belmont res. kibby basin, nevada #lithium ni 43-101 technical report

Technical Report

Describing

the

Kibby Basin Property Centered on

431,624E - 4,243,747N

UTM NAD83 Z11

in

Esmeralda County, Nevada USA

Prepared for

Belmont Resources Inc.

#600-625 Howe Street

Vancouver, BC V6C 2T6

Prepared By

E.L. “Buster” Hunsaker III, CPG 8137

Hunsaker Inc

Elko, Nevada USA

Effective May 26, 2016

Belmont Resources Inc. Kibby Basin Property, Esmeralda County, Nevada

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Ernest L. Hunsaker III, CPG 8137

TABLE OF CONTENTS

1.0 SUMMARY .................................................................................................................. 4

26.1 Phase One Exploration Program ............................................................................. 5

2.0 INTRODUCTION ........................................................................................................ 6

2.1 Issuer ......................................................................................................................... 6

2.2 Terms of Reference and Purpose .............................................................................. 6

2.3 Sources of Information ............................................................................................. 6

2.4 Property Inspection ................................................................................................... 6

3.0 RELIANCE ON OTHER EXPERTS ........................................................................... 6 4.0 PROPERTY DESCRIPTION AND LOCATION ........................................................ 6

4.1 Location .................................................................................................................... 6

4.2 Royalties and Agreements ........................................................................................ 7

4.3 Environmental Liabilities and Permits ..................................................................... 7

4. 4 Other Significant Factors and Risks ........................................................................ 8

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND

PHYSIOGRAPHY ............................................................................................................ 11

5.1 Topography, Elevation, and Vegetation ................................................................. 11

5.2 Means of Access ..................................................................................................... 12

5.3 Local Resources ...................................................................................................... 12

5.4 Climate .................................................................................................................... 12

5.5 Infrastructure ........................................................................................................... 12

6.0 HISTORY ................................................................................................................... 12

7.0 GEOLOGIC SETTING AND MINERALIZATION ................................................. 14

7.1 Regional Geology ................................................................................................... 14

7.2 Local and Property Geology ................................................................................... 14

7.2.1 Stratigraphy ...................................................................................................... 17 7.2.2 Structure ........................................................................................................... 17

7.2.3 Water ................................................................................................................ 18

7.3 Mineralization ......................................................................................................... 18

8.0 DEPOSIT TYPES ....................................................................................................... 22

9.0 EXPLORATION......................................................................................................... 22 10.0 DRILLING ................................................................................................................ 22 10.0 SAMPLE PREPARATION, ANALYSIS, AND SECURITY ................................. 22

12.0 DATA VERIFICATION .......................................................................................... 22 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING......................... 23

15.0 MINERAL RESERVE ESTIMATES....................................................................... 23 16.0 MINING METHODS ............................................................................................... 23 17.0 RECOVERY METHODS ......................................................................................... 23


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18.0 PROJECT INFRASTRUCTURE ............................................................................. 23 19.0 MARKET STUDIES AND CONTRACTS .............................................................. 23 20.0 ENVIRONMENTAL STUDIES .............................................................................. 23 21.0 CAPITAL AND OPERATING COSTS ................................................................... 23

23.0 ADJACENT PROPERTIES ..................................................................................... 24 24.0 OTHER RELEVANT DATA AND INFORMATION ............................................ 24 25.0 INTERPRETATION AND CONCLUSIONS .......................................................... 24 26.0 RECOMMENDATIONS .......................................................................................... 25

6.1 Phase One Exploration Program ............................................................................. 25

26.1 Phase One Exploration Program ........................................................................... 25

26.2 Phase Two Exploration Program .......................................................................... 25

DATE AND SIGNATURE............................................................................................... 26

CERTIFICATE OF QUALIFICATIONS......................................................................... 27 27.0 REFERENCES ......................................................................................................... 29

LIST OF TABLES

Table 1: Kibby Basin Claims ............................................................................................ 11 Table 2: Phase One Exploration Program Budget ............................................................ 25

Table 3: Phase Two Exploration Program Budget ........................................................... 26

LIST OF FIGURES

Figure 1: Kibby Basin Property Location Map................................................................... 9

Figure 2: Kibby Basin Property Claim Map ..................................................................... 10 Figure 3: Kibby Basin Access Map .................................................................................. 13

