The historic Greenwood Mining District in southern British Columbia is well-known for its many small-scale mines, pits, shafts and adits scattered around the large Phoenix Mine, by far the biggest producer in the camp with around 1 million ounces of gold, 6 million ounces of silver and half a billion pounds of copper alone between 1900 and 1976, when the open-pit operation ceased due to low copper prices. Despite many deposit-types and styles of mineralization identified at and near surface, the billion-dollar question remains unanswered: Where‘s the big source?
Located just 3 km to the southeast of the Phoenix Mine is Belmont‘s Come By Chance (CBC) Property. Recently, the company made great strides with geophysics to answer the question: Is there a large, deep-seated porphyry copper-gold intrusive on the CBC Property?
If yes, it could very well be the “source“ of the many small-scale mines, deposits and mineral showings found in the area, possibly including the Phoenix deposits.
Only drilling can answer the question, but in order to get to a drill-ready stage, a modern and systematic exploration approach is needed to increase the chances for drilling right into a large feeder system with high-grade mineralization. And that‘s what Belmont has been doing successfully over the last months as recent news showed vividly. And the results thus far obtained look promising to say the least.
Despite its rich history with more than 30 past producing mines in a highly concentrated area, the Greenwood Camp is still missing the discovery of a major deposit (e.g. a porphyry at depth), one that explains the nature and origin of the extensive mineralization found to date at shallow depths.
On top of that, Belmont has received highly interesting results from a recently completed magnetic survey at its near-by A-J Project showing potential to find a motherlode-type gold deposit associated with listwanite, an unusual rock type hosting some of the world‘s highest grade lode gold mines such as in California‘s Motherlode District or British Columbia‘s Atlin, Bralorne and Barkerville Mining Districts.
Over the last 20 years, major gold discoveries were made just south of the border in Washington State, about 30-50 km south of Greenwood: The Republic Mining District produced around 4 million ounces of gold (Kinross remains the dominant player with mines and large processing facilities, most of which already ran out of ore).
Full size / “Initial formation of a porphyry copper deposit associated with a magma chamber beneath a stratovolcano. Hot water circulating near the magma forms low-grade copper mineralization next to the solidifying magma. High-grade mineralization forms over the top of the magma and in chemically reactive wall rocks, like limestone... Skarns are often striking looking rocks containing red garnets and green pyroxenes. Grades may be high with splashy looking assays but they’re usually relatively small and irregular in shape and patchy as a result they are tricky to evaluate by drilling.” (Source)
Source
Unlike Greenwood‘s copper-gold skarn deposits, the gold deposits in Washington are epithermal in nature. As per the figures above, relatively small skarn deposits typically form near a large porphyry intrusive, where the main ore body is located around the top of the porphyry stock. As such, a major porphyry discovery in the Greenwood Camp is long overdue and could happen any time, possibly reviving the entire area as a booming exploration and mining hotspot.
With a market capitalization of $2 million CAD, Belmont recently announced results supporting a possible porphyry system at its Come By Chance (CBC) Property. As such, the time has come to watch Belmont closely as drilling nears, bringing a chance for a major copper-gold porphyry discovery.
Moreover, Belmont recently completed a magnetic survey at its A-J Property, located in proximity to the CBC Property. Results support the presence of 2 prominent faults, whereas the survey also delineated a zone of listwanite between these 2 faults. Listwanite, a key ultramafic rock alteration, is directly associated with several multi-million ounce gold deposits in British Columbia (Atlin, Bralorne and Barkerville) and the Motherlode Mining District in California.
Since George Sookochoff took over the company as CEO and President in 2019, Belmont has quietly acquired some key strategic properties with past production near Greenwood and Grand Forks. The goal is finding not only extensions of old mines but also deeper-seated feeder systems which provided the pathways for copper-gold mineralization at the +30 historic mines (most less than 50 m deep) in the Greenwood Camp. George was born and raised in Grand Forks, where he lives and works since many years being quite familiar with the prolific Greenwood District and its rich mining history as well as its remaining yet to be discovered potential. With decades of first-hand experience of managing companies with projects around the world and in particular in the Greenwood Camp, George is now getting ready to show the world what he by chance came by – and what‘s next for Belmont on its quest of finding Greenwood‘s missing link (e.g. a large porphyry copper-gold deposit at CBC) besides finding a motherlode-type listwanite deposit enriched with high-grade gold at A-J.
