Vancouver, B.C. Canada, June 24, 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 Athelstan-Jackpot (A-J) gold property located in the Phoenix mining camp of southern British Columbia.

About the Athelstan Property

The Athelstan property was staked in the late 1890’s, and was worked intermittently from 1901 through to 1940. The property has two past producing gold mines, the Athelstan and Jackpot which produced approximately 6,979 ounces gold and 8,234 ounces silver from 38,665 tons of material intermittently during the period from 1900 through 1940 (Minfile 082ESE047).

The A-J property is 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 lie on the trend as well.

The property adjoins the Golden Crown property. The Golden Crown mine has been previously mined with material being sent to Golden Dawn Minerals 200 tpd Greenwood Mill, 1.5kms directly north of the A-J property. The Golden Crown mine has a 2017 PEA 43-101 resource.

A-J Airborne Magnetics

Phoenix Mining Camp
 

*Mineralization on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property

Along with the two past producing gold mines, Athelstan and Jackpot, the property contains extensive amount of  trenches, pits and adits throughout the property.

Property Mineralization

Nine principle areas of mineralization are known on the property, the Athelstan, Jackpot, A, B, J-11, J-34, Oro, Bay Horse, and Iron Clad zones

Belmont A-J property mineralized zones

A-J property mineralized zones (click image)

Known gold and silver mineralization on the property occurs associated with massive arsenopyrite and pyrite lenses within listwanite (altered serpentinite).

The most prevalent style of mineralization consists of auriferous massive to semi-massive sulfide lenses (arsenopyrite-pyrite) along shear zones within listwanite, along intrusive contacts, and locally within Lexington porphyry.

Belmont Resources A-J Property Trenching-and-Zones

A-J Property Trenching-and-Zones (click image)

Near surface, massive sulphide zones can be strongly oxidized. All of the historic production from the property, and the vast majority of the previous exploration, has been directed at massive sulfide and oxidized sulfide zones within listwanite.

At the Jackpot mine two lenses of mineralization, each ranging up to 7.6 meters in true thickness with horizontal dimensions of about 12 by 30 meters, were mined.

At the Athelstan the main mineralized lens measured about 12 by 18 meters and had a true thickness of 0.9 and 2.4 meters. Other smaller lenses were mined at both locations. Mineralization is exposed in pits on the Butte Crown Grant. The mineralization also occurs in pits on the Iron Clad Crown Grant, 400 meters northeast of the Jackpot.

Along with the numerous mineralized pits the property contains extensive mine dumps that appear to contain further mineralization. In a 2001 Summary Report on the A-J Group prepared by R.E. Miller, B.Eng.Sci.,P.Geo Mr. Miller stated “the identification of one to two areas of material having dimensions of 2.0 metres thick, 15 metres in width and 90 metres in length with an average grade of 0.3 opt gold.”

Data Compilation

Belmont has completed the digitizing and compiling all historic exploration data into a single comprehensive GIS digital database. This exercise included geo-referencing, digitization and interpretation of various layers of geological data, in addition to a 3D modeling exercise aimed at generating drill targets at several mineralized zones.

Data acquisition, compilation and analysis is an important and necessary first step which provides us with a solid database and multiple layers of exploration data which can now be readily analyzed and assessed for purposes of planning the best strategy for advancing the A-J property and to commence our field program for the 2020 exploration season.

2020 Exploration Program

IP Survey

The Company is making preparations for a 100m line space IP survey over the mineralized zones.  IP highlights electrically chargeable rock including those containing significant sulphides which the property contains and shows to be associated with mineralization.

The close line spaced IP survey will provide a highly detailed 3D geophysical model beneath the surface mineralization to a depth of approximately 300m which will important for identifying further drill targets.

Drilling

Multiple drill targets have been selected from surface exploration data and the results of the IP survey will help in identifying possible deep seated vertical open space pathways for mineralized bearing hydrothermal solutions.

The Company is preparing permitting application of a 5-year 10-site drilling program and potentially envisions conducting first pass drilling on one or more targets before the end of the 2020 field season.

Airborne Imagery Survey

A property wide low level, high-resolution imagery airborne survey is being planned for the first week of July. The survey will provide very-fine resolution elevation and photographic data that will be very useful for accurately locating and detail mapping  workings, showings and rock exposures over the entire property.

George Sookochoff, President & CEO commented “I was initially very excited at being able to have the opportunity of acquiring the Athelstan-Jackpot crown granted mineral claims, in particular with the properties situated in a highly mineralized region of British Columbia and also having two past producing gold mines. But now that we have completed the arduous task of digitizing, compiling and reviewing all the historic data, I am only now able to fully appreciate the tremendous potential the A-J property holds for the discovery and development of both near surface and deeper gold deposits.”

The Phoenix – Republic Mining Districts

The Phoenix mining camp is a highly mineralized district which ranks as the sixth largest gold producing camp in B.C., with a total production of over 1 million ounces of gold.  The majority of this gold production  is from the  past producing Phoenix copper-gold mine,  located only 3 km northeast of the A-J property.

Belmont Resources Property Location Map

Phoenix – Republic Mining Camps

Approximately 40 km to the south, recent exploration in the area between Republic Washington and the International Border has resulted in the discovery of nine new gold deposits within the past 10-15 years with a total contained gold content in excess of 4 million ounces with 2.5 million ounces being produced from epithermal veins

The total gold (produced + known reserves), in an area measuring 50 x 40 km which includes the Phoenix and Republic Districts, exceeds
7.4 million ounces Au

*Mineralization on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property

Although the Phoenix area has a similar geologic regime as the Republic area, comparatively little exploration has targeted epithermal gold mineralization.

The ability of this area to continue to produce attractive gold deposits by utilizing newly recognized metallogenic models used in the discovery of gold deposits in the south, justifies acquisition and exploration of properties with good epithermal exploration models and targets

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.