Vancouver, B.C. Canada, January 13, 2022; Belmont Resources Inc. (“Belmont”), (or the “Company”), (TSX.V: BEA; FSE: L3L2). is pleased to report the results from the fall 2021 program of 3D Induced Polarization (3D IP), prospecting and rock sampling on the company’s 100% owned CBC Property near Grand Forks, Southern British Columbia.  The 3D IP Survey was completed by Frontier Geoscience and tested a 478 hectare area that covered the majority of the property.

Highlights include:

  • 5 high priority targets have been identified for follow-up diamond drilling
  • High gold values were confirmed from Iron Chief occurrence, 17.05 g/t Au and 619 g/t Ag
  • High copper values and elevated gold were confirmed from the Betts occurrence, 4.75% Cu and 0.676 g/t Au
  • A new area of copper-gold skarn mineralization was discovered, with values including 8 g/t Au with 0.45% Cu and 1.4 g/t Au with 1.07% Cu (Lady M Zone), which coincides with one of the IP targets

George Sookochoff, President and CEO of Belmont Resources, stated, “Our systematic 2021 exploration program on the CBC property has resulted in the delineation of some very high priority drill targets for our upcoming drill program. We are very excited to now advance the CBC to the next important stage of exploration and that is putting the drill in the ground.

Drill Targets Identified for Diamond Drilling

  • Hardy Mountain Zone: A 400 m long strong northeast-trending chargeability and resistivity high, with a corresponding mag low signature, located near the Brown’s and Caledonia showings. The geophysical target extends from surface to the depth limit of the survey (300 m). Elevated gold and copper values were returned from rock samples at the Brown’s and Caledonia showings.
  • Lady M Zone: An arcuate shaped, east-west trending, stratigraphically controlled, moderate chargeability high at the “Phoenix horizon”.  Values to 3.8 g/t Au and 0.45% Cu were returned from skarn samples in this area.
  • Iron Chief Zone: A northeast-trending zone of sulfide-rich quartz veining.  Values to 17.05 g/t Au, 619 g/t Ag were returned from rock samples collected.
  • Betts Zone: A strong chargeability high. Historic workings intersected massive sulfide mineralization, with high copper and elevated gold values.  Values to 4.75% Cu and 0.676 g/t Au were returned from samples collected in 2021.
  • Eagle Mountain Zone: A 700 m long, strong northeast-trending chargeability high, resistivity high, mag low that cross-cuts stratigraphy.  Possible porphyry target.

The most prominent feature of the IP survey is a large prominent resistivity low in the central part of the property.  Known copper-gold mineralization on the claims coincides with the margins of the large resistivity feature. Further exploration work will be conducted in this area to determine the causation of this feature and its relationship to the surrounding mineralization.

Iron Chief

The fall 2020 rock sampling and prospecting program was completed on the property prior to the IP survey.  A highlight of the rock sampling program was the confirmation of high gold values at the Iron Chief occurrence.  Historic workings at the Iron Chief occurrence follow a northeast-trending sulfide-rich quartz vein of unknown width that is spatially associated with a prominent monzonite dyke of similar orientation.   High gold and silver values, (sample 75903: 17.05 g/t Au, 619 g/t Ag; sample 75904: 4.86 g/t Au, 280 g/t Ag) along with elevated copper, lead and zinc, were returned from select grab samples from the dump of the historic workings.

Lady M

A further highlight of the prospecting program was the discovery of pyrite-chalcopyrite bearing garnet-epidote skarn (the Lady M Zone).  Mineralization is hosted by Triassic Brooklyn Formation limestone and calcareous sediments and is spatially associated with the northeast-trending monzonite dyke present at the Iron Chief occurrence, suggesting a possible common plumbing system between the two zones. Several historic prospect pits were located at the Lady M zone and anomalous gold and copper values were returned from select grab samples collected (sample 75934: 3.8 g/t Au, 0.45% Cu; sample 75928: 2.91 g/t Au; sample 75926: 1.41 g/t Au, 1.07% Cu).

Betts

The Betts occurrence is the site of considerable historic workings, including a 251 m adit which intersected massive sulfide mineralization.   In 2021, high copper values, with elevated gold and silver, were returned from samples collected of mineralization in the dumps of the historic workings (sample75910, 4.75% Cu, 0.676 g/t Au, 34.4 g/t Ag).  Epithermal silicification and veining, as well as evidence of volcanogenic massive sulfide mineralization, was encountered in a 1998 drill hole located  approximately 100 m from the adit, making the Betts a compelling target for further exploration.

All of the targets identified for drilling occur within Triassic Brooklyn Formation sediments, the same rocks that host copper-gold skarn mineralization at the Phoenix mine 6 km to the northwest. Except for a single 1998 drill hole near the Betts occurrence, none of these targets have been tested by drilling.

About Belmont Resources Inc.

Belmont Resources is engaged in the business of acquiring and re-developing past producing copper-gold-silver mines in southern British Columbia and Northern Washington State. This region is considered to have the highest concentration of mineralization and past producing mines in western North America. By utilizing new exploration technology, geological modelling and specialized 3D data analysis, the company is successfully identifying new areas of mineralization beneath and/or in the near vicinity of the past producing mines

The Company’s project portfolio includes 6 past producing mines:

Belmont Resources Properties

Belmont Resources Properties

  • Athelstan-Jackpot, B.C. – *Gold-Silver mines
  • Come By Chance, B.C. – * Copper-Gold mine
  • Lone Star, Washington – *Copper-Gold mine
  • Pathfinder, B.C. – * Gold–Silver mine
  • Black Bear, B.C. – Gold
  • Pride of the West, B.C.- Gold
  • Kibby Basin, Nevada – Lithium
    * past producing mine

ON BEHALF OF THE BOARD OF DIRECTORS

“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-505-4061

Email: george@belmontresources.com

Website: www.BelmontResources.com

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