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Come By Chance (CBC) Project
Large Copper/Gold Porphyry Deposit Target: Belmont is performing a systematic approach for proving up a large copper-gold porphyry model on the Come By Chance (CBC) Property.
On October 15, 2020, Belmont announced that the high-resolution UAV (unmanned airborne vehicle) magnetic survey on the CBC Property in the historic Greenwood Mining Camp has been completed. The company noted the following:
The results of the magnetic survey have advanced the exploration of the CBC Property to specific locations for the next stage of exploration to ultimately locate the porphyry copper-gold intrusive by diamond drilling.
The CBC Property covers an area of approximately 527 hectares and has a history of mineral exploration dating from the late 1890’s which is evident in the many pits, shafts, and adits which were developed in the search for a Phoenix type copper/gold skarn mineral deposit. Although the Phoenix mineral resource was the major producer, some of the smaller mines were productive from a number of different types of deposits. From 1900 to 1975 production from these 26 principal mines was, in addition to a significant amount of lead, silver, and zinc, 580 Mlbs. of copper and 1.4 Moz. of gold. (Source: B.N. Church, 1986, in “Geological Setting and Mineralization in the Mount Attwood-Phoenix Area of the Greenwood Mining Camp, BC“, MEMPR Paper 1986-2).
The CBC Property is located three kilometres to the southeast of the Phoenix deposits on a comparative geological trend and basically the same geology, hosts skarn, epithermal, and massive sulphide mineralization; typical mineralization associated with deep-seated copper/gold porphyry deposits. Skarn mineralization with elevated copper values occurs in many locations, with epithermal zones of alteration and quartz veining intersected by a diamond-drill hole situated near the major Eagle Mountain Fault in the southwest.
Click above player or here to watch a short video about the recently completed magnetic survey at CBC. High Resolution Magnetic Survey Further Supports Copper-Gold Porphyry Model: Belmont’s detailed, low-level magnetic survey of the CBC property has provided a greater indication of the volcanic caldera. The indicated caldera is supported by a one-kilometre diameter magnetic low bounded by the northwesterly trending Eagle Mountain Fault to the southwest and the Lind Creek fault to the northeast. The magnetic survey also revealed cross-structural locations formulated by major structures. The significance of the cross-structures is primarily that these locations would be prime locations for hydrothermal breccia zones in revealing mineralization transported from the mineralized intrusive porphyritic intrusive responsible for the caldera, the skarns, and other types of mineral deposits. The results of the magnetic survey have advanced the exploration of the CBC Property to specific locations for the next stage of exploration to ultimately locate the porphyry copper-gold intrusive by diamond drilling. A small circular lake with a highly anomalous arsenic content centered between two major faults, appears as a hydrothermal or a collapsed breccia developed from an underlying intrusive in a volcanic environment.
Full size / Magnetic survey at Belmont‘s CBC Property.
Full size / LIDAR survey at Belmont‘s CBC Property.
Click above image or here to watch a short video about the recently completed LIDAR survey at CBC. LIDAR Survey Supports Copper-Gold Porphyry Model: The location of the intrusive is supported by the results from the recent LIDAR survey which clearly showed a series of radiating faults from the lake and obscure ringed faults surrounding the lake. These faults were likely developed from a rising intrusive and were instrumental as the means of mineral laden hydrothermal fluid transport from the intrusive to create the localized skarns. What is a LIDAR Survey? The principle of LIDAR is a laser rapidly emitting light pulses that penetrate vegetation and topsoil which are reflected back providing a very high-resolution “bald earth” digital elevation model (DEM). LIDAR is an effective, low cost method of accurately mapping the bare-earth surface (i.e. the ground surface as it would appear stripped free of vegetation) and showing centimetre-scale variations in surface elevation. It has many uses in geological exploration, including identifying the location and distribution of historic pits and other areas of disturbance which can then be ground-truthed. LIDAR bare-earth data can also reveal linear topographic low features. These may coincide with the surface trace of fault zones that may be important controls to mineralization.
Belmont’s detailed, low-level magnetic survey of the CBC property has provided a greater indication of the volcanic caldera that was initially indicated by the recently completed Lidar survey. The indicated caldera is supported by a one kilometre diameter magnetic low within a sequence of Triassic Brooklyn Formation sedimentary and hornfelsed rocks which are bounded by the northwesterly trending Eagle Mountain Fault to the southwest and a sequence of greenstones, fragmentals, and microdiorite to the northeast.
