The first “scout holes” in the Kibby Basin encountered up to 200 ppm lithium in sediments.
It’s official. There’s lithium in Nevada’s Kibby Basin, about 65 km north of the “overappropriated” Clayton Valley, i.e. closer to Tesla Motors’ Gigafactory near Sparks in Nevada. With a market capitalization of $2 million CAD, Belmont Resources Inc. today reported assay results from its first 2 “scout holes”, and has become the first company to discover lithium in the Kibby Basin.
The grades are spectacular in the sense that the sediments are enriched with up to 200 ppm lithium, which is a great indication that a near-by aquifer may host similar or even higher grades. With 13 of 25 core samples assaying over 100 ppm lthium, these sediments could very well be a potential source of lithium for the underlying aquifers.
Exploratory drilling in the Clayton Valley typically also encounters lithium-enriched sediments, whereafter targeted aquifers commonly host the lithium-rich pay zones. Pure Energy Minerals, active in the Clayton Valley, yesterday reported an updated “inferred” resource estimate averaging 123 ppm lithium.
Belmont is now getting ready to locate underlying aquifers with the help of an electromagnetic survey, which has also been employed in the Clayton Valley to effectively locate aquifers (more effective than gravity surveys). Such a geophysics study could be completed at relatively inexpensive costs and in a relatively short period, whereafter identified targets could be drill tested as potential lithium-rich pay zones.
With the Clayton Valley aquifers being in production since the 1960s, likely to have deteriorated in grade from an estimated 400 ppm originally to about 123 ppm lithium nowadays, Belmont is on track to prove an untapped lithium basin, potentially with grades similar to when Clayton Valley started production almost 60 years ago.
Belmont has now succeeded in ticking all the boxes of key features that are similar to the Clayton Valley:
1. The setting of the Kibby Flats within the Monte Cristo Valley indicates a basin large enough to develop layers that could act as aquifers.
2. Regional gravity data suggests a basin with sufficient depth to provide enough volume of Quaternary sediments to host aquifers of significant extent.
Full version / The Kibby Basin (Basin Removed Topography; presumably this would be the topography if the basin fill was removed). Belmont’s 3D gravity model (2016) demonstrates the potential for a massive underground brine reservoir with dimensions estimated at 4 km2 and at least 1.5 km deep. On top of that, the chances of the water being geothermal (hot) are excellent. A 7.4 km long structure is identified in Kibby Valley with characteristics interpreted to be akin to major structures bounding the south side of Clayton Valley. Belmont’s gravity survey identified several significant structures that juxtapose rocks of differing densities that are most likely basin-fill sediments faulted against the basement rocks.
3. Groundwater is present and widespread. Layers containing ground water were encountered at numerous depths during drilling. Hydro sleeve samples of formation water were collected from the bottoms of both holes, where brine is likely to collect, and delivered to the ALS lab for lithium analysis and testing of physical parameters. Water test results are pending and expected shortly.
4. Geothermal indicators suggest an area with locally higher heat-flow.
5. Fine-grained clay-rich sediments confirm the presence of lithium. Today’s announced core sample assays, ranging from 70-200 ppm lithium (with 13 of 25 core samples assaying >100 ppm lithium), indicate that these sediments could be a potential source of lithium for the underlying aquifers.
6. Arid climate and closed basin with a dry or seasonal lake; sufficient time to concentrate brine.
Thanks to today‘s initial drill results, the Kibby Basin has great potential to host lithium-bearing brines in a geologic setting similar to the continental brine model ascribed to the near-by Clayton Valley. The Kibby Basin may host brine with a similar grade as the Clayton Valley originally had in the 1960s when operations started.
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Belmont Resources Inc.
Suite 600 - 625 Howe Street
Vancouver, BC, V6C2T6 Canada
Phone: +1 604 683 6648
Shares Issued & Outstanding: 45,520,953
Canadian Symbol (TSX.V): BEA
Current Price: $0.05 CAD (06/26/2017)
Market Capitalization: $2.3 Million CAD
German Symbol / WKN (Frankfurt): L3L1 / A1JNZE
Current Price: €0.033 EUR (06/26/2017)
Market Capitalization: €1.5 Million EUR
Report #5: “Belmont getting ready to drill for untapped lithium brines at Kibby Basin in Nevada”
Report #4: “The perfect lithium basin?”
Report #3: “Prominent gravity low identified on Kibby Basin Lithium Brine Property in Nevada”
Report #2: “Dark clouds over Clayton Valley and green lights for Belmonts Kibby Basin Project”
Report #1: “Early Report on Belmont Resources”
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.