Belmont High Resolution UAV Magnetic Survey Delineates Listwanite Gold Zone on AJ Gold Project,Greenwood Mining Camp, BC

VANCOUVER, BC / ACCESSWIRE / October 1, 2020 / Belmont Resources Ltd. (TSXV:BEA)(FRA:L3L2) has now received the results of the recently completed drone-based magnetic survey over the company's A-J property in the Greenwood Mining Camp in Southern B.C. The Greenwood Mining Camp is well known for historic gold and copper production. The majority of this historic production was from the Phoenix deposit, 4 km to the northwest of the A-J property, from which over 520 million pounds of copper and 910,000 ounces of gold was produced¹.

The AJ property contains two past producing gold mines Athelstan & Jackpot which produced 7,600 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 rock. Listwanite, a key ultramafic rock alteration is directly associated with several multi-million ounce gold deposits in British Columbia, Atlin, Bralorne and Barkerville as well as the Motherlode District in California.

AJ Geology

Belmont's detailed, low-level magnetic survey of the A-J property comprised 95 line km, with magnetic data collected on 25 m spaced, north-south trending lines. The mag survey, combined with the company's recent Lidar survey and with historic exploration data from the property, has identified a number of priority targets for follow-up work.

The mag survey supports the presence of 2 prominent northwest trending faults (the Jackpot and Oro faults from prior geological mapping)². It also delineates the west-northwest trending zone of listwanite between these 2 faults. Listwanite is identified as a magnetic low signature as a result of the destruction of magnetite during the alteration process.

AJ Magnetics

Known near-surface mineralization on the property is primarily hosted within this band of listwanite which has been emplaced along deep-seated low-angle north-dipping faults. These deep faults, along with the later, steep Jackpot and Oro fault zones, provide pathways for later intrusive emplacement and for mineralizing fluids.

One priority target that has resulted from Belmont's recent surveys is located at depth below the J-34 and A zones. The target area is located along a tributary to Skeff Creek, a well-known placer gold creek. In 2002 and 2003, trenching was completed at the J-34 and A zones by a previous operator.

A Zone

At the A zone, 2002 historic chip samples returned 35.2 g/t Au over a 3 m true thickness in one trench and 26.2 g/t Au over a 2.5 m true thickness in a second section³.

1986 historic chip sampling at the A zone returned grades from 0.75 g/t Au to 19.97 g/t Au ⁵

J34 Zone

Two hundred metres to the northwest at the J-34 zone, historic chip samples returned grades of 6.6 g/t Au over a 3.7 m true thickness in one area, and 1.9 g/t Au over 6.8 m true thickness in a second area.⁴

AJ Geology - Mineralized Trend

1986 historic chip sampling in this zone returned grades of 17.75 g/t Au, 19.28 g/t Au and 23.97 g/t Au.⁵

The target area is untested by any previous drilling on the property. Intrusive rocks are interpreted to underlie the shallow north-dipping band of listwanite that hosts the near surface mineralization in this area.

Belmont is considering other exploration methods, including IP (induced polarization) geophysics to further refine this and other quality targets on the property prior to a drill program. A multi-year area-based exploration permit application has been submitted to the Ministry of Energy and Mines which will cover the proposed IP survey and drilling on the property.

About Belmont Resources Inc.

Belmont Resources is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties located in the highly prospective Greenwood-Republic mining camps. The Company has over a short period of time systematically acquired six past producing gold-silver and copper-gold mines.

- Athelstan & Jackpot Gold mines (Athelstan-Jackpot property - 100%)

- Bertha & Pathfinder Gold-Silver mines (Pathfinder property - 100%).

- Betts Copper-Gold mine (Come By Chance property - 100%)

- Lone Star Copper-Gold mine (Lone Star Property - LOI)

Qualified Person

Belmont Properties Map

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

⁵The 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.

⁵The 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

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.

¹ Church, B.N., 1986. Geological Setting and Mineralization in the Mount Attwood-Phoenix Area of the Greenwood Mining Camp, BC MEMPR Paper 1986-2.

² Caron, L., 2004. Assessment Report on the Athelstan-Jackpot Property, Geological Mapping, Rock Sampling, Line Cutting and Surveying, for M. Hallauer and T. Hallauer. BC MEMPR Assessment Report 27510.

³ Caron, L., 2002. Assessment Report on the Athelstan-Jackpot Property, Geology, Trenching, Geochemistry and Metallurgy, for W. Hallauer. BC MEMPR Assessment Report 27044.

⁴ Caron, L., 2003. Assessment Report on the Athelstan-Jackpot Property, Trenching and Rock Sampling, for M. Hallauer and T. Hallauer. BC MEMPR Assessment Report 27302.

⁵ McDougall, J. 1989, Report on the Athelstan-Jackpot Property for Toscano Resources Ltd.

SOURCE: Belmont Resources Inc.