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Belmont
Resources Inc. (TSX.V –“BEA”) (the “Company”)
with Dorex Minerals Inc. (TSX.V-“DOX”)
or (“Dorex”) have completed the first
three holes totaling 942 meters of the proposed eight hole -2,450 meter
drilling program on the Lumby/Bufo
Property (the “Property”) consisting of 23 contiguous claims
(3,040 ha) located approximately 35 km northeast of the town of Atikokan, Ontario.
The
first drill target consisting of three holes is focused on testing an
800-meter long Max Min and VLF EM conductor under the north portion of Bufo Lake located on the west part of the property.
Hole
#1 (BB-10-6) was drilled to a depth of 269 meters. The drill hole exceeded it’s objective of explaining the cause of the
conductor and identified a wide zone of silicified pillowed volcanic rocks
containing abundant quartz and quartz-calcite veining containing variable
amounts of disseminated and seams of sulphides. 41
samples have been delivered to Accurassay Labs in
Thunder Bay for analysis. We are analyzing for Au via fire assay + AA finish,
Ag via AA, and 34 multi-elements.
Hole
#2 (BB-10-7) was drilled to a depth of 376 meters, and encountered continuous
mineralization beyond the 100-meter depth in similar geology to BB-10-6. 159
samples have been delivered to Accurassay Labs.
Hole
#3 (BB-10-8) was drilled to a depth of 297 meters. The hole is still being
logged and sampled.
Assay
results will be released from these holes, once they are compiled.
The
Company is now moving the drill to the second target area (2 holes) in the
south part of Bufo Lake between the spring 2010
drilling of holes BB-10-01 and –04. In preparation for the drill set up
for Hole #4 (BB-10-9), the site preparation work exposed a new iron (Fe)
carbonate alteration zone (about 3+ meters wide). This new Fe carbonate zone
appears to parallel others in the area and suggests a potentially much wider
gold system than previously known. A float boulder previously located in the
area contained gold bearing Fe carbonate alteration, which assayed 2.33
oz/ton.
To
earn an initial 49% interest in the Property, Dorex
will complete $1,500,000 in exploration expenditures by December 31, 2011 of
which $500,000 must be incurred by February 28, 2011. Dorex
may increase its interest to 60% by incurring further exploration and
payments to Belmont (see NR –November 15, 2010).
The
Lumby-Bufo Property is contiguous with and on
strike to the north-northeast with the Hammond Reef deposit, where Osisko is presently focused on expanding their gold
resources. A preliminary assessment (“PA”) study was completed on
Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant
Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).
This
press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting
Geologist and a qualified person as defined in NI 43-101.
About
Belmont Resources Inc.
Belmont
has recently entered into an option to acquire 100% interest in 3,040 ha. (23
contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of
the town of Atikokan and adjoining on strike to the
north-northeast with the Osisko Mining Corp.
(former Brett Resources Inc.) “Hammond Reef” deposit.
Belmont
Resources Inc. has previously focused on acquiring and developing uranium
properties in developed and emerging uranium districts. Belmont (50/50) with
International Montoro Resources Inc. has acquired
two significant uranium properties (Crackingstone
–982 ha & Orbit Lake –11,109 ha) in the Uranium City District
in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in one rare earth mineral and one uranium claim
block in the Central Mineral Belt in Labrador.
Further
information can be obtained from the Company website at
www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.
ON
BEHALF OF THE BOARD OF DIRECTORS OF
BELMONT RESOURCES INC.
"GARY
MUSIL"
Gary
Musil, CFO/Director
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