the date of this news release and, except as required by applicable laws,the Company assumes no obligation to update these forward-looking statements, orto update the reasons why actual results differed from those projected in the forward-lookingstatements.
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as the term is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this news release.
SOURCE: Belmont Resources Inc.