Belmont Resources Inc (TSX-V:BEA) has said it is poised for drilling to start at its Come By Chance (CBC) copper-gold project in the prolific Greenwood mining district in British Columbia in March this year, as the firm also revealed a strategic investment by Australia-listed Marquee Resources Ltd (ASX:MQR).
The company has hired Hardrock Drilling for the planned 2,000 metre (m) diamond drill campaign, expected to kick off on March 28.
"With a 5 year drill permit and financing in place, we are excited to be able to move forward with our initial drill program at CBC," Belmont's CEO George Sookochoff told investors in a statement. "Along with the current drilling program on our Lone Star property 10kms to the south, we will now have two separate ongoing drill programs generating news for our investors, with a third drill program to be announced soon. 2022 will indeed be a very busy and exciting year for Belmont and our shareholders."
The Greenwood mining camp is considered to be one of the highest concentrated areas of past-producing mines in North America and CBC sits three kilometres (km) to the southeast of the Phoenix deposits.
READ: Belmont Resources hits high-grade gold in new gold zone at its Lone Star JV in Washington State
Although the Phoenix mine was the major producer, some of the smaller mines were also productive from a number of different types of deposits. From 1900 to 1975 production from these 26 principal mines was produced over 600 million pounds of copper and 1.4 million ounces of gold, said Belmont.
Historic exploration at CBC has revealed many indications to a potential concealed intrusive of copper/gold mineralization in the skarns, the free gold, epithermal zones, and a massive sulfide epithermal zone, it added.
Belmont also revealed that Marquee had invested C$420,000 for 6 million shares by taking part in the firm's latest placing and will have an initial around 9.9% stake in the company.
"After working with George Sookochoff and the team at Belmont Resources on advancing the Lone Star Copper-Gold Project and Kibby Basin Lithium Project, we have made the decision to make a direct investment in Belmont in order to gain exposure to their compelling suite of other exploration projects," said Marquee executive chairman Charles Thomas.
Belmont Resources is focused on acquiring and re-developing past-producing copper-gold-silver mines in southern British Columbia and northern Washington State.
This region is considered to have the highest concentration of mineralization and past-producing mines in western North America.
Contact the writer at giles@proactiveinvestors.com