Vancouver, B.C. Canada, February 17, 2021; Belmont Resources Ltd. (“Belmont”), (or the “Company”), (TSX.V: BEA;   FSE: L3L2) is pleased to announce that its 2,000 meter drill program at its 100% owned Althelstan-Jackpot (A-J) gold project is well underway.

To date, 3 drill holes have been completed with a fourth hole in progress totaling approximately 900m drilled.  Drilling is on-going on 24 hour, 7 days a week basis. The core is currently being logged and cut with samples being prepped for shipment to ALS Laboratories in North Vancouver.

Belmont geologist Inspecting drill core

Belmont geologist inspecting drill core

Drilling to-date has intersected strong silicification with disseminated sulfide mineralization, as well as discrete zones of massive sulfides, which validate the geophysical results.

Historic drilling on the A-J property totals 1517 m in 22 holes drilled between 1987-1991.  These holes were primarily very shallow holes (15 were less than 50 m in length) and did not reach the depths of the geological and geophysical targets that Belmont is testing with the current drill program. 

Drilling is focusing on two primary gold trends the North-South Contact and the East-West A-J mineralized gold trends.

Belmont Resources A-J Gold Project Geology Map

Belmont Resources A-J Gold Project Geology Map

Drill holes AJ21-01, 02 & 03 (completed) targeted the North-South Contact Mineralized Gold Trend.

Belmont A-J Contact Zone Mag Section

Belmont A-J Contact Zone Mag Section

This mineralized trend is a “Structural Intersection” between the east west A-J Mineralized trend and a north south Contact zone between listwanite and a granodiorite intrusive.

This trend is associated with a strong magnetic low signature which extends to depth. Listwanite on the property has a magnetic low signature as a result of the destruction of magnetite during the alteration process, making this a compelling drill target. Listwanite-hosted gold-bearing massive sulfide mineralization occurs at the A Zone and J-34 zone, 50 m east of a granodiorite intrusive contact which is interpreted to underlie the shallow north-dipping band of listwanite that hosts the near surface mineralization in this area.

East-West A-J Mineralized Gold Trend

Drill hole AJ21-04 (in progress), and remaining drill holes are targeting the East-West A-J Mineralized Gold Trend.

 Belmont AJ Gold Trend Section

  Belmont AJ Gold Trend Section

This mineralized trend includes the two past producing Athelstan and Jackpot gold mines which collectively produced 7,000 ozs Au & 9,000 ozs Ag (Minfile 082ESE047). The two mines and at least 9 known gold mineralized zones extending over an approximate area of 240 by 1,000 metres are associated with listwanite a key ultramafic rock alteration directly associated with several multi-million ounce gold deposits in Atlin, Bralorne and Barkerville (British Columbia), as well as the Motherlode District in California.

Drilling is targeting a large coincident chargeability (>30 millisecond) resistivity (>2000 ohms) anomaly 150m beneath the two past producing gold mines. The anomaly is interpreted to reflect a large zone of high-sulfide content with potential gold content and may be possible causative source(s) of extensive gold mineralization at surface including the two historic gold mines.

George Sookochoff, President & CEO of Belmont commented “We are very pleased with the progress to date at our A-J gold project. I am particularly impressed with the speed and efficiency of the Hardrock Diamond Drilling crew as well as our two geologists Linda Caron and Pat Williams. A great team working on a great project as we are look forward to great results.”

About Belmont Resources Inc.

Belmont Resources Property-Map

Belmont Resources Property-Map

Belmont Resources is engaged in the business of acquiring past producing gold-copper mines located in the highly prospective Greenwood-Republic mining camps. By utilizing new exploration technology and geological modelling the company is identifying possible sources of gold-copper mineralization beneath the relatively shallow past producing mines.

The Belmont project portfolio includes:

Athelstan-Jackpot, B.C. – 100%, Athelstan & Jackpot Gold mines

Pathfinder, B.C. – 100%, Bertha & Pathfinder Gold-Silver mines

Come By Chance, B.C. – 100%, Betts Copper-Gold mine

Lone Star, Wash.  – LOI, Lone Star Copper-Gold mine

Kibby Basin, Nevada – 100%, Lithium

Crackingstone, Sask – 50%, Uranium

 

Qualified Person

Linda Caron, M.Sc., P.Eng. is the qualified person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.

[1] 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.

[1] The Qualified Person has not completed sufficient work to verify the historic information on the Property.

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

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