RE: NR-6 holes done (1800m)
Belmont, Dorex finish 1,803 m of drilling at Lumby/Bufo
2011-01-21 04:34 ET - News Release
See News Release (C-BEA) Belmont Resources Inc (2)
Mr. Gary Musil of Belmont reports
BELMONT & DOREX DRILLING PROGRESS ON LUMBY/BUFO PROPERTY
Belmont Resources Inc. with Dorex Minerals Inc. have completed 1,803 metres on the Lumby/Bufo property comprising 23 contiguous mineral claims (3,040 hectares) located approximately 35 kilometres northeast of the town of Atikokan, Ont., and within the Thunder Bay mining division.
To date, a total of 1,803 metres of diamond drilling of the 2,450-metre program has been completed (six holes). The first three holes, BB-10-6, BB-10-7 and BB-10-8, totalling 942 metres were drilled to test and explain the cause of a VLF-EM and max/min conductor under the northern portion of Bufo Lake. These three holes tested a 350-metre section (central portion) of this conductor. Several zones of ankerite alteration with quartz and quartz-calcite veining with sulphide mineralization were intersected in these three holes. A total of 332 samples were taken from these holes and sent out for analysis.
Two additional holes, BB-10-9 and BB-10-10, continued testing the gold zone discovered in the 2010 spring five-hole drilling program (BB-10-1 to BB-10-5) carried out in the south portion of Bufo Lake. Holes BB-10-9 collared 50 metres north of BB-10-2 to a depth of 300 metres to test the downdip extension of the gold intervals intersected in holes BB-10-2. An additional and parallel, three-plus-metre-wide ankerite zone was exposed and tested by this hole near the start of this hole. Hole BB-10-10 was drilled 100 metres west of BB-10-3 to a depth of 228 metres testing the westerly extension of the gold zone between BB-10-3 and BB-10-4. Several zones of ankerite and quartz-carbonate veining containing sulphides were encountered in both holes. A float boulder, assaying 2.33 ounces per ton gold, was previously located near the south shore of Bufo lake about 200 metres south of this new gold zone under the south portion of Bufo Lake. A total of 257 samples were taken from these two holes and delivered to Accurassay Labs in Thunder Bay for analysis. All samples are being analyzed for Au via fire assay and AA finish, Ag via AA, and for 34 multielements.
The drill was moved to the high-grade silver-base-metal showing located at the east end of Lumby Lake. A sixth hole, BB-10-11, collared 50 metres north and west of the high-grade silver-base-metal showing was drilled south at minus 45 degrees to a depth 333 metres. This drill hole intersected four zones of mineralized felsic volcaniclastic and tuffaceous rocks totalling 167.5 metres mineralized with sphalerite, galena, acanthite, pyrite, chalcopyrite and bornite. The upper three zones (107.4 metres) contain the zinc-galena-acanthite, whereas the lower 60.1-metre section contains chalcopyrite, pyrrhotite with lesser sphalerite and minor acanthite.
Two narrow sections containing disseminated and net-textured sulphide mineralization were also intersected in this hole. A 2.8-metre section of finely disseminated sulphide was intersected at a depth of 69 metres. A second 0.4-metre section of net-textures sulphide zone of pyrrhotite and chalcopyrite contained in coarse grained gabbro was intersected at a depth of 287 metres. Previous work by Atikokan Resources Inc. has also confirmed the presence of gold within this zone of mineralization.
Assay results will be released from these holes, once they are compiled.
On Nov. 11, 2010, Belmont entered into an option agreement with Dorex. To earn an initial 49-per-cent interest in the property, Dorex will complete $1.5-million in exploration expenditures by Dec. 31, 2011, of which $500,000 must be incurred by Feb. 28, 2011. Dorex may increase its interest to 60 per cent by incurring further exploration and payments to Belmont (see news release in Stockwatch news on Nov. 15, 2010). Dorex has received conditional approval of the transaction, subject to submitting and receipt for acceptance of further documents.
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 its gold resources. A preliminary assessment study was completed on Hammond Reef on Nov. 12, 2009, resulting in a National Instrument 43-101-compliant inferred resource estimate of 6.7 million ounces of gold (259.4 million tonnes at 0.8 g/t gold, using a 0.3 g/t Au cut-off).
This press release has been reviewed and approved by Raymond A. Bernatchez, PEng, consulting geologist, and a qualified person as defined in NI 43-101.
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