Figure 4: Kibby Basin Property Regional Geology Map (Legend-Figure 5) ................... 15 Figure 5: Kibby Basin Property Geology Map-Legend .................................................... 16 Figure 6: Kibby Basin Property Geology Map (Legend-Figure 5)................................... 19

Figure 7: Kibby Basin Property Gravity Map (after Oppliger, 2003) .............................. 20 Figure 8: Kibby Basin Property Well and Geothermal Map (after Oppliger, 2003) ........ 21


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1.0 SUMMARY

Belmont Resources Inc. (the “Company” or “Belmont”) entered into a Mineral Property

Acquisition Agreement to purchase 100% right, title, and interest in the Kibby Basin

Association Placer Mining Claims (the “Property”). Belmont is listed on the TSX

Venture Exchange (TSXV: BEA) and the corporate office is located in Vancouver, B.C.

The property covers 2,560 acres located in Esmeralda County, Nevada centered on UTM

coordinates 431,624E/4,243747N. The claims are within sections 29, 30, 31, & 32,

T6N/R37.5E and sections 25 & 26, T6N/R37E. They are 35.8 direct air miles northwest

of Tonopah, Nevada. Tenure consists of 16 unpatented association placer mining claims

(160 acres each) covering 2,560 acres on United States public lands under the

management of the Bureau of Land Management. Belmont holds the claims via a

Mineral Property Acquisition Agreement made on March 29th

, 2016 with Zimtu Capital

Corp which was amended April 15, 2016.

Kibby Basin is located in the western portion of the Great Basin in Nevada. The regional

tectonic and structural setting is complex. Lithology and physiography, in particular,

reflect this complexity with a wide range of rock ages (Precambrian to recent) and a

diverse distribution of rock types (metamorphic-volcanic-igneous-sedimentary-surficial

unconsolidated sediments).

However, the visible surface of the property geology is simple. The surface rocks consist

exclusively of Quaternary Alluvium and unconsolidated playa sand, gravel, and clay. No

faults, folds, or additional structural elements occur on the surface within the claim area.

There is no mineralization known on the Property and there is no prior mineral

ownership.

Belmont has not done any exploration and there is no known previous exploration

activity or production for the Kibby Basin Property.

The Kibby Basin Property is an early stage exploration project that warrants further work.

As is typical, the data available are limited. However, due to the regional setting,

extensive information is available from academic, government, and professional public

domain sources. Using a continental-brine lithium model based on Clayton Valley, the

available data is useful and sufficient to review and discuss the Property. Regional and

property-wide geology reviewed for the Kibby Basin Property shows key features that are

similar to the known lithium mine area at Silver Peak-Clayton Valley.

1. The setting of Kibby Flat within the Monte Cristo Valley indicates a basin large

enough to develop layers that could act as aquifers.

2. Regional gravity data suggest a basin with sufficient depth to provide enough

volume of Quaternary sediments to host aquifers of sufficient extent.

3. Groundwater is present and widespread.

4. Geothermal indicators suggest an area with locally higher heat-flow.


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The data suggest two work phases will prudently and effectively test for the presence and

quality of the four key features mentioned above. Phase one results will determine how

best to execute the drilling proposed in phase two.

The phase one program consists of a regional geophysical review and a detailed gravity

program. The regional geophysical review will give guidance to design the detailed

gravity layout and orientation.

If warranted by the results from phase 1 the phase 2 drilling program would test the

optimum areas.

Activity Units Quantity Rate ($) Cost ($)

Geology/Supervision/Permitting Days 5 $650 $3,250

Travel Expenses (room/ & board) Days 1 $130 $130

Mileage Miles 700 $0.60 $420

Subtotal $3,800

Geophysical Regional Review 1 $1,500 $1,500

Gravity - Survey Stations 395 $45 $17,775

Gravity - Interpretation 1 $3,000 $3,000

Subtotal $22,275

Drilling Days 0 $4,000 $0

Drill Sample Analyses (20% of Drilling Cost) $0 $0

Drill Site Prep and Reclamation/Bond Project $0 $0

Subtotal $0

Contingency (15%) $3,911.25

Total $29,986



Travel Expenses (room/ & board) Days 13 $130 $1,690

Mileage Miles 2100 $0.60 $1,260

Subtotal $15,950

Geophysical Regional Review 0 $1,500 $0

Gravity - Survey Stations 0 $45 $0

Gravity - Interpretation

Subtotal $0

Drilling Days 12 $4,000 $48,000

Drill Sample Analyses (20% of Drilling Cost) $9,600 $9,600

Drill Site Prep and Reclamation/Bond Project $15,000 $15,000

Subtotal $72,600

Contingency (15%) $13,282.50

Total $101,833


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2.0 INTRODUCTION

2.1 Issuer

This report is prepared for Belmont Resources Inc. (the “Company” or “Belmont”).

