Belmont reports 150 metres of 0.7% copper at Lone Star in Washington state 

Belmont Resources (TSXV: BEA) reported its longest intercept of copper mineralization to date from the ongoing 7,000-metre drill program at the Lone Star copper-gold project, operated by Marquee Resources (ASX: MQR). The project is situated in northern Washington state, near the Canada-U.S. border.    

The drill campaign is part of an option agreement that Belmont inked with Marquee in November, which allows Marquee to earn an 80% interest in the project for $504,000 in cash, $2.5 million in expenditures and 3 million Marquee shares. Marquee is responsible for operating and advancing the Lone Star project. 

Highlights from the latest drill program included 149.4 metre grading 0.7% copper, 0.2 gram gold per tonne and 1.3 grams silver starting from 12.8 metres in drillhole LS21-016; and 33.2 metres grading 0.9% copper, 0.5 gram gold and 4.5 grams silver starting from 16.5 metres in drillhole LS21-015.  

Drilling has extended the envelope of mineralization “well beyond the previously defined limits,” said Belmont’s CEO, George Sookochoff, in a statement. “It’s going to be an exciting few months as we work towards completing our maiden drill campaign at the project.”  

Belmont acquired Lone Star in July 2021 along with historical data from about 250 drill holes. The project has an indicated historic resource estimate, based on a technical report filed in 2007, of 63,000 tonnes grading 2.3% copper and 1.28 grams gold per tonne for 3.2 million lb. of copper. Inferred resources add 682,000 tonnes grading 2% copper and 1.46 grams gold for 30.1 million lb. copper.  

Historical operations at the project stopped in 2008 due to the economic crisis. From 1910 to 1918, about 145,000 tonnes grading 1.25% copper were mined and shipped from the site.  

The drill program, which began in November, has so far seen 25 diamond drill holes, covering 4,664 metres. Objectives include validating the historical drill hole database and resource model, delivering an updated mineral resource estimate and testing for extensions. 

In February, Belmont released drill results from the same project and said that it had identified a new gold zone. Highlights from included 7 metres grading 2.8 grams gold per tonne and 5.9 grams silver starting from 107.9 metres in drillhole LS21-007; and 9 metres grading 2 grams gold and 3.3 grams silver starting from 99.7 metres in drillhole LS21-006.  

At presstime in Toronto, Belmont Resources was trading at 8¢ per share within a 52-week trading range of 4.5¢ and 10.5¢. The company has 59.8 million common shares outstanding for a market cap of $4.7 million.  

Shares of Marquee Resources were trading at AUS12¢, up 6% or AUS0.7¢.