Belmont 3DIP Survey Identifies Strong Chargeability-Resistivity Anomalies Beneath Athelstan and Jackpot Gold Mines

VANCOUVER, BC / ACCESSWIRE / November 19, 2020 / Belmont Resources Ltd. (TSXV:BEA)(FRA:L3L2)is pleased to announce that results from the recently completed Volterra 3D-IP survey on the company's A-J gold property have been received and interpreted. These results have identified several strong anomalies that are slated for drill testing.

A-J Mines & Mineralized Trends

During 2020, the company acquired the A-J project, compiled historic data, and carried out systematic exploration to advance the project to its current drill-ready stage. A Lidar survey was flown, as well as a drone-based magnetic survey, before conducting the recent 3DIP survey. The IP survey consisted of 100 m spaced lines ranging from 600 – 900 m in length which straddled the zones of known mineralization on the property. The results from detailed geological mapping on the property and the recently completed drone magnetic survey and Lidar data have been used to interpret the 3DIP results and to identify and prioritize targets for drilling in late 2020 or early 2021.

The important 1 km long by 200 m wide zone of listwanite, which hosts all of the known zones of gold mineralization on the property, is defined by a strong resistivity anomaly. The resistivity high anomaly is interpreted as representing silica altered rock which includes quartz veining and listwanite.

A-J Trend 3DIP Resistivity Cross Section

The resistivity anomaly is underlain at depth by a strong chargeability anomaly, measuring 800 x 1000 m and lies approximately 300m below the A-J mineralized trend and Athelstan and Jackpot mines which collectively produced 7,000 ozs Au & 9,000 ozs Ag (Minfile 082ESE047). The A-J Mine Group was one of the most productive gold mines in the area.

A-J Trend Chargeability Cross Section

On surface, disseminated sulfides occur within dykes and tongues of altered porphyritic intrusive that both cut and underlie the north-dipping band of listwanite. The large chargeability anomaly may reflect important mineralization within a large intrusive body and could be the causative source of mineralization at surface.

Historic diamond drilling on the A-J property (1981, 1987, 1991) were primarily very shallow holes. The chargeability anomaly is untested by previous drilling on the property, as are the high-priority portions of the resistivity anomaly.

Consulting Geologist Linda Caron, M.Sc., P.Eng, commented "I am so pleased with the systematic exploration work that Belmont is conducting on the A-J property and how this new information is aiding in our interpretation of gold mineralization on the project. There are many historic exploration pits and workings exposed on surface, but historical exploration on the property has failed to trace this mineralization to depth. Belmont's IP survey has now identified a strong chargeability anomaly, at depth below the surface mineralization. This area has not been previously drilled, and may indicate the larger source body of mineralization that we're searching for."

Consulting Geophysicist Sergio Espinosa, Ph.D., P.Geo, commented "What is notable are the coinciding and relatively high anomalous values of both resistivity and chargeability. These anomalies appear to be related to favourable geological conditions making them very compelling drill targets for an upcoming drill program."

George Sookochoff, President & CEO commented "2020 has been a very busy year for the Belmont team. I am extremely pleased with the amount work we have accomplished in a very short period of time. With each exploration program we have gained more confidence that our upcoming drill program will be successful in delineating the source of the extensive gold mineralization at surface".

The Company is awaiting approval of a 5-year area-based drill permit application.

Listwanite

Known gold mineralization on the property is primarily hosted within listwanite. High-grade, coarse native lode gold in the North American Cordillera is characteristically found in quartz veins hosted by listwanite-altered, igneous ophiolitic crustal rocks in proximity to listwanite-altered ultramafic rocks.

Listwanite is directly associated with several multi-million ounce gold deposits in Atlin, Bralorne and Barkerville districts of British Columbia as well as the Motherlode Gold District in California.

About Belmont Resources Inc.

Belmont Resources is a junior mining company engaged in the business of acquiring past producing gold-copper mineral properties located in the highly prospective Greenwood-Republic mining camps. Belmont is utilizing new exploration technology as well as new geological modelling to identify gold-copper mineralized feeder systems to the relatively shallow historic mines.

The Company's project portfolio includes:

– 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)

Belmont Property Map

Qualified Person

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.

ON BEHALF OF THE BOARD OF DIRECTORS

"George Sookochoff"

George Sookochoff, CEO/President

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.

SOURCE: Belmont Resources Inc.

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