Belmont is listed on the TSX Venture Exchange (TSXV: BEA) and the corporate office

is located in Vancouver, B.C.

2.2 Terms of Reference and Purpose

Belmont retained Hunsaker Inc. to prepare an independent technical report for the Kibby

Basin Property (“Property” or “Kibby Basin”) conforming to the requirements of

Canadian National Instrument 43-101 (“NI43-101”). Ernest L. Hunsaker III, CPG-8137

is a Senior Geologist and President of Hunsaker Inc. and is a Qualified Person (“QP”) as

defined by NI43-101.

2.3 Sources of Information

Belmont provided documentation regarding their acquisition of ownership and claim data

was determined from the property inspection, Federal public records, and Esmeralda

County public records.

Published information and data are the basis for the technical information in this report.

Item 27.0 (“References”) lists the sources of information. The text cites the references

where customary and appropriate.

All units of measurement in this report are English-system unless noted otherwise.

Survey and map date are in Universal Transverse Mercator-meter (“UTM”) coordinates,

North American Datum 83 (“NAD 83”) Zone 11. Monetary values are in US dollars

(“$”).

2.4 Property Inspection

The Author made an unaccompanied visit to the property on April 21, 2016 to review the

access, property geology, and physiographic setting.

3.0 RELIANCE ON OTHER EXPERTS

The author is responsible for the non-referenced content of this report.

4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Description and Location

The property covers 2,560 acres located in Esmeralda County, Nevada centered on UTM

coordinates 431,624E / 4,243,747N (Figure 1). The claims are within sections 29, 30, 31,


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& 32, T6N/R37.5E and sections 25 & 26, T6N/R37E. They are 35.8 direct air miles

northwest of Tonopah, Nevada.

4.2 Mineral Tenure

Tenure consists of 16 Federal unpatented association placer mining claims (160 acres

each) covering 2,560 acres (Figure 2 and Table 1). Claims are on lands managed by the

U.S. Department of Interior – Bureau of Land Management (BLM).

Belmont holds the claims via a Mineral Property Acquisition Agreement made on March

29th

, 2016 with Zimtu Capital Corp which was amended on April 15, 2016. Per the

Agreement, Zimtu Capital Corp. agrees that on the closing date of July 15, 2016 they will

sell to Belmont and transfer a 100% undivided right, title and interest to the claims. In

order to purchase the property Belmont has agreed to:

1. Pay to Zimtu Capital $25,000 as follows:

a. $5,000 on signing of the Agreement

b. $20,000 upon Exchange Approval of the Agreement

2. Issue 1,000,000 common shares of Belmont as follows:

a. 500,000common shares upon Exchange approval; and

b. 500,000 common shares at six months from Exchange approval

The agreement is subject to the approval of the Exchange and if the Approval Date has

not occurred by June 30, 2016 or the Closing Date has not occurred by July 15, 2016,

Zimtu Capital Corp. may terminate the Agreement and no further rights will accrue.

Upon commencement of production Belmont will pay a 1.5% Net Smelter Royalty

(“NSR”) to Zimtu Capital. Belmont may acquire 50% of the NSR for $1,000,000.

To maintain the validity of the claims Federal statute requires that annual maintenance

fees must be paid prior to September 1 of each year. Currently those fees are $155 for

each 20 acre portion of the claims, payable to the Bureau of Land Management. Prior to

November 1, Nevada state statute requires recording of a Notice of Intent to Hold with

Esmeralda County along with payment of $10.50 per claim and $4.00 document fee.

No royalties or other agreements are known.

4.3 Environmental Liabilities and Permits

The Mining Law of 1872 for unpatented mining claims confers non-exclusive rights to

use the surface for mining purposes. The Federal Land Policy and Management Act of

1976 (“FLPMA”) requires that notification (“Permit”) and bonding is filed and accepted

with the BLM prior to non-casual disturbance (drilling, trenching, etc.).

