Belmont Obtains Water Rights Permit on Kibby Basin Property & Updates Completion of KB-4 Drilling
VANCOUVER, March 21, 2019 - Belmont Resources Inc. ("Belmont" or the "Company") (TSXV: BEA); (FSE: L3L1); (DTC Eligible – CUSIP 080499403). The State of Nevada Department of Conservation and Natural Resources – Division of Water Resources has approved Belmont's application for water rights on the Kibby Basin Lithium property. The two well permits to develop groundwater (brine) in the Monte Cristo Groundwater Basin may be the first of their kind in Nevada. This news comes at a significant time, when other lithium companies and explorers are realizing the importance that Nevada's legislators and regulators place upon the natural resources of their state. The detailed and complex process of the application was completed on Belmont's behalf by Tom Gallagher, P.E., of Nevada Water Solutions LLC. Jim Place, P.Geo.,CEO comments: "This is a very important milestone in the development of the Kibby Basin lithium property".
The permit allows Belmont to extract up to 2,895.88 acre feet (approximately 943.6 million US gallons) per year of groundwater, for brine processing and production of lithiuim compounds.
The total combined consumptive use of groundwater allowed in the permits is 261.71 acre feet annually (85.3 mga). That is, 9% consumptive use at the surface is allowed at full development and 91% will be returned to the source via injection wells or infiltration galleries.
The permits are open-ended, firm water rights with the first Proof of Completion of Work due to be filed in two years and the first Proof of Beneficial Use due to be filed in five years. At the time each year that a Proof is due, Belmont may request an annual extension for good cause.
Kibby Basin –Hole KB-4 Update:
Further to our March 4, 2019 news release, Belmont and MGX announces drilling KB-4 has completed at a depth of 840 feet into lakebed sediments. The hole targeted a potential fault as interpreted from the geophysical survey data, which looks deep into sub-surface layers.
Logging and sample preparation from drill cuttings is currently underway; as well as water sampling from a gravelly layer near the bottom of the hole. Assay results will be released upon completion of laboratory testing and compilation of the data.
About Belmont Resources Inc.
Belmont is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada and Nevada, U.S.A.
For further information see our Website at: www.BelmontResources.com
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(i) Belmont owns the Kibby Basin Lithium project covering 2,056 hectares (5,080 acres) in Esmeralda County, Nevada, U.S.A. The Kibby Basin property is located 65 km north of Clayton Valley, Nevada the location of the only US Lithium producer. MGX Minerals Inc. (CSE: XMG) has currently earned a 25% interest in the Kibby project and has the right to increase this to 50% by expending an additional $300,000 on exploration and become the operator.
(ii) In 50/50 ownership with International Montoro Resources Inc., Belmont owns and is exploring joint venture opportunities for its significant uranium properties (Crackingstone -982 ha) in the Uranium City District in Northern Saskatchewan, Canada
ON BEHALF OF THE BOARD OF DIRECTORS
"James H. Place"
James H. Place, P.Geo.,
CEO/President
This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control. Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties. Actual events or results could differ materially from the Companies forward-looking statements and expectations. These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2019, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as 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, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Belmont Resources Inc.