The magnetic survey also revealed cross-structural locations formulated by major structures. The significance of the cross-structures is primarily that these locations would be prime locations for hydrothermal breccia zones in revealing heterolithic fragments or indicator chemical elements transported from the mineralized deep-seated intrusive porphyritic intrusive responsible for the caldera, the skarns, and other types of mineral deposits.
Two cross-structural locations within the indicated caldera and the magnetic low, are of greater significance. In the north, the small circular Crook Lake with a highly anomalous arsenic and correlative with a cross-structure, may be the most obvious indication of a hydrothermal or collapsed breccia zone. In the south, one of the three structures formulating the cross-structure, is a southerly trending structure correlating with a magnetic low. This location would be highest priority exploration area.
In addition to the potential of a mineral resource associated with the deep-seated mineral-bearing intrusive beneath the caldera, there is the potential for an epithermal type deposit of a bonanza gold-bearing zone. This is indicated in the intersection of an epithermal vein by a drill-hole in the Betts area, and in the intersection of a chute of massive sulphides at 175 metres in the 251 metre easterly driven lower Betts adit. Even though there is no specific information on the massive sulphide chute, which may also be epithermal, the epithermal and massive sulphide veins are, nevertheless, associated with an intrusive.
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Come By Chance Brecciation: Image above: “The brecciated quartz veins indicate the iron content was derived from metamorphism caused by the quartz intrusion; although the iron may have been emplaced at various stages.“; Image below: “Explosive hydrothermal brecciation. The interesting feature is the light grey fragments which appear the color of arsenopyrite (FeAsS), a mineral that can also can be associated with significant amounts of gold.“
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The Importance of “Brecciation”: Hydrothermal breccias usually form at shallow crustal levels (phase as boiling continues, in particular carbon dioxide. As a result, the chemistry of the fluids changes and ore minerals rapidly precipitate. Breccia-hosted ore deposits are quite common (Source). The morphology of breccias associated with ore deposits varies from tabular sheeted veins and clastic dikes associated with overpressured sedimentary strata, to large-scale intrusive diatreme breccias (breccia pipes), or even some synsedimentary diatremes formed solely by the overpressure of pore fluid within sedimentary basins. Hydrothermal breccias are usually formed by hydrofracturing of rocks by highly pressured hydrothermal fluids. They are typical of the epithermal ore environment and are intimately associated with intrusive-related ore deposits such as skarns, greisens and porphyry-related mineralisation. Epithermal deposits are mined for copper, silver and gold (Source).
Athelstan-Jackpot (A-J) Project
Listwanite-Associated Lode Gold Mineralization of the Motherlode Type
Full size / Belmont is considering further exploration methods, including IP (Induced Polarization) geophysics, to further refine this and other quality targets on the A-J Property prior to a drill program. A multi-year area-based exploration permit application was submitted to the Ministry of Energy & Mines to cover the proposed IP survey and drilling at A-J.
On October 1, 2020, Belmont announced the results of the recently completed drone-based magnetic survey over the A-J Property in the Greenwood Mining Camp. The company noted the following:
The AJ property contains two past producing gold mines Athelstan & Jackpot which produced 7,600 ozs Au & 9,000 ozs Ag (Minfile 082ESE047). The two mines and at least 9 known gold mineralized zones extending over an approximate area of 240 by 1,000 metres are associated with listwanite rock. Listwanite, a key ultramafic rock alteration is directly associated with several multi-million ounce gold deposits in British Columbia, Atlin, Bralorne and Barkerville as well as the Motherlode District in California.
Belmont’s detailed, low-level magnetic survey of the A-J property comprised 95 line km, with magnetic data collected on 25 m spaced, north-south trending lines. The mag survey, combined with the company’s recent Lidar survey and with historic exploration data from the property, has identified a number of priority targets for follow-up work.
The mag survey supports the presence of 2 prominent northwest trending faults (the Jackpot and Oro faults from prior geological mapping)[2]. It also delineates the west-northwest trending zone of listwanite between these 2 faults. Listwanite is identified as a magnetic low signature as a result of the destruction of magnetite during the alteration process.