No notification and bonding for surface disturbance is in place and prior to initiation of

the recommended phase 2 program (Item 26.2) that needs to be completed.


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4.4 Other Significant Factors and Risks

There are no other significant factors or risks known, which would adversely affect

access, title or work on the project.


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Figure 1: Kibby Basin Property Location Map


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Figure 2: Kibby Basin Property Claim Map


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Claim Name County NMC#

Kibby 1 Esmeralda County, Nevada 1122074
















Table 1: Kibby Basin Claims

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND

PHYSIOGRAPHY

5.1 Topography, Elevation, and Vegetation

The Kibby Property is located in Kibby Flat, which is the geographic name for the playa

in the lowest portion, of the Monte Cristo Valley. The playa is a closed basin that is

essentially flat, with an elevation of 5,268 feet. The Cedar Mountain Range to the north

and east reaches as high as 8,089 feet and the Pilot Mountains to the west have a


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maximum height of 9,187 feet. To the south, the Monte Cristo Range reaches 7,996 feet

and the pass separating the Monte Cristo and the Cedar Mountain Ranges is 5,597 feet

high.

Vegetation is typical of the high-desert portion of the Basin and Range. The playa has

very sparse vegetation consisting primarily of sagebrush and shadscale. Mean annual

precipitation is around 5 inches

5.2 Means of Access

To reach the Property, leave Tonopah, Nevada and travel 19 miles towards Reno, Nevada

on U.S. Highway 95 (Figure 3). Leave the highway and travel 15 miles northward on

the maintained dirt road to an intersection with a well-developed dirt track. Then go 6

miles northwest to the claims. Vehicle access is good to all portions of the Property

when it is dry. During periods of heavy rainfall or snowmelt from the surrounding higher

elevations (when water is standing on the playa) travel can be difficult to impossible.

5.3 Local Resources

Tonopah is the nearest population center with food, lodging, and supplies. Surface

transportation in the region is good via U.S. Highway 95 with numerous paved state

roads and well maintained dirt roads reaching into the countryside. A small local airport

is available. There is no regular commercial air service.

5.4 Climate

Climate is typical of the high-desert portion of the Basin and Range. Temperatures range

from highs of 100o

F in the summer to -15o

F in the winter. Average highs are 40o

F in

winter and 85o

F during the summer. Under typical climate conditions the operating

season is 12 months per year

5.5 Infrastructure

Surface rights are sufficient to support a mining operation, power is less than 8 miles

distant. Tonopah and the surrounding region hosts sufficient experienced mining people,

contractors, and equipment to carry out most mining and exploration activities. Reno and

Las Vegas are less than 240 miles distant if additional supplies and experience are

required.

Tonopah is the likely source of water for drilling.

6.0 HISTORY

There is no known prior ownership for the Kibby Basin Property.


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Figure 3: Kibby Basin Access Map


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There is no known previous exploration activity, mineral resource estimation, or

production for the Kibby Basin Property.

7.0 GEOLOGIC SETTING AND MINERALIZATION

Kibby Basin is located in the western portion of the Great Basin in Nevada. The regional

tectonic and structural setting is complex (Figure 4). Lithology and physiography, in

particular, reflect this complexity with a wide range of rock ages (Precambrian to recent)

and a varied distribution of rock types (metamorphic-volcanic-igneous-sedimentary-

surficial unconsolidated sediments). Of necessity, this complexity is simplified; which

still leaves a noticeably long list of specific rock units (Figure 5). The following

discussion is summarizes and consolidates the references cited.

However, the visible, surface of the property geology is simple. The surface rocks

consist exclusively of Quaternary Alluvium and unconsolidated playa sand, gravel, and

clay (Figure 4). No faults, folds, or additional structural elements occur on the surface

within the claim area.

7.1 Regional Geology

The Property is within the central Walker Lane. The Walker Lane is a distinct zone that

is 50-100 miles wide and trends over 380 miles from northwest to southeast (Figure 1).

The Walker Lane sub-parallels the southwestern border of Nevada and is a continental

scale transition zone between the Sierra Nevada massif and the north-trending regions of

the Great Basin. Oldow et al (2016) describe how this portion of the Walker Lane is a

structural stepover that links the Furnace Creek Fault System to the south with the central

Walker Lane. The complex history of extensional and transcurrent faulting from 15 Ma

to the present (Oldow, 2003) is reflected in the wide range of fault orientations; from

northeast to west-northwest. During this period, numerous half-grabens developed to

accommodate the strain. Hardyman (1990) identified a series of half-grabens in and

around Monte Cristo Valley.

