Gold potential for Lumby/Bufo property; More positive winter drilling results for Brett Resources
Jessica Smith
Belmont Resources is confirming gold potential with the recent completion of over 1,000 metres of drilling on its Lumby/Bufo property. Five holes drilled on Belmont’s 1632 hectare property, 35 kilometres northeast of Atikokan (which adjoins Brett Resources’ Hammond Reef gold project on the northeast), in the southern portion of Bufo Lake follow up on targets identified through recent geophysical surveying of the property.
Splitting and logging core samples from the first two holes drilled has already confirmed three types of gold-bearing structures. “The type of alteration and mineralization encountered in these two holes is similar to many of the gold settings seen on Brett, Terrax and other gold properties in the Atikokan area,” said the company, adding that these three types of mineral systems identified warrant follow-up exploration.
Atikokan Resources explored the property from 1994 to 2004, discovering a high-grade silver-base metal on the east end of Lumby Lake where grab samples returned up to 416oz/tonne silver, 25% lead and 15% zinc and a 300-tonne bulk sample in 2003 averaged 15 oz/t silver.
Preliminary findings from this spring’s drilling campaign seem to be consistent with both historic work conducted on that property and that of neighbouring exploration companies. The company is now awaiting assay results for the five holes.
“The drilling program at Bufo Lake was a great success,” said the company’s consulting geologist Ray Bernatchez. “It identified a large gold- bearing structure, containing pervasive containing pervasive [iron] carbonate altered mafic, felsic meta-volcanic and intrusive rocks consistent with the road gold showing located on the main logging road west of Bufo Lake and with the high-grade gold float found in 1977 near the south shore of Bufo Lake. This is consistent with the style of gold mineralization found on the Brett and TerraX properties.”
Two previous grab samples from that road showing assayed gold values of 5.3 grams per tonne (g/t), 9.4 g/t, and 13 g/t silver. The float boulder assayed 2.2 ounces of gold per tonne.
Belmont Resources is headquartered in Vancouver and the company has previously focused on acquiring and developing uranium in developed and emerging uranium districts such as ‘Uranium City’ in northern Saskatchewan and Labrador. The company also owns properties in Red Lake and West Voisey’s Bay, Labrador. It has entered into an option agreement to acquire 100% interest in the Lumby/ Bufo property.
Brett Resources recently announced better than expected grades and widths of gold mineralization from continued drilling and new exploration on the Hammond Reef property.
Highlights from drilling in the A-zone include 231 metres of 1.11 g/t, 178. 5 m of 1.25 g/t and 195 m of 1.09 g/t. Here, geologists were surprised to discover that core samples with apparent weak alteration from a step-out hole in the southeast of the zone returned five gold-bearing intervals above the cutoff grade of 0.30 g/t, including 24 m of 0.76 g/t and 46.5 m of 0.39 g/t. “The mineralization encountered in this hole, with its subtle alteration, indicates further potential down dip in the A zone, and additionally suggests new exploration potential in the more subtly altered rocks at Hammond Reef.”
These new grades will be incorporated into the new resource estimate.
Assay results from drilling under Mitta Lake—also in the A zone—returned a “significantly better than expected” intersection of 87 m of 0.85 g/t, just below the shallow portion of the northeast end of the lake, said the company. “Owing to the lack of previous drilling, the existing model did not report any significant resource in this area.” Lake drilling wrapped up early due to the early spring, yet most of the critical holes were drilled over the winter and remaining ones may either be drilled from shore, or by barge, this summer.
The recent drilling also included “first pass drilling” of the RAB and Sande and Stewart areas of the property. RAB assay highlights included 12.1 m of 1 g/t, 46.5 m of 0.66 g/t, 66 m of 0.45 g/t. Stewart and Sande drilling returned 34.5 m of 0.45 g/t, and more assay results are pending from both properties.
“I am pleased that our exploration team continues to deliver excellent results from the development drilling and that significant mineralization has been intersected in the first few holes completed in the RAB and Sande Stewart areas.”
Brett is now planning mid May to begin its 2010 surface exploration program including exploration across the Marmion reservoir to the southwest, east of Snail By and follow-up exploration of significant mineralization along the corridor defining the properties A and 41 zones.
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