• Drill results received for South Zone drill holes A-J23 06-09.
  • Strong mineralization from Athelstan gold mine area drilling indicates peripheral alteration zone to a potential deep-seated copper-gold porphyry.
  • New vectors point to Jackpot gold mine and the major Jackpot fault areas.

January 26, 2023 -Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE: L3L2) announces initial results of the A-J 2023 2,000 meter, nine drill hole A-J drilling program in southern British Columbia.

Belmont Resources AJ-2023-Drill-Plan-over-Geophysics

2023 Drilling focused on two zones on the property.

North Zone: (Drill holes AJ23-01-05) drilling involved exploring largely untested, open ground in the northern portion of the property where targets were chosen between the Golden Crown and Athestan-Jackpot mines. Drill assays are pending.

South Zone – Athelstan mine area: (Drill holes AJ23-06-09) drilling involved testing for potential mineralized feeder systems along and directly beneath the Athelstan mine, one of two historic gold mines on the A-J 1.5km mineralized gold trend and related historic mine workings.

Initial results have been received for South Zone, Athelstan mine area for drill holes AJ23-06 – AJ23-09.

As reported in previous news releases dated October 31 and November 16, 2023, all four drill holes  (AJ23-06, AJ23-07, AJ23-08, and AJ23-09) beneath the Athelstan gold mine intercepted over 100 meter duration of extensive silicic and phyllic alteration accompanied by widespread sulphide mineralization. These zones included multi-metre quartz shear and stockwork style vein intersections with all lithologies hosting widespread pyrrhotite and pyrite and lesser chalcopyrite and arsenopyrite.

Although long grades of gold mineralization were intercepted (up to 150m) the grades were minimal with only two gold intercepts of note:

AJ23-07 from 28m: 3.8 meters @ 0.4 g/t Au including 1.9m @ 0.60 g/t Au

AJ23-08: from 26m depth: 1.1 meters @ 1.1 g/t Au

Belmont Resources AJ23-06-to-AJ23-09-drill-section

A-J Drill section beneath the Athlestan mine

Belmont Resources AJ-South-Zone-Mineral-Gold-Trend

A-J South Zone mineralized gold trend and 2023 drill holes.

The long grades of gold mineralization albeit low grade, correlates in most part with the extensive quartz veining, semi-massive pyrite, pyrrhotite, and sulphides along with intensely phyllic alteration as reported in previous news releases dated October 31 and November 16, 2023.

DH AJ23-07 Replacement pyrrhotite mineralization, blebby pyrite and x-cutting pyritic quartz stringers in metavolcanics
DH AJ23-07 Abundant brittle fracturing and pyrrhotite mineralization in intensely silicic altered plutonic host rock

This is a strong indication of a “peripheral alteration zone to a deep-seated copper-gold porphyry”. The surficial gold along the mineralized trend of the south zone and even the low gold mineralization in the drill core is interpreted as major structural seepage from this porphyry. This major structure may refer to the Jackpot fault which may be providing a conduit for hydrothermal mineralized fluids to travel from the porphyry to the surface.

As for a deep seated porphyry model, one model suggests that there may be in fact linkage between the A-J property and Belmont’s nearby CBC property where exploration is also targeting a large copper-gold porphyry system at depth.

AJ & CBC may be geologically related

George Sookochoff, President & CEO  Belmont Resources commented “While the Athelstan zone may serve as the feeder system for the 7,000 ounces of gold mined from the 2 gold mines as well as an estimated resource of 2,000‐5,000 ounces of gold in the surface and near surface mineralized areas, based on previous trenching results and sampling of mine dumps (2002 Summary Report on the A-J Group, Greenwood Mining Division by R.E. Miller B.Eng. Sci., P.Geo February 2002), the presence of extensive quartz veining, semi-massive pyrite, pyrrhotite, and sulphides, coupled with intensely phyllic alteration, strongly indicates our proximity to the target.”

“Our updated database provides exploration vectors pointing eastward, specifically towards the Jackpot gold mine and the Jackpot fault which is where we will focus our 2024 drill program.”

2024 Drilling Program

 Drilling of the Jackpot mine and Jackpot Fault zones area planned for Q2 2024. As the deepest South Zone 2023 drill hole was only 245 meters, proposed 2024 drill holes will extend down to approximately 300-500 meters in order to intersect the porphyry at depth or to locate the surficial mineral feeder zones beneath the Jackpot mine and along the Jackpot fault.

Section A1- AJ-propsed 2024 drill holes targeting potential mineralized conduit along Jackpot fault
Section A2- AJ-propsed 2024 drill holes targeting potential mineralized conduit along Jackpot fault

North Zone Drill Results Pending
Further results from the remaining North Zone drilling (DH AJ23-01 – 05) have yet to be received and will be announced upon receipt

Belmont's AJ North-Zone-section on trend with adjacent Golden Crown mine

North Zone on strike with adjacent Golden Crown Mine – Assays Pending

About Belmont Resources

Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare earths projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include:

  • Athelstan-Jackpot (A-J): 2 former gold mines. 2,000m drill program recently completed (see
  • Crackingstone Uranium-Rare Earths: Some of the highest grade Rare Earth Elements (REE’s) are being discovered in Northern Saskatchewan due to the presence of Uranium, Thorium & Pegmati Crackingstone project meets the criteria for potentially discovering a large REE’s deposit with its high grade uranium along with thorium and pegmatite. A review of 3,000m of 2008 drill data shows a 1.3km pegmatite dyke drilled but only assayed for uranium at that time. 2023 plans are to re-assay pegmatite sections for REE’s ;

  • Come By Chance (CBC): 2021 geophysics delineated potential large copper-gold porphyry;
    2022 drilling provided further vectors towards potential core of porphyry


  • The Lone Star Copper-Gold: optioned to Australian Marquee Resources ASX:MQR. MQR has spent in excess of $2.5M in drilling, completed new resource in Dec. 2022, and is currently preparing a Preliminary Economic Assessment in order to earn 80% interest.


  • The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin: Optioned 80% of the central Kibby Playa claim block to Australian Marquee Resources – MQR. MQR has spent in excess of $2.5M in drilling in 2022 for potential deep seated lithium brine. 2022 Drilling confirmed high levels of lithium-bearing sediments along with dissolved lithium in the groundwater. Mineralized intervals containing up to 924 ppm lithium with greater than 300 ppm lithium over thicknesses in excess of 450m have been identified in core samples of clay-rich playa sediments
Belmont Resources Rich Portfolio of Projects

NI 43-101 Disclosure:

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Laurence Sookochoff, P.Eng.


“George Sookochoff”

George Sookochoff, CEO/President

Ph: 604-505-4061

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.