North-south trending basin and range faulting is the latest structural activity to overprint

and offset the earlier faults and basins resulting in additional deepening or exhumation of

these basins. Recent colluvial sediments have accumulated in these basins to depths

which are variably well known.

7.2 Local and Property Geology

The Kibby Basin Property is located in topographic lowlands. Thus, the surficial

property geology consists of Quaternary colluvium - alluvium undifferentiated which

includes recent desert wash, playa deposits, and sand dunes (Figure 4). These units result

from erosion of the surrounding ranges and basins. No distinctly observable structures

occur.


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Figure 4: Kibby Basin Property Regional Geology Map (Legend-Figure 5)

Belmont Resources Inc . Kibby Basin Property, Esmeralda County, Nevada

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Figure 5: Kibby Basin Property Geology Map-Legend


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7.2.1 Stratigraphy

Geologic units mapped in the ranges surrounding Kibby Flat are on Figure 6 (map labels

in parentheses are same as noted on Figure 5):

Quaternary Alluvium-colluvium undifferentiated (Qal, Qya, QToa, Qpl, QTg,

QTs)

Quaternary- Pliocene/Pleistocene: Basalt (Tba)

Tertiary: Rhyolitic to quartz latitic welded ash flows (Tt2)

Tertiary-Early Pliocene: Gilbert Andesite (Ta3)

Tertiary: Shale, siltstone, limestone, and tuff (Ts3)

Tertiary-Late Miocene: Esmeralda Formation (Ts3)

Tertiary: Rhyolite plugs, domes, flows, and breccias (Tr2, Tr3)

Cenozoic-Mesozoic: Granite (TJfi, TRfi)

Jurassic: Dunlap Formation (JTRgor)

Triassic: Luning Formation (WLB)

Triassic: Excelsior Formation (GC

Ordovician: Palmetto Formation (DCs)

Tertiary units are the most ubiquitous. The same units also occur adjacent to basins

Clayton Valley all around the town of Silver Peak (Figure 4) The Tertiary units are

potential sources of lithium (Davis, 1979).

Albers and Stewart (1972) restricted the nomenclature of the Tertiary Esmeralda

Formation (Ts3-Figure 6) to the sedimentary units in the Weepah Hills area south of

Kibby Basin. Other authors have either included volcanic units in the Esmeralda

Formation or subdivided the Esmeralda Formation into even more distinct tectono-

stratigraphic units (Jones, 2007, Burrus, 2013). Siltstone, shale, and limestone in the

Esmeralda are fresh-water units and regionally extensive suggesting a lake (Esmeralda

Lake - Turner, 1900, Reheis et al, 2009) or numerous widespread lakes throughout the

region expanding and contracting through time.

Variable wet and dry periods continued into the Quaternary and are apparent in the

detailed stratigraphy of drill logs for Clayton Valley (Vine, 1979 and Pantea, 1981).

Continued subsidence of the basins developed aquifers in the porous and permeable units

in basin sediments. These general descriptions and more specific evaluations (Zampirro,

2003) define distinct aquifers that host groundwater which are known to contain brines

and lithium-bearing brines.

7.2.2 Structure

Distinct structural details are not mappable in the colluvial and alluvial filled basins. But,

they do project into the playa from the faults in the surrounding ranges (Figure 6). Faults

trend north-south, north-northeasterly and northwesterly. Within the broader Monte

Cristo Valley there are more easterly trending faults which bound half-grabens

(Hardyman 1990). Hardyman demonstrated thicker basin-fill close to the bounding

faults.


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It is difficult to determine basin depths by observation of the playa surface exposures.

However, regional gravity data provides relative caricatures of the depth, shape, and

extent of covered basins. Kibby basin has a gravity signature that suggests depths similar

to Clayton Valley (Figure 7).

7.2.3 Water

Kibby Flat is a dry playa and no springs or water sources occur on the Property.

Geothermal research by the Nevada Bureau of Mines and Geology (“NvBMG”)

identified three wells and springs in the region (Figure 8). All three sources indicated

near-surface water. Water from the Dunham Mill Well was geochemically analyzed

however, the NvBMG discredited the results due to their observation of obvious

contamination.

