Belmont Resources Secures C$778,000 Through Sale of Nevada Belmont Resources Secures C$778,000 Through Sale of Nevada Water Permit
2024-12-10 08:51 ET - News Release
(via TheNewswire)
Dec 10, 2024 – TheNewswire – Vancouver, B.C. - Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE: L3L2) is pleased to announce the sale of one of its two Nevada water permits to Pilot Metals Inc. (“Pilot”), a U.S.-based subsidiary of Guardian Metal Resources PLC (LON: GMET, OTCQX: GMTLF), headquartered in London, UK.
Agreement Details
The transaction, valued at C$778,000, includes:
-
An initial non-refundable cash payment of C$495,000.
-
A final payment of C$283,000, due on or before January 31, 2025.
George Sookochoff, President & CEO of Belmont Resources, commented:
"This agreement secures C$778,000 in non-dilutive funding, significantly strengthening our financial position as we advance our strategic initiatives in 2025 ."
About the Water Permit
The permit grants the right to beneficially use 1,447.94 acre-feet of water annually for mining, milling, and domestic purposes. Belmont retains ownership of a second permit with identical water rights, ensuring the Company’s continued ability to support future development and operations.
About Belmont Resources
Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include:
• Crackingstone Uranium : Drill Permit Pending: Crackingstone uranium project has several unique and promising characteristics that set it apart from other uranium projects: Strategic Location, High-Grade Potential, Multiple Mineralized Corridors, Proven Mineralization, Rare Earth Element (REE) Potential, Accessibility and Infrastructure. Drilling planned for Q1-Q2 2025.
• Come By Chance Copper-Gold : - Drill Permitted; Drilling to date encountered outer phyllic zone of porphyry system. Results are vectoring towards large untested chargeability and magnetic anomaly which presents one of the most compelling targets for a vertically extensive porphyry center. Phase 2 drill program planned for Q1 2025.
• Athelstan-Jackpot Gold: Drill Permitted; 2 former gold mines. Initial 2023 drill results from Athelstan gold mine area drilling indicates peripheral alteration zone to a potential deep-seated gold-copper porphyry.
• The Lone Star Copper-Gold : 50% optioned to Australian Marquee Resources ASX:MQR; MQR has spent $2.5M in drilling, completed new resource in Dec. 2022 and a PEA in November 2023.
• The Kibby Basin Lithium: 80% optioned to Australian Marquee Resources ASX:MQR; project located 60 kilometers north of the lithium rich Clayton Valley Basin. MQR has spent $2.5M in drilling in 2022 for potential deep seated lithium brine. 2022 Drilling confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater.
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
www.belmontresources.com
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.
Copyright (c) 2024 TheNewswire - All rights reserved.
© 2024 Canjex Publishing Ltd. All rights reserved.