Vancouver, B.C. Canada, August 16, 2021; Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L2) (“Belmont”), (or the “Company is pleased to provide an update on its recently acquired Lone Star Copper-Gold project situated in Republic mining camp of Washington State.

Belmont is planning a 3,000-metre drill program for the Lone Star copper-gold deposit with the objective of:

  1. Adding additional resources to the current historical resource.
  2. Moving a component of inferred resource to measured resource in preparation for a possible future Preliminary Assessment, Scoping or Feasibility Study.
  3. Generating a new current NI 43-101 compliant resource incorporating any additional resources generated from the drilling.

Lone Star Mine 3D Model

Lone Star Mine 3D Model

The drill program will consist of 15 holes, with 5 holes for infill drilling, 7 holes testing outward from the southern cluster of thick high-grade zones, and 3 holes to test the expansion of an eastern thick, rich zone.

Lone Star History

The former Lone Star mine operated over two time periods; underground from 1897-1918 producing 146,540 tonnes, grading 1.25% Cu, 0.036 opt Au and 0.2 opt Ag and open-pit from 1977-1978 by Granby Mining Co. when 400,000 tonnes of ore were transported from the Lone Star open pit to its Phoenix mill in B.C, 11km to the north.

The Lone Star deposit has an historic resource estimate which was reported in a “Technical Report and Resource Estimate on the Lone Star Deposit, Ferry County Washington (September 23, 2007)” for Merit Mining Corp. and authored by P&E Mining Consultants Inc.

 

Lone Star 2007 Historic Resource Estimate @ 1.5% CuEq Cut-Off Grade
Class Tonnes Au g/t Cu% CuEq% AuEq g/t AuEq ozs Cu Mlbs
Indicated 63,000 1.28 2.30 2.69 8.82 19,600 3.19
Inferred 682,000 1.46 2.00 2.44 8.02 192,936 30.07

The 2007 historic resource estimation based on US$593/oz gold and US$2.84/lb copper.

Adjacent Mine

The property lies on a 3-kilometer long trend of gold-copper mineralization linked by geology, in both rock types and structure. Golden Dawn Mineral’s Lexington mine is also on the same trend just north of the Canadian border.

Lone Star mineralized trend

Lone Star mineralized trend

The Lexington mine is at a Preliminary Economic Assessment stage with a current resource listed below.

Lexington Deposit 2017 Resource Estimate above a 3.5 g/t AuEq Cut-off
Class Tonnes Au g/t Cu % AuEq g/t AuEq ozs
Meas & Ind 372,000 6.47 1.05 8.05 96,300
Inferred 12,000 4.42 1.03 5.96 2,300

Source: Updated Preliminary Economic Assessment on the Greenwood Precious Metals Project, P&E Mining Consultants Inc., Effective date: May 5, 2017.

Golden Dawn Minerals recently announced in an August 10, 2021 news release, their plans to drill on the Lexington property. The Lexington exploration permit is for a total of surface drilling (25 sites) with Phase 1 to include 14 drill sites (up to 56 holes, 11,200m). The drilling will test potential strike extensions of the resource zone to the southeast, northwest and northeast of the mine.

Advancing the Lone Star Project

Belmont personnel have recompiled and analyzed the extensive amount of Lone Star data on order to determine the best path for moving the project forward.

The 2007 Technical Report and Resource Estimate on the Lone Star Deposit, prepared for Merit Mining Corp. and produced by P&E Mining Consultants provided some guidance in that it states:

  1. The Lone Star deposit resource estimate can be used in a Preliminary Assessment or Scoping Study. Feasibility studies that require a component of Measured Resources will necessitate additional programs of infill drilling and closer spaced drilling in representative regions of the deposit. A Preliminary Assessment will indicate the regions of the deposit that are potentially mineable, and guide the placement of infill and extension drilling.”

  1. The property has potential for additional resources, as many zones in the deposit remain open and untested to fully define their extent. The areas with the most potential to expand the resource are located in the southern and eastern portions of the deposit and at depth below the pit outline.

“We were very fortunate to acquire such as great project, which is already at an “intermediate stage of exploration” and allows us hit the ground running with a drill program to update the current historical resource to a potentially even larger current NI 43-101 resource and subsequent Preliminary Assessment.

Lone Star planned drilling

Lone Star planned drilling

In 2007 Merit Mining Inc., who were optioning to acquire the property at the time, produced a NI 43-101 Lone Star resource and were making plans to further advance the project by drilling. Unfortunately, the major crash of 2007-08 created financial difficulties for Merit, as well as most junior exploration companies at the time, and the property reverted back to the owner BGP Resources Inc. a Washington State corporation. The project remained dormant until recently when we became aware that this project was, surprisingly, still available for acquisition.

In this business, it is very important to not only recognize opportunities, but also to act quickly and take full advantage. We certainly were not going to pass up the opportunity that the Lone Star presents. On July 29, 2021, we announced the acquisition of the project and are now very excited to continue where Merit Mining left off.” George Sookochoff, President & CEO.

Come By Chance Update

The Company paused its work on the Come By Chance property due to the high risk of wildfires in the Grand Forks region.  Management does not anticipate restarting its exploration prior to the third week of September 2021, at which time it will continue with an IP survey over a large copper-gold skarn / copper-gold porphyry target. A drilling program will follow in order to test the target.

Qualified Person

Laurence Sookochoff, P.Eng., a director of Belmont Resources and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.

A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. As such, the issuer, Belmont, is not treating this historical estimate as current mineral resources or mineral reserves.

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 Map

Belmont Resources Properties Map

  • Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold-Silver mines
  • Come By Chance, B.C. – *Betts Copper-Gold mine
  • Lone Star, Washington – *Lone Star Copper-Gold mine
  • Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines
  • 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

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.