BEA.V · 2024-03-27 12:00:00

Belmont Resources Announces 2024 Exploration Plans For Crackingstone Uranium Project, North Saskatchewan Crackingstone Highlights

Exploration Programs

Belmont Resources Announces 2024 Exploration Plans

For Crackingstone Uranium Project, North Saskatchewan

Crackingstone Highlights

 Property cover 5kms of Black Bay Shear Zone which hosts several past producing uranium mines

 Historic grab samples at uranium showings (%U3O8); Beck 93‐12.53%; Beck 102‐5.2% Beck 91 ‐2.86%

 Belmont 2008 Drilling DH‐C14 intercepted 2.09% U3O8 over 0.3 m and 0.87% U3O8 over 0.5 m within 1.18%

U3O8 over 0.9 m from 49.1 to 50.0 m.

 Ground Spectrometer surveying outlined a radioactive zone 1km l ong and 300m wide with CPS readings

ranging from 400‐65,000 cps.

 N o l e s s t h a n 3 m a j o r c o n d u c t i v e s t r u c t u r a l c o r r i d o r s a s s o c i a t e d with Uranium occurrences identified

totaling 10 kms, with 2 areas of fault intersections being prime locations for uranium mineralization

March 27, 2024 ‐Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”) (TSX.V: BEA; FSE:

L3L2) is pleased to announce plans for a 2024 exploration and drilling program on its Crackingstone Uranium project

situated in the Beaverlodge uranium district on the north shore of lake Athabasca. This is the first time that Belmont

is returning to the uranium project since its last successful 3 ,000 meter drill program in 2 008. The project was put

on hold after the drill program due to the 2008 market crash and a major drop in uranium prices.

George Sookochoff, President & CEO, Belmont Resources commented “We have been waiting for the right time to

bring our Crackingstone Uranium project back on stream, and with uranium prices at an all‐time high now is certainly

the right time to showcase Belmont’s great uranium project!”

We have produced a very informative video which does a great job in telling the Crackingstone visual story. We invite

you to watch it at https://belmontresources.com/crackingstone‐video/”

Watch Crackingstone Uranium Video

NEWS RELEASE

March 27, 2024

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

Beaverlodge Uranium District, North Shore of Lake Athabasca Saskatchewan.

Beaverlodge Uranium District

The 100% owned Crackingstone property is located in the Beaverlodge uranium district, on the north shore of Lake

Athabasca and only 6 km by road from Uranium City, Saskatchewan. A power line crosses the southern portion of

the property.

Historic work in the Uranium City area dates back to the 1950’s. From 1953 to 1982, sixteen deposits were brought

into production which produced a total of 70,250,000 lbs U3O8 averaging 0.24 % U3O8. The grades ranged from

0.18% to 0.43%.

The Crackingstone property covers 5 kms of the Black Bay Shear Zone, a major structural feature in the region

which hosts several past producing mines such as the past producing Leonard and Smitty uranium mines combined

to produce 876,000 lbs of uranium oxide and to the northeast the Cayzor uranium mine produced approximately

1,372,800 lbs with unexplored depth potential.

Crackingstone Historic Exploration

 In 1958 Mr. E. Kull, who drove a short adit which is now referred to the Number 7 Adit, from the base of a

trench which previously returned 15.6% U3O8 over 0.43m. He shipped 11 tons of broken rock to the Lorado

mill which graded 2.3% U3O8.

 In 1959 Uranium stain was visible at a few places near the Beck 91 showing. A channel sample assayed 0.61m

at 0.95% U3O8 and a bulk sample from the same locality assayed 3.86% U3O8.

 A grab sample containing considerable yellow stain, possibly fine disseminated pitchblende, from the Beck 93

showing, assayed 12.53% U3O8.

 At the Beck 231 showing Channel sampling assayed 1.32% U3O8 over 0.64m, 2.13% over 0.70m and 1.46%

over 0.49m.

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

 At the Beck 102 showing a grab sample assayed 5.2% U3O8.

Structural Faults

On the property and on strike with the Black Bay structural corridor are the northeasterly Chance Lake and Boom

Lake Faults. These two faults are on trend with the Leonard, Smitty and Cayzor past producing uranium mines 6

kilometers north east of the property.

These faults appear to have been reactivated several times to provide ample fractured ground for hosting the

uranium mineralization. The easterly Crackingstone fault intersects the two northeasterly faults on the property.

The Cinch Lake uranium mine is situated on the Crackingstone fault 6 kilometers east of the property

The two areas of fault intersections are prime locations for potential uranium mineralization. The intersection area

of the Boom Lake and Crackingstone faults tested successfully in a 20 hole drilling program in 2008.

EM Conductive Corridors

Crackingstone EM Conductive Corridors

Crackingstone Uranium Showings

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

A 2007 EM survey by Belmont has delineated three primary conductive corridors on the property. The Chance Lake

and Boom Lake EM corridors are coincident with the Chance Lake and Boom Lake north easterly faults. The Nero

Lake conductive corridor is a broad corridor trending north easterly trend in the south east area of the property.

All three corridors are associated with Uranium occurrences.

Radiometric Survey

A 2007 Airborne Radiometric survey identified two large Uranium Anomalies. The north anomaly is on a north

easterly trend and appears to be associated with the northern portions of the Chance Lake and Boom Lake EM

conductive corridors.

The south east Uranium anomaly trends north easterly as well and appears to be associated with the Nero Lake

conductive corridor.