Nevada has abundant geothermal resources and NvBMG compilation has outlined areas

with potential heat flow, based on surface temperatures of springs, drill hole-water

temperatures, geothermal-related geochemical signatures, and associated geologic

settings. Figure 8 has areas highlighted with geothermal clusters. These areas suggest

zones of potential elevated heat flow.

7.3 Mineralization

The Property has no known mineralization.


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Figure 6: Kibby Basin Property Geology Map (Legend-Figure 5)


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Figure 7: Kibby Basin Property Gravity Map (after Oppliger, 2003)


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Figure 8: Kibby Basin Property Well and Geothermal Map (after Oppliger, 2003)


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8.0 DEPOSIT TYPES

Lithium-bearing continental brines is the general description of the target deposit type

and is the model-type used for this report. Various theories of formation suggest that

continental brines contain lithium due to:

Lithium leaching from surrounding lithium-bearing rock units

And/or

Lithium added to ground water from hot spring activity.

No definitive model exists that is universally accepted. Historic and recent academic and

descriptive work defines the regional and local setting of the Clayton Valley brines

(Albers and Stewart, 1972; Davis and Vine, 1979; Pantea et al, 1981; Zampirro, 2003).

The Kibby Basin Property has potential to host lithium-bearing brines in a geologic

setting similar to the continental brine model ascribed to Clayton Valley. Zampirro

(2003) described Clayton Valley as a graben feature with accumulated pluvial and

interpluvial sediments which contain lithium-bearing brines. Detailed structural

interpretation at Clayton Valley from boreholes, seismic surveys, and gravity surveys has

defined a hydrogeologic setting sufficient to host the lithium resource.

A basin with similar regional features exists at Kibby Flat. The surrounding range

contains the same and closely age-correlative lithologic units to those identified around

Clayton Valley. The faulting around Kibby Flat is also similar in orientation. The basin

appears to be large enough to allow for development of a favorable hydrogeologic setting

to host lithium-bearing brines.

9.0 EXPLORATION

Belmont has not completed any exploration on the Property.

10.0 DRILLING

Belmont has done no drilling on the Property.

11.0 SAMPLE PREPARATION, ANALSIS, AND SECURITY

Neither Belmont nor the author has collected any samples because the appropriate media

is not present on the surface.

12.0 DATA VERIFICATION

The data presented in this report is from published academic, professional, and

governmental groups. The author is familiar with the regional setting from professional

experience believes this data sufficiently describes the Geology as described in Item 8.


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There is no other data to verify.

13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

There has been no mineral processing or metallurgical testing on the Property.

14.0 MINERAL RESOURCE ESTIMATES

There have been no mineral resource estimates made for the Property.

15.0 MINERAL RESERVE ESTIMATES

There have been no mineral reserve estimates calculated for the Property.

16.0 MINING METHODS

There have been no mining methods determined for the Property.

17.0 RECOVERY METHODS

There has been no recovery methods determined for the Property.

18.0 PROJECT INFRASTRUCTURE

There are no project infrastructure plans for the Property.

19.0 MARKET STUDIES AND CONTRACTS

There has been no market studies or contracts completed for the Property.

20.0 ENVIRONMENTAL STUDIES

There have been no environmental studies on the Property.

21.0 CAPITAL AND OPERATING COSTS

There has been no capital or operating cost studies for the Property.


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22.0 ECONOMIC ANALYSIS

There has been no economic analysis performed for the Property.

23.0 ADJACENT PROPERTIES

There are no significant properties adjacent to the Property.

24.0 OTHER RELEVANT DATA AND INFORMATION

There are no additional relevant data for the property.

25.0 INTERPRETATION AND CONCLUSIONS

The Kibby Basin Property is an early stage exploration project that warrants further work.

As is typical, the data available are limited. However, due to the regional setting,

extensive information is available from academic, government, and professional public

domain sources. Using a continental-brine lithium model based on Clayton Valley, the

available data is useful and sufficient to review and discuss the Property.

Regional and property-wide geology reviewed for the Kibby Basin Property shows key

features that are similar to the lithium mine area at Silver Peak-Clayton Valley.

1. The setting of Kibby Flat within the Monte Cristo Valley indicates a basin large

enough to develop layers that could act as aquifers.

2. Regional gravity data suggest a basin with sufficient depth to provide enough

volume of sediments to host aquifers of sufficient extent.

