Belmont Resources Inc. announced a new mineral resource estimate for its Lone Star copper-gold project in Washington State. This resource estimate, completed for Belmont JV Partner Marquee Resources by independent consultants Mining Plus, is a major milestone for the company. A total of 60 drill holes were included in the modern Lone Star database, of which 13 were drilled in 2006 and 47 (7,888m) were drilled in 2021-2022.

The Mineral Resource is reported inside of a conceptual pit shell at an internal cut off grade of 0.112% copper equivalent. Based on these criteria, the Lone Star deposit contains an Indicated Mineral Resource of 9.7 Mt at 0.62% Copper Equivalent and an Inferred Mineral Resource of 3.5 Mt at 0.45% Copper Equivalent. The Lone Star property is located in northern Washington State on the northeastern tip of the Republic Graben, an important geological feature which hosts several gold and copper mines.

The property lies on a 3-kilometer long trend of gold copper mineralization linked by geology, in both rock types and structure, as well as the accompanying gold copper mineralization. The Lone Star mine operated over two time periods; underground from 1897-1918 producing 146,540 tonnes, and open-pit from 1977-1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north.

The geology and mineralization of the Lone Star Property is strongly influenced by the 600 meter wide No. 7 Fault.