The Uranium radiometric data was filtered to produce a “Uranium First Vertical Derivative (U1VD)” map. The

U1VD algorithm enhances the shallow sources of uranium by suppressing the effect of the deeper ones. This helps

to reveal near‐surface uranium mineralization on the property. Most all of the uranium occurrences on the

property are coincident with a U1VD anomaly which adds confidence to use of U1VD mapping as a powerful

resource in combination with the structural faults and EM conductive corridors for the selection of future drill

targets.

Radiometric Survey ‐ Uranium and Uranium First Vertical Derivative

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

Ground Spectrometer Radioactivity Survey

A ground radioactivity survey using a RS‐125 Spectrometer, over the central area of the property was conducted in

2007. Readings were taken in areas of rock outcroppings and also at various uranium occurrences. Several high

radioactive readings were recorded in this area with readings reaching >65,000 CPS which is considered to be “off‐

scale”.

A radioactive zone 1km long and 300m wide, with CPS readings ranging from 400‐65,000 CPS was identified on the

north easterly trending Boom Lake conductive structural corridor.

2008 Drilling

In March of 2008 Belmont carried out a 20 hole, 3,000 meter diamond drilling program covering an 1,800 meter

strike length from the Boom Lake – Crackingstone intersection north along the Boom lake fault

All of the drill core was mineralized with uranium along with intercepting extensive hematite alteration.

Ground Radioactivity Survey

2008 Drilling Area

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

Some highlights are as follows:

Hole C14:

2.087% U3O8 over 0.3 m and 0.873% U3O8 over 0.5 m

within 1.182% U3O8 over 0.9 m from 49.1 to 50.0 m

Hole C8:

0.362% U3O8 over 0.15 m from 114.4 to 114.55 metres

within 0.277% U3O8 over 0.25 m from 114.4 to 114.65 m

0.371% U3O8 over 0.5 m starting from 116.2 to 116.7 m;

0.146% U3O8 over 0.35 metres from 123.35 to 123.7 m

Hole C10:

0.256% U3O8 over 0.4 m from 108.5 to 108.9 m

In addition to the uranium mineralization, drilling intercepted a 1.8 kilometer pegmatite dyke. Pegmatite is often

associated with uranium mineralization in the Athabasca basin. Of equal importance was the extensive amount of

hematite alteration intercepted across the entire 1.8 kilometer zone. Hematite alteration is commonly associated

with uranium in the Athabasca basin. Hematite alteration is an indication of uranium precipitation during the

hydrothermal event.

The results of the 2008 drilling were very positive with the interception of uranium mineralization, pegmatites and

hematite alteration along the Boom Lake and Crackingstone structural fault zones confirming the methodology of

exploring the intersection point of the structural features and the discovery of new zones of mineralization not

previously known.

DH C14 Drill Core ‐ 2.08% U3O8 over 0.3 m and 0.873% U3O8 over 0.5 m

within 1.182% U3O8 over 0.9 m from 49.1 to 50.0m

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

2024 Exploration

In preparation for a 2024 exploration program Belmont has compiled and modeled over 70 years of exploration

survey data from the Crackingstone area. The newly compiled exploration database, with all available historical

data, shows 21 areas with key characteristics for potential uranium mineralization. Of those 21 areas, 8 have been

selected as high priority targets based having all or most of the following criteria:

1. on or near a major fault,

2. on or near an EM conductor

3. on or near a U1VD anomaly,

4. surface uranium occurrence.

Phase 1 of the 2024 exploration program which is expected in Q2 of 2024, will involve ground verification of the

high priority targets and prioritizing selected drill targets for a Q4 drill program.

About Belmont Resources

Belmont Resources has assembled a portfolio of highly prospective copper, gold, lithium, uranium and rare earths

projects located in British Columbia, Saskatchewan, Washington and Nevada States. Its holdings include:

 Athelstan‐Jackpot (A‐J): 2 former gold mines. Initial 2023 drill results from Athelstan gold mine area

drilling indicates peripheral alteration zone to a potential deep‐seated gold‐copper porphyry.

 Crackingstone Uranium: High grade uranium property situated in the prolific Beaverlodge Uranium

District of the Athabasca basin. The Project covers 4 kilometers of the Black Bay Shear Zone, a northeast

trending magnetic low corridor which hosts 4 past producing mines.

2024 Exploration Targets

Contact: George Sookochoff, President & CEO

Email: [email protected]

Suite 615 – 800 W. Pender Street,

Vancouver, B.C. V6C 2V6

Ph: 604-505-4061

BEA TSX.V

 Come By Chance (CBC): 2021 geophysics delineated potential large copper‐gold porphyry;

2022 drilling provided further vectors towards potential core of porphyry;

 The Lone Star Copper‐Gold: optioned to Australian Marquee Resources ASX:MQR; MQR has spent $2.5M

in drilling, completed new resource in Dec. 2022 and a PEA in November 2023 earning them a 50%

interest in the property.

 The Kibby Basin Lithium project located 60 kilometers north of the lithium rich Clayton Valley Basin:

Optioned 80% of the central Kibby Playa claim block to Australian Marquee Resources MQR. MQR has

spent $2.5M in drilling in 2022 for potential deep seated lithium brine. 2022 Drilling confirmed high levels

of lithium‐bearing sediments along with dissolved lithium in the groundwater. Mineralized intervals

containing up to 924 ppm lithium with greater than 300 ppm lithium over thicknesses in excess of 450m

have been identified in core samples of clay‐rich playa sediments.

NI 43‐101 Disclosure:

The technical and scientific information in this news release has been reviewed and approved by Laurence

Sookochoff, P.Eng. Technical Advisor of the Company, who is a Qualified Person as defined by NI 43‐101

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. Actual events or results could differ mat erially 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

Belmont Projects

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