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Breaking News – RICH TV LIVE – MARCH 21, 2019 – This is big news and we bring it to you first – Belmont Resources Inc. (“Belmont” or the “Company”) (TSXV:BEA.VN); (FSE:L3L1); (DTC Eligible – CUSIP 080499403).
Belmont Obtains Water Rights Permit on Kibby Basin:
The State of Nevada Department of Conservation and Natural Resources – Division of Water Resources has approved Belmont’s application for water rights on the Kibby Basin Lithium property. The two well permits to develop groundwater (brine) in the Monte Cristo Groundwater Basin may be the first of their kind in Nevada. This news comes at a significant time, when other lithium companies and explorers are realizing the importance that Nevada’s legislators and regulators place upon the natural resources of their state. The detailed and complex process of the application was completed on Belmont’s behalf by Tom Gallagher, P.E., of Nevada Water Solutions LLC.
Jim Place, P.Geo.,CEO comments: “This is a very important milestone in the development of the Kibby Basin lithium property”.
The permit allows Belmont to extract up to 2,895.88 acre feet (approximately 943.6 million US gallons) per year of groundwater, for brine processing and production of lithiuim compounds.
The total combined consumptive use of groundwater allowed in the permits is 261.71 acre feet annually (85.3 mga). That is, 9% consumptive use at the surface is allowed at full development and 91% will be returned to the source via injection wells or infiltration galleries.
The permits are open-ended, firm water rights with the first Proof of Completion of Work due to be filed in two years and the first Proof of Beneficial Use due to be filed in five years. At the time each year that a Proof is due, Belmont may request an annual extension for good cause.
Kibby Basin -Hole KB-4 Update:
Further to our March 4, 2019 news release, Belmont and MGX announces drilling KB-4 has completed at a depth of 840 feet into lakebed sediments. The hole targeted a potential fault as interpreted from the geophysical survey data, which looks deep into sub-surface layers.
Logging and sample preparation from drill cuttings is currently underway; as well as water sampling from a gravelly layer near the bottom of the hole. Assay results will be released upon completion of laboratory testing and compilation of the data.
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