Belmont Resources Inc (TSX-V:BEA)’s joint venture partner Marquee Resources has announced the final assay results from the Lone Star copper-gold project in Washington State, revealing high-grade copper and accessory gold and silver.
Results from the final batch of assays intersected a wide mineralized envelope (defined as up to 150 meters (m) at more than 0.5% copper) with high-grade mineralized zones (up to 19.8m at more than 2% copper) within the core of the system.
“With receipt of the final assay results we have completed another milestone in the continuing development of the Lone Star deposit,” CEO George Sookochoff said in a statement. “The drilling has revealed high grade copper and significant amounts of accessory gold and silver which should potentially make a robust contribution to an upcoming NI 43-101 compliant resource estimate.”
READ: Belmont Resources JV partner says drilling at Lone Star Copper/Gold Project is complete; Kibby Basin Lithium on pace for October
The Phase 1 drilling program at Lone Star included 46 diamond drill holes for 7,888 m. The program was designed to validate the historical drill hole database and resource model, deliver a JORC/NI 43-101 compliant mineral resource estimate and test for extensions to the historical resource.
A full breakdown of results can be read here.
From here, the company’s focus now turns to the completion of the maiden resource estimate. To get there, the company is advancing resource modeling studies focused on identifying economic global resources with a core (up to 15 m) of high-grade copper (up to 18.5% Cu), gold (up to 10.4 grams per ton) and silver (up to 106 grams per ton) contained within a wide zone (50 m) of mineralization.
With regard to the joint venture, Marquee Resources is in the process of earning the right to acquire an 80% interest in the Lone Star property. Thus far, Marquee has made $504,000 in cash payments, funded a $2.5 million work program and sent 3 million shares of stock. What remains is the production of a NI 43-101 and preliminary economic assessment within a two-year term, the company said.
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