Known near-surface mineralization on the property is primarily hosted within this band of listwanite which has been emplaced along deep-seated low-angle north-dipping faults. These deep faults, along with the later, steep Jackpot and Oro fault zones, provide pathways for later intrusive emplacement and for mineralizing fluids.
One priority target that has resulted from Belmont’s recent surveys is located at depth below the J-34 and A zones. The target area is located along a tributary to Skeff Creek, a well-known placer gold creek. In 2002 and 2003, trenching was completed at the J-34 and A zones by a previous operator.
A Zone: At the A zone, 2002 historic chip samples returned 35.2 g/t Au over a 3 m true thickness in one trench and 26.2 g/t Au over a 2.5 m true thickness in a second section[3]. 1986 historic chip sampling at the A zone returned grades from 0.75 g/t Au to 19.97 g/t Au[5].
J34 Zone: 200 m to the northwest at the J-34 zone, historic chip samples returned grades of 6.6 g/t Au over a 3.7 m true thickness in one area, and 1.9 g/t Au over 6.8 m true thickness in a second area[4]. 1986 historic chip sampling in this zone returned grades of 17.75 g/t Au, 19.28 g/t Au and 23.97 g/t Au[5]. The target area is untested by any previous drilling on the property. Intrusive rocks are interpreted to underlie the shallow north-dipping band of listwanite that hosts the near surface mineralization in this area.
References: [2] Caron, L., 2004. Assessment Report on the Athelstan-Jackpot Property, Geological Mapping, Rock Sampling, Line Cutting and Surveying, for M. Hallauer and T. Hallauer. BC MEMPR Assessment Report 27510. [3] Caron, L., 2002. Assessment Report on the Athelstan-Jackpot Property, Geology, Trenching, Geochemistry and Metallurgy, for W. Hallauer. BC MEMPR Assessment Report 27044. [4] Caron, L., 2003. Assessment Report on the Athelstan-Jackpot Property, Trenching and Rock Sampling, for M. Hallauer and T. Hallauer. BC MEMPR Assessment Report 27302. [5] McDougall, J. 1989, Report on the Athelstan-Jackpot Property for Toscano Resources Ltd.
Click above image or here to watch a short video about the recently completed magnetic survey at A-J.
Full size / High-resolution drone magnetic survey at A-J.
Full size / Geology map with mineralized gold zones at A-J.
Click above image or here to watch a short video about the recently completed LIDAR survey at A-J.
2020 Exploration Program
IP Survey & Drilling
• Belmont has received a permit for a 3D DC Resistivity/Induced Polarization (3DIP) geophysical survey to be conducted on October 25, 2020 as announced today.
• The results of the 3DIP survey will be correlated with the results from the recent LIDAR and Airborne magnetic surveys as well as extensive geological mapping to delineate quality drill targets.
• Belmont is awaiting approval of a 5-year drill-permit application.
Additional Drill Targets
• Low-angle southwest-directed drilling to test for shallow low-grade bulk-tonnage gold mineralization across the A-J mineralized trend.
• Deep drilling beneath the Athelstan and Jackpot Gold Mines to test for source of gold mineralization at depth.
• Drilling at the Contact Mineralized Trend to test for gold mineralization at depth beneath the J34, J12 and A Zones. This area consists of a contact between a granodiorite intrusive (source of gold?) and shallow overlying listwanite rock.
Full size / Listwanite outcrop at a quarry in the Italian region of the Aosta Valley. (Source)
About Listwanite
The term “listwanite” (alternate spellings – listwaenite, listvaenite or listvanite) was first introduced by Rose (1837) to describe the silica-carbonate alteration of serpentinite in the Urals. Since then the term “listwanite” has remained in use in Eurasia, whilst in America, Canada and Australia, the self-descriptive term “silica-carbonate” has become more prevalent. The terms “listwanite” and “silica-carbonate” are synonymous and encompass all forms of carbonatization from the carbonate-rich to silica-rich phases. The alteration develops along faults that intersect bodies of serpentinized ultramafic rocks.
The formation of silica-carbonate rocks requires a precursor body of serpentinite before this particular style of alteration can evolve. However, the silica-carbonate alteration can migrate into adjacent nonserpentinized/ultramafic rocks. Buisson and Leblanc (1987) concluded that during the serpentinization process half the gold is concentrated into magnetite and secondary sulfides. These opaque minerals are subsequently destroyed in talc-carbonate alteration zones (Phase 1 listwanites), which results in gold being released from the serpentinite wall rocks and transported in solution.
