Belmont Resources Inc said it has reached a deal with Highrock Resources Ltd to option Belmont’s 100% owned Pathfinder gold-silver project in the Greenwood Mining District of British Columbia.
Under the arrangement, Highrock can earn a 75% interest in the property in consideration for $15,000 in cash plus 200,000 Highrock shares, as well as by spending $200,000 in exploration on the project.
Half of the Highrock shares payable will be issued on or before six months from the date of the initial listing of Highrock’s stock on the Canadian Securities Exchange (CSE), while $125,000 of the total exploration expenditures must be completed on or before the first anniversary of the date of the initial listing of Highrock shares on the CSE.
READ: Belmont Resources announces drill program for recently acquired Lone Star project in Washington State
The Pathfinder property comprises three claims covering 295.57 hectares in the Greenwood Mining District and is surrounded on three sides by KG Exploration Inc, the exploration division of Kinross Gold.
A 2019 sampling program at Pathfinder yielded values of up to 29.2 grams per tonne (g/t) gold.
Belmont also noted the mapping and sampling program verified the presence of multiple zones of quartz sulphide vein and massive pyrite-pyrrhotite-chalcopyrite replacement/skarn mineralization that warrant follow-up.
The company said it has information from mining reports and studies carried out by other companies as well as the recent assay and survey data in order to plan the next stage of exploration on Pathfinder, including strategically locating drilling targets.
The property has had small-scale, high-grade gold mining with silver as an accessory product since the late 1800s.
Belmont Resources is engaged in the business of acquiring and re-developing past-producing copper-gold-silver mines in southern British Columbia and northern Washington State, a region that is considered to have the highest concentration of mineralization and past-producing mines in western North America.
Contact Sean at sean@proactiveinvestors.com