Athelstan-Jackpot

Two past-producing gold-silver mines and a 1.5 km untested trend in the prolific Greenwood camp — historic trenching and South Zone drilling have outlined a near-surface, high-grade gold-silver system.

100%-owned  ·  Greenwood Mining Division, southern British Columbia

South Zone drilling tested for a potential feeder contact or structure beneath the near-surface gold mineralization that runs along the 1.0 km trend hosting the Athelstan and Jackpot mines — past producers of 7,600 oz Au and 9,000 oz Ag. No further drilling is planned in the South Zone at this time.

Alongside the two former mines, the trend includes numerous trenches, pits and an adit, as well as mine-waste dumps. Sampling here has returned extensive gold and silver values, with dump samples as high as 1 oz/ton gold and over 5 oz/ton silver.

A 2002 report by R.E. Miller, B.Eng. Sci., P.Geo, states that a potential resource of 2,000–5,000 ounces of gold in the surface and near-surface mineralized areas appears to exist within the A-J Group, based on previous trenching results and sampling of extensive mine dumps.

The report identifies one to two areas of ore with dimensions of 2.0 metres thick, 15 metres in width and 90 metres in length, at an average grade of 0.3 opt gold.

Historic estimate; not a current mineral resource and not compliant with NI 43-101. A qualified person has not done sufficient work to classify it as a current mineral resource, and Belmont is not treating it as such.

The A-J property sits within the prolific Greenwood mining camp of southern British Columbia, considered one of the most concentrated mineralized areas in western North America, with over 30 past-producing mines — each only scratching the surface.

Three smelters once operated in the district, including what was at the time the second-largest copper smelter in the world, located in Grand Forks.

The Golden Crown vein system is the primary mineralized trend Phoenix Metals will be drilling in 2026 — a corridor of veins, including the Golden Crown Zone, King, Winnipeg, McArthur and Samaritan veins, coincident with VLF anomalies, gold soil anomalies and high-grade trench samples.

The vein system runs from Phoenix’s claims directly onto Belmont’s Pride of the West property at the Golden Crown Mine Portal. The same NW-SE structural corridor continues along strike onto Belmont’s A-J property, underlying the magnetic high that hosts the historic Athelstan and Jackpot mines.

Belmont has no ownership interest in, or operational involvement with, Phoenix's Greenwood Precious Metals Project. Information regarding Phoenix's property, financing and exploration plans has been derived solely from Phoenix's public disclosure, including its NI 43-101 Technical Report (Report No. 490), and has not been independently verified by Belmont.

Phoenix Metals Corp. (TSX: PCA) holds the Greenwood Precious Metals Project, with claims directly adjacent to Belmont's A-J Gold property. Phoenix closed its IPO on July 9, 2026, and on July 24, 2026 announced partial exercise of the underwriters' over-allotment option, bringing aggregate gross proceeds from the offering to $46,402,625.

Phoenix's NI 43-101 Technical Report (P&E Mining Consultants Inc., Report No. 490) recommends a 2026 exploration program totalling 148 drill holes and 55,285 metres across seven targets. Of this, 67 holes and 27,827 metres are planned along the JD-Golden Crown Trend, JD Deep and Golden Crown Deep targets — directly adjacent to the boundary of Belmont's A-J property near the historic Golden Crown underground mine.

“We're pleased to see a well-capitalized neighbour committing this level of exploration investment along strike from two of our properties in the Greenwood camp,” said George Sookochoff, Chairman of Belmont. “Both the Golden Crown trend adjacent to our A-J property and the No. 7 Fault trend adjacent to our Lone Star property have a history of high-grade production, and we look forward to Phoenix's exploration results as they become available.”George Sookochoff, Chairman, Belmont Resources Inc.

Athelstan mine dump

Upper Jackpot mine dump

Lower Jackpot mine dump