The gold- and silica-rich fluids are transported to higher crustal levels where the change in conditions (lower temperature, pH and ƒO2) results in the precipitation of gold, quartz and sulfides. Gold deposits are not known to occur purely within unaltered serpentinite bodies, which rules out the serpentinization process as a gold mineralizing process. However, gold concentrations appear to increase dramatically as the silica-carbonate alteration process creates listwanites with a SiO2/(CaO + MgO) ratio greater than 1. Highly evolved listwanites regularly contain economic grades of gold (>1 ppm). (Source)
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Belmont‘s President & CEO, George Sookochoff, commented in today‘s news: “We have now completed all the surface exploration in a relatively short period of time. In addition we compiled all historic data on the A-J property into a comprehensive digital database. We followed this up with LIDAR and Magnetic surveys to identify mineralized controlling structures and “low magnetic” anomalies which correlate with gold mineralization at surface. This work has enabled us to identify high priority drill targets at surface. I have always found the IP survey to be one of the more exciting stages of exploration as it gives us a first look below surface to see any indications of surface targets and mineralization extending at depth and also helps us accurately setup and align our drilling to the targets.”
The Greenwood-Republic Mining Camps
• The Greenwood & Republic mining camps have produced over 6 million ounces of gold.
• The Greenwood camp alone has no less than 30 historical past producing mines and 49 documented mineral showings.
• All of the historic mines are less than 150 metres in depth with the majority being less than only 50 metres deep, leaving potential for extended mineralization to depth.
• Belmont has compiled and reinterpreted over 100 years of historic exploration and mining data from these 2 camps.
• With the reinterpreted historic data and by utilizing new and advanced exploration technology such as Deep Penetration UAV (Unmanned Aerial Vehicles) geophysical surveying, Belmont is exploring for deep-seated feeder systems and vertical hydrothermal conduits which provide the pathways for gold-copper mineralization for the relatively shallow historic mines.
• Over a short period of time, Belmont has systematically acquired 6 past producing gold and copper-gold mines in the prolific Greenwood and Republic Mining Districts, becoming a major land holder of gold and copper properties.
Project Overview
• CBC: Large copper-gold porphyry target (see 3D virtual tour)
• A-J: Motherlode-type gold target (see 3D virtual tour)
• Pathfinder: Surrounded on 3 sides by claims held by Kinross
• Lone Star: Expansion potential of 2007-historic resource estimate
Click above image or here to watch Belmont‘s President & CEO, George Sookochoff, discuss the strategy for having acquired a significant land position in the prolific Greenwood-Republic Mining Camps of southern British Columbia and northern Washington State. He has served as past President and CEO of International PBX Ventures Ltd., a TSX venture company developing several copper porphyry and gold skarn projects in Chile, in particular the 500mt Copaquire Copper-Moly Porphyry in the Atacama desert of northern Chile. The Copaquire Project was later acquired by Teck.
Source: Belmont´s Corporate Presentation (August 2020)
Company Details
Belmont Resources Inc.
Suite 600 – 625 Howe Street
Vancouver, BC, V6C 2T6 Canada
Phone: +1 604 683 6648
Email: george@belmontresources.com
www.belmontresources.com
ISIN: CA0804995029
Shares Issued & Outstanding: 35,212,155
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Canadian Symbol (TSX.V): BEA
Current Price: $0.055 CAD (10/19/2020)
Market Capitalization: $2 Million CAD
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German Symbol / WKN: L3L2 / A2PLWB
Current Price: €0.03 (10/20/2020)
Market Capitalization: €1 Million EUR
Contact:
Rockstone Research
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland
Phone: +41-44-5862323
Email: info@rockstone-research.com
www.rockstone-research.com
Disclaimer: This report contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Belmont Resources Inc. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Belmont Resources Inc.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through its profile on SEDAR at www.sedar.com. Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, does not hold an equity position in Belmont Resources Inc., but he holds an equity position in Zimtu Capital Corp., and is being paid by Zimtu Capital Corp. for the preparation, publication and distribution of this report, whereas Zimtu Capital Corp. also holds a long position in Belmont Resources Inc. Note that Belmont Resources Inc. pays Zimtu Capital Corp. to provide this report and other investor awareness services.The cover picture has been obtained and licensed from Gluiki.