Belmont High Resolution Magnetic Survey Further Supports Copper-Gold Porphyry Model on Come By Chance Property Greenwood Mining Camp, B.C

VANCOUVER, October 15, 2020 - Belmont Resources Ltd. ("Belmont"), (or the "Company"), (TSXV:BEA)(FSE:L3L2) is pleased to report that the high resolution UAV (unmanned airborne vehicle) magnetic survey on the company's Come By Chance property in the historic Greenwood Mining Camp has been completed. The 5.3 square km survey was flown by Pioneer Exploration Consultants Ltd.

The results of the magnetic survey have advanced the exploration of the CBC Property to specific locations for the next stage of exploration to ultimately locate the porphyry copper-gold intrusive by diamond drilling.

The Come by Chance (CBC) Property covers an area of approximately 527 hectares and has a history of mineral exploration dating from the late 1890's which is evident in the many pits, shafts, and adits which were developed in the search for a Phoenix type copper/gold skarn mineral deposit. Although the Phoenix mineral resource was the major producer, some of the smaller mines were productive from a number of different types of deposits. From 1900 to 1975 production from these 26 principal mines was, in addition to a significant amount of lead, silver, and zinc, 580 Mlbs. of copper and 1.4 Moz. of gold
(Church, 1986) ¹.

Belmont Property Map

The CBC Property located three kilometres to the southeast of the Phoenix deposits on a comparative geological trend and basically the same geology, hosts skarn. epithermal, and massive sulphide mineralization; typical mineralization associated with deep-seated copper/gold porphyry deposits. Skarn mineralization with elevated copper values occurs in many locations, with epithermal zones of alteration and quartz veining intersected by a diamond-drill hole situated near the major Eagle Mountain Fault in the southwest.

Belmont's detailed, low-level magnetic survey of the CBC property has provided a greater indication of the volcanic caldera that was initially indicated by the recently completed Lidar survey. The indicated caldera is supported by a one kilometre diameter magnetic low within a sequence of Triassic Brooklyn Formation sedimentary and hornfelsed rocks which are bounded by the northwesterly trending Eagle Mountain Fault to the southwest and a sequence of greenstones, fragmentals, and microdiorite to the northeast.

Come By Chance Magnetic Survey

The magnetic survey also revealed cross-structural locations formulated by major structures. The significance of the cross-structures is primarily that these locations would be prime locations for hydrothermal breccia zones in revealing heterolithic fragments or indicator chemical elements transported from the mineralized deep-seated intrusive porphyritic intrusive responsible for the caldera, the skarns, and other types of mineral deposits.

Two cross-structural locations within the indicated caldera and the magnetic low, are of greater significance. In the north, the small circular Crook Lake with a highly anomalous arsenic and correlative with a cross-structure, may be the most obvious indication of a hydrothermal or collapsed breccia zone. In the south, one of the three structures formulating the cross-structure, is a southerly trending structure correlating with a magnetic low. This location would be highest priority exploration area.

Come By Chance LIDAR Survey

In addition to the potential of a mineral resource associated with the deep-seated mineral-bearing intrusive beneath the caldera, there is the potential for an epithermal type deposit of a bonanza gold-bearing zone. This is indicated in the intersection of an epithermal vein by a drill-hole in the Betts area, and in the intersection of a chute of massive sulphides at 175 metres in the 251 metre easterly driven lower Betts adit. Even though there is no specific information on the massive sulphide chute, which may also be epithermal, the epithermal and massive sulphide veins are, nevertheless, associated with an intrusive,

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%)
• Betts Copper-Gold mine (Come By Chance property - 100%)
• Bertha & Pathfinder Gold-Silver mines (Pathfinder property - 100%).
• Lone Star Copper-Gold mine (Lone Star Property - LOI)

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.

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.

SOURCE: Belmont Resources Ltd.