Belmont Resources Inc. announced that its joint venture partner Marquee Resources Limited announced results from its Kibby Basin Lithium Project 2022 drill campaign. Assay results received indicated thick sequences of lithium-bearing sediments at the Project, with up to 924 ppm Li from the two exploration boreholes (KB 22-01 and KB 22-02) that were completed. Hole KB 22-01 was drilled as a vertical borehole to a depth of 880 m (2888 ft).

The hole was drilled as an air-core pre-collar to a depth of 329 (1080 ft), followed by HQ core, reduced to NQ core at 408 m (1338 ft). As expected, analysis of cuttings from the upper non-core section of the hole indicated weakly anomalous lithium content, ranging from a few 10s of ppm to 154 ppm Li. Drilling switched to core immediately below a hard gravel unit, which forms the boundary between unconsolidated pluvial-fluvial sediments and partially lithified equivalents with substantial tuffaceous (ash) content below.

A representative sampling of approximately 10% of the core was split in half using a diamond saw and one split was delivered to Paragon Geochemical in Sparks, NV, an ISO/IEC 17025-2017 certified laboratory, for 31-element ICP analysis, including lithium. Lithium content increased significantly below the contact, with a 79 m (260 ft)-thick section from 362-441 m (1188-1448 ft) averaging 771 ppm Li with a high of 924 ppm Li. The upper high lithium zone was contained within a very thick zone, averaging 383 ppm Li over 487 m (1597 ft) continuing to the bottom of the hole.

The lithium mineralization is open at depth. Hole KB 22-02 was drilled as a vertical borehole to a depth of 915.6 m (3004) ft. Similar to the first hole, KB 22-02 was drilled as a mud-rotary pre-collar to a depth of 366 m (1200 ft), followed by HQ and NQ core.

As with the first hole, KB 22-02 encountered anomalous lithium values above the hard gravel and significant lithium enrichment below. A 169 m (555 ft)-thick zone averaging 558 ppm Li with a high of 860 Li lay below the contact. Lithium mineralisation continued to the bottom of the hole with an average of 379 ppm Li over an interval of 451 m (1478 ft).

Mineralisation remains open at depth. Both KB 22-01 and KB 22-02 were drilled to test a thick MT conductor. The start of the high lithium zone in both holes corresponds with the approximate top of the conductor.

Neither hole drilled to the bottom of the conductor or the bottom of the potential aquifer zone within the playa-filling sediments. Hole KB 22-01 was sampled for lithium-bearing groundwater in the pre-collar interval to a depth of 329 (1080 ft), and the HQ and NQ core intervals to 408 m (1338 ft). Twenty-three intervals were sampled including two long interval, large purge-volume samples and a duplicate for QA.

Sample intervals were purged of drilling fluids and cuttings prior to sampling. The general chemical parameters of water samples were measured at the time of collection using a multiparameter chemistry meter. Samples were then sent to a laboratory where they were analysed for a wide range of total and dissolved metals, anions, and general parameters.

Samples from twelve intervals of the upper non-core section of the hole were by means of airlifting groundwater from a short interval of exposed borehole. The non-core hole samples were delivered to ALS Geochemistry in Reno, NV, an ISO 45001-2018 certified laboratory, for 53-element ultra-trace ICP analysis. Eleven samples from the lower core hole were sampled using a large-volume bailer lowered to targeted depths.

The core hole samples were delivered to Western Environmental Testing Loratories (WETLAB) in Sparks, NV, a Nevada Division of Environmental Protection accredited laboratory, for 34-element ICP analysis, select anion by Ion Chromatography, and general chemistry analyses. ALS results from the non-core upper portion of the hole indicated dissolved content up to 0.15 mg/L at 208 m (685 ft). Dissolved lithium content in the eleven WETLAB samples collected in the lower core hole below the gravel unit was below detection levels.

Hole KB 22-02 was sampled for lithium bearing groundwater in the HQ and NQ intervals from 366 m (1200 ft) to 915.6 m (3304 ft). Thirty-six samples were collected and analysed; including several resampled intervals to confirm results and a long interval, large purge volume sample. Sample intervals were purged of drilling fluids and cuttings prior to sampling.

The general chemical parameters of water samples were measured at the time of collection using a multiparameter chemistry meter. Samples were then sent to WETLAB, where they were analysed for a wide range of total and dissolved metals, anions, and general parameters. The lower portion of the KB 22-02 below 817 m (2682 ft) drilled through relatively competent formation material and was sampled by means of a straddle packer system across three intervals.

Two samples were from purge water with anomalous chemistry readings. The remaining thirty-one samples were collected using a large-volume bailer lowered to targeted depths following core hole purging. Twenty-nine water samples were delivered to WETLAB in Sparks, NV for 34-element ICP analysis, select anion by Ion Chromatography, and general chemistry analyse.

The Kibby Basin Lithium Project is located 60kms north of Clayton Valley, Nevada which hosts the sole North American producing Lithium mine (Silver Peak Lithium) owned by the world's Lithium producer, Albemarle. Marquee's 100% owned Clayton Valley Lithium Project also sits in the Clayton Valley.