Belmont Resources Identifies Five Priority Drill Targets From IP Survey on Its Flagship CBC Property

Watch video at: https://bit.ly/3fgUXbJ

Click Image To View Full Size

Highlights include:

• 5 high priority targets have been identified for follow-up diamond drilling

• High gold values were confirmed from Iron Chief occurrence, 17.05 g/t Au and 619 g/t Ag

• High copper values and elevated gold were confirmed from the Betts occurrence, 4.75% Cu and 0.676 g/t Au

• A new area of copper-gold skarn mineralization was discovered, with values including 3.8 g/t Au with 0.45% Cu and 1.4 g/t Au with 1.07% Cu (Lady M Zone), which coincides with one of the IP targets

George Sookochoff, President and CEO of Belmont Resources, stated, "Our systematic 2021 exploration program on the CBC property has resulted in the delineation of some very high priority drill targets for our upcoming drill program. We are very excited to now advance the CBC to the next important stage of exploration and that is putting the drill in the ground.

I also invite you to watch the CBC IP video which explains the project at its best.

View the video at: https://bit.ly/3fgUXbJ"

Click Image To View Full Size Drill Targets Identified for Diamond Drilling:

• Hardy Mountain Zone: A 400 m long strong northeast-trending chargeability and resistivity high, with a corresponding mag low signature, located near the Brown's and Caledonia showings. The geophysical target extends from surface to the depth limit of the survey (300 m). Elevated gold and copper values were returned from rock samples at the Brown's and Caledonia showings.

• Lady M Zone: An arcuate shaped, east-west trending, stratigraphically controlled, moderate chargeability high at the "Phoenix horizon". Values to 3.8 g/t Au and 0.45% Cu were returned from skarn samples in this area.
  

• Iron Chief Zone: A northeast-trending zone of sulfide-rich quartz veining. Values to 17.05 g/t Au, 619 g/t Ag were returned from rock samples collected.
  

• Betts Zone: A strong chargeability high. Historic workings intersected massive sulfide mineralization, with high copper and elevated gold values. Values to 4.75% Cu and 0.676 g/t Au were returned from samples collected in 2021.
  

• Eagle Mountain Zone: A 700 m long, strong northeast-trending chargeability high, resistivity high, mag low that cross-cuts stratigraphy. Possible porphyry target.
  

The most prominent feature of the IP survey is a large prominent resistivity low in the central part of the property. Known copper-gold mineralization on the claims coincides with the margins of the large resistivity feature. Further exploration work will be conducted in this area to determine the causation of this feature and its relationship to the surrounding mineralization.

Iron Chief

The fall 2020 rock sampling and prospecting program was completed on the property prior to the IP survey. A highlight of the rock sampling program was the confirmation of high gold values at the Iron Chief occurrence. Historic workings at the Iron Chief occurrence follow a northeast-trending sulfide-rich quartz vein of unknown width that is spatially associated with a prominent monzonite dyke of similar orientation. High gold and silver values, (sample 75903: 17.05 g/t Au, 619 g/t Ag; sample 75904: 4.86 g/t Au, 280 g/t Ag) along with elevated copper, lead and zinc, were returned from select grab samples from the dump of the historic workings.

Lady M

A further highlight of the prospecting program was the discovery of pyrite-chalcopyrite bearing garnet-epidote skarn (the Lady M Zone). Mineralization is hosted by Triassic Brooklyn Formation limestone and calcareous sediments and is spatially associated with the northeast-trending monzonite dyke present at the Iron Chief occurrence, suggesting a possible common plumbing system between the two zones. Several historic prospect pits were located at the Lady M zone and anomalous gold and copper values were returned from select grab samples collected (sample 75934: 3.8 g/t Au, 0.45% Cu; sample 75928: 2.91 g/t Au; sample 75926: 1.41 g/t Au, 1.07% Cu).

Betts

The Betts occurrence is the site of considerable historic workings, including a 251 m adit which intersected massive sulfide mineralization. In 2021, high copper values, with elevated gold and silver, were returned from samples collected of mineralization in the dumps of the historic workings (sample75910, 4.75% Cu, 0.676 g/t Au, 34.4 g/t Ag). Epithermal silicification and veining, as well as evidence of volcanogenic massive sulfide mineralization, was encountered in a 1998 drill hole located approximately 100 m from the adit, making the Betts a compelling target for further exploration.

All of the targets identified for drilling occur within Triassic Brooklyn Formation sediments, the same rocks that host copper-gold skarn mineralization at the Phoenix mine 6 km to the northwest. Except for a single 1998 drill hole near the Betts occurrence, none of these targets have been tested by drilling.

Drilling

A permit for drilling has been submitted to the Ministry of Energy, Mines and Low Carbon Innovation, with approval anticipated by Q1 2022 at which time drilling is planned to commence.

Rock Sampling Highlights

A total of 50 rock samples were collected, with results returning > 0.5 g/t gold or > 5000 ppm copper (0.5% copper) listed below.

Rock samples described in this release were shipped to ALS Canada Ltd. in Kamloops, B.C., followed by analysis at ALS's North Vancouver laboratory. ALS is an ISO 17025 accredited laboratory. Samples were crushed to 70% passing 2mm, then a 250 g split was pulverized to 85% passing 75 µm. Multi-element analysis was by method ME-ICP61 (ICP-AES analysis following four acid digestion). Samples that returned overlimit values for copper or silver by ICP were assayed by method OG62 (ore grade assay by ICP-AES. following four acid digestion). Gold analyses were by fire assay/AA finish on a 30 gram sample (method Au-AA23, Au-AA-25). Samples described in this release were grab samples collected from outcrop, subcrop or from the dumps of historic workings. The reader is cautioned that grab samples are designed to show the presence or absence of mineralization, and results are not necessarily indicative of average grade. A quality control/quality assurance program was implemented during the rock sampling program described in this release, including independently inserting blanks and standards of certified grade into the sample sequence.

Results for 2006 rock samples included on maps that form part of this news release are from an original laboratory certificate contained in Assessment Report #28542. Samples were collected by employees of Teck Corp. during a site visit to the property and were analysed for gold by FA and for a multi-element suite by ICP, following aqua regia digestion.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed and approved by Linda Caron, P.Eng. Ms. Caron is independent of Belmont Resources Inc.

About Belmont Resources

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 Belmont project portfolio:

• Athelstan-Jackpot, B.C. - * Gold-Silver mines

• Come By Chance, B.C. - * Copper-Gold mine

• Lone Star, Washington - * Copper-Gold mine

• Pathfinder, B.C. - * Gold-Silver mines

• Black Bear, B.C. - Gold

• Pride of the West, B.C.- Gold

• Kibby Basin, Nevada - Lithium

• Crackingstone, Sask. - Uranium
  * past producing mine

Click Image To View Full Size

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

We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.