3. Groundwater is present and widespread.

4. Geothermal indicators suggest an area with locally higher heat-flow.

The surrounding Tertiary-age rocks contain lithologic units and formations which occur

in the known lithium producing region of Clayton Valley and thus may also have acted as

a source for lithium in the Kibby Flat region. The faults mapped in the surrounding

basins trend north-south, east-northeast, and northwest. These intersecting trends are

likely to occur within the basin and develop a plumbing system sufficient to circulate

fluid. This faulting could be sufficient for fluid transport to allow lithium to accumulate

in economic concentration.

The continental-brine model for lithium, as exemplified in Clayton Valley, has potential

at the Kibby Basin Property. A staged exploration program will prudently test for each

necessary element before proceeding to the next stage. Key elements to determine at the

project level are:


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Sufficient basin and aquifer size to host volumes with economic-size potential

Presence of lithium in the groundwater

Sufficient water volumes to provide economic-size potential

The recommended exploration course of action is below.

26.0 RECOMMENDATIONS

The conclusion and interpretation in Item 25 suggest two phases are needed to test for the

presences and quality of the key elements. Phase one results will determine how best to

execute the drilling proposed in phase two.

26.1 Phase One Exploration Program

The phase one program consists of a regional geophysical review and a detailed gravity

program (Table 2). The regional geophysical review will give guidance to design the

detailed gravity layout and orientation. Basin geometry indicates station spacing of 250

meters is sufficient. 395 stations will provide the coverage to determine basin depth and

delineate the structural setting.

Table 2: Phase One Exploration Program Budget

26.2 Phase Two Exploration Program

If warranted by the results from phase 1 the phase 2 drilling program would test the

optimum areas. Table 3 outlines the details for a direct push (Geoprobe) drill program.



Travel Expenses (room/ & board) Days 1 $130 $130

Mileage Miles 700 $0.60 $420

Subtotal $3,800

Geophysical Regional Review 1 $1,500 $1,500

Gravity - Survey Stations 395 $45 $17,775

Gravity - Interpretation 1 $3,000 $3,000

Subtotal $22,275

Drilling Days 0 $4,000 $0

Drill Sample Analyses (20% of Drilling Cost) $0 $0

Drill Site Prep and Reclamation/Bond Project $0 $0

Subtotal $0

Contingency (15%) $3,911.25

Total $29,986


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Table 3: Phase Two Exploration Program Budget

DATE AND SIGNATURE

Dated effective May 26, 2016

Ernest L. Hunsaker III



Travel Expenses (room/ & board) Days 13 $130 $1,690

Mileage Miles 2100 $0.60 $1,260

Subtotal $15,950

Geophysical Regional Review 0 $1,500 $0

Gravity - Survey Stations 0 $45 $0

Gravity - Interpretation

Subtotal $0

Drilling Days 12 $4,000 $48,000

Drill Sample Analyses (20% of Drilling Cost) $9,600 $9,600

Drill Site Prep and Reclamation/Bond Project $15,000 $15,000

Subtotal $72,600

Contingency (15%) $13,282.50

Total $101,833


Hunsaker Inc. -27-


CERTIFICATE OF QUALIFICATIONS

I, Ernest L. Hunsaker III, do hereby certify that:

1. I am a consulting geologist employed by Hunsaker Inc P.O. Box 2021, Elko, Nevada,

USA 89803.

2. This certificate applies to “Technical Report Describing the Kibby Basin Property

Centered on 431,624E / 4,243,747N UTM NAD83 Z11 in Esmeralda County, Nevada

USA”, dated effective May 26, 2016.

3. I am a graduate of the Colorado School of Mines with a B.S degree in Geological

Engineering (1981) and Colorado State University with a M.Sc. degree in Economic

Geology (1988). I am a member of the American Institute of Professional Geologists

and certified as a Professional Geologist by that organization (CPG #8137). I have

read the definition of “qualified person” set out in NI 43-101 and certify that by

reason of my education, work experience and affiliation with a professional

association I fulfill the requirement to be a “qualified person” for the purpose of NI

43-101.

4. I have practiced my profession, as a mining and exploration geologist continuously

for 35 years since 1981. During this period I worked throughout the Great Basin as a

staff and consulting geologist for mining and exploration companies. I have more

than 25 years in Nevada, exploring for and developing gold, silver, base metal, and

industrial mineral properties.

