Vancouver, B.C. Canada, July 2, 2020; George Sookochoff, CEO/President of Belmont Resources Inc (TSX.V: BEA; Frankfurt: L3L2) (“Belmont”), (or the “Company”) is pleased to announce the start of its 2020 exploration program on its recently acquired “Come By Chance” (CBC) property located in the Phoenix mining camp of southern British Columbia.

About the Come By Chance (CBC) Property

Belmont acquired the CBC property in May, 2020. The acquisition is part of the Company’s continued focus to acquire and develop strategic gold properties in the prolific Phoenix mining camp of Southern British Columbia.

The CBC property is comprised of 21 mineral claims as well as 15 reverted crown granted mineral claims covering an area of approximately 527 hectares (ha). The property lies directly south east of the Athelstan-Jackpot (A-J) property which was acquired by Belmont in May 2020 (NR May 23, 2020).

Belmont Resources B.C. Properties Map

Belmont Resources B.C. Properties Map

The properties lay either side of Highway #3 with a powerline running through both properties.

Both the A-J and CBC properties are situated on a south-east mineralized trend extending from the past producing Phoenix mine 3 kms to the north-west. Belmont’s Black Bear and Pride of the West claims (acquired Nov. 2019) lie on this mineralized trend as well.

 

CBC Conceptual Model

The Come By Chance Property has many surficial geological features which are indicative of a copper-gold porphyry system originating from a potential concealed intrusive.

Intrusive Epithermal Skarn Relationship

Conceptual Model

These features, primarily associated with two major breccia-bearing fault systems, the Lind Creek Fault and the Eagle Creek Fault, include reported copper/silver/gold bearing skarn zones, gold bearing massive sulphide veins, and gold bearing epithermal quartz veining, all of which are associated with a porphyritic intrusive in a conceptual model of mineral zones in a volcanic environment. The reported presence of a well mineralized copper-bearing monzonite may substantiate the basis for these mineral zones of the copper/gold porphyry system.

2020 Exploration Program

Airborne Imagery Survey

A property wide low level, high-resolution imagery airborne survey is being planned for July. The survey will provide very-fine resolution geo-referenced elevation and photographic data that will be very useful for accurately locating and detail mapping old shafts, mine dumps, showings and rock exposures over the entire property. The elevation data will be used to create an accurate 3 Dimensional Digital Terrane Model (3D-DTM) of the entire property. The hi-res image mapping will be overlaid onto the 3D-DTM and will provide an important base map for all future exploration data.

IP Survey

The Company is making preparations for a “Deep Penetration” IP survey consisting of two 400m spaced IP lines crossing the entire property. The IP lines will cover the two major breccia-bearing fault systems, the Lind Creek Fault and the Eagle Creek Fault and the well mineralized copper-bearing monzonite. The Deep Penetration IP survey will help substantiate the possible presence of a porphyry system originating from a potential concealed intrusive model.

Field Program

The CBC property has not been systematically explored. The majority of the early work was at the Betts showing (Minfile 082ESE261), in the southern part of the CBC property.  The Minister of Mines Annual Report for 1904 and 1905 documents some 208 feet of open cuts and shallow  shafts at the Betts, as well as a 75 foot long (upper) tunnel  with a 40 foot winze and an  825  foot  (lower) tunnel.  This lower tunnel was driven to cut the mineralized zone 375 feet below surface.  A chute of massive pyrrhotite ore was reportedly intersected at a distance of 575 feet in the lower tunnel.

Belmont Resources Come By Chance Property Map

Come By Chance Property Map

With numerous historical workings consisting of pits and adits throughout the property, the Company is preparing a field program to sample material from these locations to determine whether they are skarn, massive sulphide veins or epithermal quartz veining in nature. This geological categorization will help in determining the nature and scope of the potential porphyry system lying beneath.

George Sookochoff, President & CEO commented “Early indications are that the Come By Chance property provides a huge potential for a large mineralized porphyry system containing a broad spectrum of mineralization types including copper/silver/gold bearing skarn zones, gold bearing massive sulphide veins, and gold bearing epithermal quartz veining. Our 2020 exploration program is designed to acquire further evidence to substantiate the presence of this system.”

Qualified Person

The scientific and technical information that forms the basis for parts of this press release was prepared and/or reviewed by Laurence Sookochoff, P.Eng., who is a Qualified Person “(QP”) as defined by National Instrument 43-101

The Qualified Person has not verified the data disclosed, through sampling, analytical, nor test data. The information was obtained from assessment reports submitted to the B.C. Government, and publicly available company reports.

The Qualified Person has not completed sufficient work to verify the historic information on the Property

About Belmont Resources Inc.

Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol “BEA”. The Company is systematically exploring and acquiring gold properties in Southern British Columbia and Northern Washington State.

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-683-6648

Email: george@belmontresources.com

Website: www.BelmontResources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control.  Forward looking statements in this news release include statements about the possible raising of capital and exploration of our properties.   Actual events or results could differ materially from the Companies forward-looking statements and expectations.  These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2020, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.