Athelstan-Jackpot (A-J) Gold Project

1. North Zone: Drilling to Target Prime Potential Lode-Gold Deposit

2. South Zone: Surface and Near Surface Bulk Tonnage Gold Prospect at 1km Gold Trend

A-J North Zone

2,500 metre drill program planned.

Prime potential lode-gold deposit target

The A-J North Zone drill target:

• coincident geophysical anomalies
• localized zone of listwanite,
• indicated concealed dioritic intrusive,
• major Jackpot fault;

Comparable geology to the A-J South Zone where production was 7,000 ounces of gold and 9,000 ounces of silver from the Athelstan and Jackpot mines.

• Listwanite is commonly associated with high-grade lode-gold mineralization. eg. Mother Lode gold district in California and the Abitibi greenstone belt of the Superior Province of Canada.

• The A-J North Zone magnetic and IP geophysical anomalies indicate potential mineral zones associated with the intrusive and/or associated with the listwanite.

• Initially 4 drill holes are expected to intersect mineral zones and provide the interpretive results to a potential porphyritic gold resource associated with the indicated diorite or a gold resource associated with the listwanite as at the A-J Southern Zone.

Geology

Listwanite and Gold Mineralization

Listwanite (carbonated serpentinite) is a term to describe the silica-carbonate alteration of serpentinite and is commonly associated with high-grade lode-gold mineralization.

The Mother Lode gold district in California and the Abitibi greenstone belt of the Superior Province of Canada are two of the most well-known examples of listwanite-associated lode-gold in North America. In general, the richest gold grades within these deposits are associated with, or in close proximity to carbonate-altered ultramafic rocks (Listwanite). Listwanite is also directly associated with several multi-million ounce gold deposits in British Columbia, Atlin, Bralorne and Barkerville.

Listwanite and Serpentinite

During the serpentinization process any gold present in the serpentine may be assimilated with secondary sulfides and/or magnetite and could be indicative by the magnetic anomalies within the property.”

These opaque minerals (magnetite) are subsequently destroyed in talc-carbonate alteration zones (magnetic low features), which results in gold being released from the serpentinite wall rocks and transported in solution. The gold and silica-rich fluids are transported to higher crustal levels via faults where the change in conditions (lower temperature, pH and ƒO2) results in the precipitation of gold, quartz and sulfides. All of the historic production from the property, and the vast majority of the previous exploration, all of which were in the South Zone, has been directed at massive sulfide and oxidized sulfide zones within listwanite.

Structurally Controlled and Diorite Hosted Mineralization

The geologic favorability for a gold resource in the North Zone area is not only related to listwanite  mineralization potentially gleaned from the serpentine but from potential concealed intrusives which are indicated by magnetic lows in the center and north areas of the property and associated with the Jackpot fault.

Areas mapped as “old diorite” are believed be diorite intrusions which has undergone a higher degree of hydrothermal alteration (mag low) than the adjacent serpentine (mag high). These intrusions are also coincident with geophysical and magnetic anomalies making for high priority drill targets.

A 1983 report by J.S. Kermeen, M.Sc, P.Eng stated “The most prevalent rock, at least on surface, on the property is a serpentinite believed to be derived from an ultramafic igneous rock (sill, flow or pyroclastic?)”

“The next most prevalent rock on the property is a rock given a field classification of diorite which appear to be intrusive with dikes of diorite composition cutting the serpentinite.”¹.

A second apparent diorite intrusion is in the northern portion of the property. This diorite is also coincident with a strong magnetic low suggesting hydrothermal activity. This area will be further investigated for gold mineralization.

An understanding of the relative distribution of the individual components of the alteration suite could then be applied as exploration vectors towards potential gold deposits.

Based on these exploration vectors the A-J North Zone is a prime area for the discovery of a potential lode-gold deposit.

A-J South Zone

A 2002 Report by R.E. Miller B.Eng., P.Geo states “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”.

AJ South Zone Section Map

The A-J South Zone is a 1.0km mineralized gold trend which includes the Athelstan and Jackpot past producing gold mines which produced 7,600 ozs Au & 9,000 oz Ag (Minfile 082ESE047)

Along with the two former gold mines this trend includes numerous trenches, pits and adit as well as mine waste dumps. Sampling in this area has returned extensive high gold and silver results. In particular sampling of the mine dumps have returned grades as high as 1oz/ton gold and over 5 oz/ton silver.

AJ South Zone Gold Sampling

A 2002 Report by R.E. Miller B.Eng., P.Geo states “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 mine dumps. The identification of one to two areas of ore have been identified having dimensions of 2.0 metres thick, 15 metres in width and 90 metres in length with an average grade of 0.3 opt gold.”²

Belmont is planning to process the surface and near surface gold material from the South Zone utilizing new and cost effective methods of recovery of gold. Belmont sees this as an excellent opportunity to generate cash flow to finance further exploration on its projects while minimizing share dilution.

Sample gold material will be delivered to EnviroMetal Technoligies in Burnaby, British Columbia for testing.

EnviroMetal’s unique formula offers a cost-effective and eco-friendly alternative to the traditional use of cyanide and smelting and is produced by combining safe FDA-approved ingredients with water.

EnviroMetal’s unique formula offers a cost-effective and eco-friendly alternative to the traditional use of cyanide and smelting and is produced by combining safe FDA-approved ingredients with water.

The leach process is quite simple and typically takes only 2 to 24 hours and typically achieves over 96% recoveries. Gold is recovered from the pregnant solution using conventional electrowinning processes. All reagents and rinse waters are reused providing a near-zero environmental footprint.

1. A Report On The Athelstan-Jackpot Mineral Property Of Rimacan Resources Ltd By J.S. Kermeen, M.Sc, P.Eng., June 3, 1983

2. 2002 Summary Report on the A-J Group, Greenwood Mining Division by R.E. Miller B.Eng. Sci., P.Geo February 2002

AJ Mine Dump Sampling
(Arrowhead Resources Surface Dump Sampling report, Grant 1981)

Althelstan mine dump

Upper Jackpot mine dump

Lower Jackpot mine dump