Belmont Resources Inc (TSX-V:BEA) said it has completed the terms of the option agreement, signed on May 27, 2020, for the acquisition of the Come By Chance (CBC) copper-gold porphyry project.
The company now holds a 100% interest in the property, subject to a net smelter return (NSR) of 1.5% which the company can reduce to 0.5% with a payment of C$1,000,000 to the vendors.
The claims have been optioned for 100% from a non-related third party for a $7,500 cash payment on the approval date with 100,000 shares to be issued on the approval date, 200,000 shares to be issued on the first anniversary of the agreement and another 200,000 shares to be issued on the second anniversary.
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Both parties have also agreed to amend the terms of the original option agreement by providing an additional 100,000 Belmont shares to the vendor in exchange for all Come By Chance historical data, including all drill core from previous drilling.
The Come By Chance property is situated in the Greenwood mining camp, considered to be one of the highest concentrated areas of past-producing mines in North America, the company said, adding that the property is located three kilometres to the southeast of the former Phoenix mine and is on a comparative geological trend and hosting skarn, epithermal, volcanogenic, and massive sulphide mineralization.
Belmont recently completed a 2,000 meters drill program for which results are pending.
The company also said it has granted incentive stock options for a total of 300,000 common shares certain consultants of the company. are exercisable at a price of C$0.10 per share for a period of up to 3 years.
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