5. I have managed the exploration and drilling program for a lithium-brine property in

Clayton Valley, Nevada and have conducted reconnaissance and exploration for

lithium-brine bearing properties throughout Nevada.

6. I visited the Kibby Basin Property on April 21, 2016.

7. I am responsible for all items of this report.

8. I am independent of Belmont Resources Inc. as described in section 1.5 of NI 43-101;

other than providing standard industry consulting services.

9. I do not have any involvement with this Property other than this assignment and a

consulting assignment to file and record claims for this Property.

10. I have read NI 43-101 and the Technical Report has been prepared in compliance

with the instrument.


Hunsaker Inc. -28-


11. As of the effective date of this certificate, to the best of my knowledge, information,

and belief, the Technical Report discloses all scientific and technical information that

is required to make the Technical Report not misleading.

Dated effective the 26th day of May, 2016

Ernest L. Hunsaker III


Hunsaker Inc. -29-


27.0 REFERENCES

Albers, J.P., and Stewart, J.H., 1972 Geology and Mineral Deposits of Esmeralda

County, Nevada: Nevada Bureau of Mines and Geology Bulletin 78

Burrus, J.B., 2013, Structural and stratigraphic evolution of the Weepah Hills Area, Nv-

Transition from Basin-and-Range Extension to Miocene Core Complex

Formation: Abstract – University of Texas at Austin, May 2013.

Crafford, A.E. J., 2007, Geologic Map of Nevada: U.S. Geological Survey Data Series

249

Davis, J.R., and Vine, J.D., 1979. Stratigraphic and tectonic setting of the lithium brine

field, Clayton Valley, Nevada, in RMAG-UGA 1979 Basin and Range

Symposium, pp.421-430.

Hardyman, R.F., John, D.A., and Oldow, J.S., 1990, Tectonic Framework of the Central

Walker Lane Regions; Yerington to Tonopah, Nevada in Buffa, R.H., and

Coyner, A.R., eds., Geology and Ore Deposits of the Great Basin – Field Trip

Guidebook Compendium: Great Basin Symposium, April 1990, Geological

Society of Nevada, Reno, Nevada

Oldow, John S., 2003, Late Cenozoic Displacement Partitioning in the Northwestern

Great Basin, in: Brown, H. Gassaway, ed. Regional Geology & Gold Deposits of

the Silver Peak Area, Mineralization Hosted by Metamorphic Core Complexes,

Geological Society of Nevada Special Publication 38, p. 113-152.

Oldow, J.S., Elias, E.A., Ferranti, L., McClelland, W.C., and McIntosh, W.C., 2009, Late

Miocene to Pliocene synextensional deposition in fault-bounded basins within the

upper plate of the western Silver Peak–Lone Mountain extensional complex,

west-central Nevada, in Oldow, J.S., and Cashman, P.H., eds., Late Cenozoic

Structure and Evolution of the Great Basin–Sierra Nevada Transition: Geological

Society of America Special Paper 447

Oppliger, G.L. 2003, Great Basin Free Air Anomaly, Gravity Data and Images Prepared

by Gary L. Oppliger, Great Basin Center for Geothermal Energy

Pantea, M.P., Asher-Bolinder, S., and Vince, J.O., 1981, Lithology and lithium content of

sediments in basins surrounding Clayton Valley, Esmeralda and Nye Counties,

Nevada, U.S. Geological Survey, Open-File Report 81-962

Reheis, M.C., Slate, J.L., Sarna-Wojcicki, A.M., and Meyer, C.M., 2009, A late Pliocene

to middle Pleistocene pluvial lake in Fish Lake Valley, Nevada and California,

Geological Society of America Bulletin, v. 105, p. 953-967


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Turner, H.W., 1900, The Esmeralda formation, a fresh-water lake deposit: U.S.

Geological Survey Annual Report 21, pt. 2, p. 191-208

Zampirro, D., 2003, Hydrogeology of Clayton Valley Brine Deposits, Esmeralda County,

Nevada, in: Castor, S.B., Papke, K.G., and Meeuwig, R.O., eds., Betting on

Industrial Minerals, Proceedings of the 39th

Forum on the Geology of Industrial

Minerals, Reno/Sparks Nevada May 18-24, 2003, Nevada Bureau of Mines and

Geology, Special Publication 33

belmont res. kibby basin, nevada #lithium ni 43-101 technical report

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