Belmont Resources Inc. secured an option to earn up to a 75% interest in the Fredart-Gerry Lake zinc-copper-silver-gold properties in Ontario from Pistol Bay Mining Inc., according to a Sept. 4 release.
Belmont may earn an initial 65% stake by paying C$140,000 in cash and 4 million shares over a two-year period, with an option to increase its stake to 75%, and forming a joint venture by paying C$200,000 in cash.
A 2% net smelter returns royalty is owed to Glencore PLC on all claims, except for the Fredart claims, in which a 2% NSR, plus a C$10,000 annual advance royalty payment, is owed to Perry English.
