Belmont Resources Inc (TSX-V:BEA) has updated on its Kibby joint venture (JV) project in Nevada, where a second hole in the 3,000 metre (m) drilling program has now been completed, with core sent to the lab.
The hole was sunk to a total depth of 915 metres (m) targeting a geophysical anomaly, which could be a lithium-enriched brine aquifer beneath the Kibby Playa (dried lakebed).
Several intervals of tuffaceous sediments as well as airfall and reworked ash, also potential hosts for lithium brine, were encountered, the company explained.
READ: Belmont Resources kicks off Phase II exploration program at Come By Chance (CBC) porphyry project in BC
"I am excited to see that we have completed the second drill hole at Kibby," said CEO George Sookochoff in a statement.
"The first water sample was taken from 854-915 m (2802-3004 ft.) using an 'Inflatable Packer' device. It is extremely important that any water sample taken from a precise depth interval be uncontaminated with fluids from above or below. Our hydrologist Geoffrey Baldwin (NYSE:BLD) of Applied Hydrologic is doing a fantastic job ensuring that the samples are of the highest quality," he added.
"Drilling for lithium brines is very challenging, especially at the depths we are drilling, but we have a great crew working on the Kibby site that have proved to be able to meet those challenges head on and keep the project moving forward."
Belmont holds legal water rights at the Monte Cristo hydrologic basin where the Kibby Basin lithium property sits.
The company is fully permitted by the state of Nevada to extract a maximum 2,896 acre-feet (944 million gallons) annually of water for brine processing and production of lithium compounds, which is a pre-requisite for advancing lithium brine projects in the US state.
Late last year, Belmont announced an option/JV deal with Aussie-listed Marquee Resources for the Kibby Playa Block, one of five claim blocks 100% owned by Belmont in the Kibby Basin.
The terms were that Marquee issue Belmont C$100,000 in cash upon signing, then 3 million shares and incur C$2,500,000 in exploration expenditures within 15 months of signing to earn up to an 80% interest in the Kibby Playa block.
The Kibby Basin project is a highly prospective asset located within a 60-kilometre radius of North America's only producing lithium mine, owned by the world's largest lithium producer, Albemarle. The asset has similar features as Clayton Valley which hosts Albemarle Silver Peak lithium mine.
Belmont boasts a portfolio of highly prospective copper-gold-lithium and uranium projects in Canada and the US.
Contact the author at giles@proactiveinevstors.com