Belmont Resources Intercepts 100 Meter Mineralized Zone Beneath Athelstan Gold Mine
Belmont Resources Intercepts 100 Meter Mineralized Zone
Beneath Athelstan Gold Mine
Highlights:
Drill Holes AJ23‐07 & 8 Intercepts 100 meter mineralized Zone beneath Athelstan Gold Mine
100 meter mineralized zone suggests potential for several feeder systems to 1km mineralized
gold zone at surface.
2,000 meter fall drill program on AJ gold property now complete.
October 31, 2023 ‐Vancouver, B.C., Canada; Belmont Resources Ltd. (“Belmont” or the “Company”)
(TSX.V: BEA; FSE: L3L2) is pleased to announce that it has comp leted nine diamond drill holes in a 2,000‐
metre diamond drilling program at its 100% owned A‐J gold proje ct situated in the prolific Greenwood
mining camp of southern British Columbia. Drilling tested IP anomalies defined by the 2020 IP geophysical
NEWS RELEASE
October 31, 2023
AJ IP Chargeability Vertical Section Along Drill Holes AJ23‐07 & 08 Beneath AJ Gold Trend
AJ 2023 Drill Plan, Zones and Geophysics
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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
survey as well as targets defined by surface mineralization and historical workings. Results of the drill
program will be announced as soon as all assays have been received, compiled and verified.
South Zone: Potential near‐surface resource with high‐grade feeder system
South Zone drilling tested for a potential feeder contact/structure for the near‐surface gold
mineralization within a 1.0 km mineralized gold trend which includes the Athelstan and Jackpot past
producing gold mines which produced 7,600 ozs Au & 9,000 oz Ag (Minfile 082ESE047)
Along with the two former gold mines this trend includes numerous trenches, pits and adit as well as
mine waste dumps. Sampling in this area has returned extensive high gold and silver results. In
particular sampling of the mine dumps have returned grades as high as 1oz/ton gold and over 5 oz/ton
silver.1.
A 2002 Report by R.E. Miller B.Eng., P.Geo states “A potential resource of 2,000‐5,000 ounces of gold in
the surface and near surface mineralized areas appears to exist within the A‐J Group based on previous
trenching results and sampling of mine dumps. The identification of one to two areas of ore have been
identified having dimensions of 2.0 metres thick, 15 metres in width and 90 metres in length with an
average grade of 0.3 opt gold.” 2
This zone coincides with 2020 IP survey signatures of subsurface chargeability and resistivity highs, in
addition to overlapping magnetic lows. All interpreted to potentially relate to the presence of sulphide
mineralization, as well as silica, silica‐carbonate and phyllic alteration zones.
Shallow listwanite units (oxidized to unweathered) were consistently intersected but unexpectedly, very
wide intense alteration zones with moderate sulphide mineralization were also intersected at depths
previously untested with historic exploration drilling or mining.
Silica, silica‐carbonate and phyllic alteration was intersected over 100 metre durations in 7th and 8th
diamond drill holes directly beneath the Athlestan mine. This discovery of multi‐metre quartz shear and
stockwork style vein intersections with all lithologies hosting widespread pyrrhotite and pyrite and
AJ South Zone 1km Gold Trend
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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
lesser chalco and arsenopyrites may potentially be a conduit and fracture spaces for deep seated
mineralizing hydrothermal fluids.
North Zone:
North Zone drilling involved exploring largely untested, open ground in the northern portion of the
property where targets were chosen between the Golden Crown and Athestan‐Jackpot mines. Specifically,
geophysical anomalies that coincide along the known regional go ld belt trend, led to drilling that
consistently intersected listwanite alteration zones at shallow and moderate depths. Although these units
hosted finer, more disseminated sulphide mineralization, pending assay results will determine if they are
auriferous or bearing other precious or base metals.
George Sookochoff, CEO of Belmont Resources, said, "We are extremely pleased with the initial results
of the fall drill program. We have potentially identified the structures which may be supplying the gold
to the 1 km gold zone and two former gold mines on surface. We are confident that assay results will
support our visual observations of the core from the first apparent feeder zone beneath the Athelstan
Gold mine. We will follow up in Q1 2024 with drilling three additional potential feeder systems
identified by geophysics and surface mineralization.”
DH AJ23‐07 Abundant brittle fracturing and pyrrhotite mineralization in intensely silicic altered plutonic host rock
DH AJ23‐07 Replacement pyrrhotite mineralization, blebby pyrite and x‐cutting pyritic quartz stringers in
metavolcanics
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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
Listwanite and Serpentinite
Listwanite (carbonated serpentinite) is a term to describe the silica‐car bonate alteration of serpentinite
and is commonly associated with high‐grade lode‐gold mineralization.
All of the historic production f rom the property, and the vast majority of the previous exploration, all of
which were in the South Zone, has been directed at massive sulfide and oxidized sulfide zones within
listwanite.
During the serpentinization process any gold present in the serpentine may be assimilated with secondary
sulfides and/or magnetite and could be indicative by the magnetic anomalies within the property.
These opaque minerals (magnetite) are subsequently destroyed in talc‐carbonate alteration zones
(magnetic low features), which results in gold being released f rom the serpentinite wall rocks and
transported in solution. The gold and silica‐rich fluids are tr ansported to higher crustal levels via faults
where the change in conditions (lower temperature, pH and ƒO2) results in the precipitation of gold,
quartz and sulfides.
The Mother Lode gold district in California and the Abitibi gre enstone belt of the Superior Province of
Canada are two of the most well‐known examples of listwanite‐associated lode‐gold in North America. In
general, the richest gold grades within these deposits are assoc i a t e d w i t h , o r i n c l o s e p r o x i m i t y t o
DH AJ23‐07 Extensive quartz vein stockwork intersection, sheared and brecciated with pyrrhotite and pyrite
stringers, chalcopyrite
DH AJ23‐07 fracture hosted pyrite mineralization
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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
carbonate‐altered ultramafic rocks (Listwanite). Listwanite is also directly associated with several multi‐
million ounce gold deposits in British Columbia, Atlin, Bralorne and Barkerville.
1. Arrowhead Resources Surface Dump Sampling Report, Grant 1981.
2. 2002 Summary Report on the A‐J Group, Greenwood Mining Division by R.E. Miller B.Eng. Sci., P.Geo February
2002
About Belmont Resources
Belmont Resources has assembled a portfolio of highly prospecti ve 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. 2,000m drilling targeting multi‐coincident geophysical
anomaly on strike with neighboring gold trend and gold mines.
Crackingstone Uranium‐Rare Earths: Some of the highest grade Rare Earth Elements (REE’s) are being
discovered in Northern Saskatchewan due to the presence of Uranium, Thorium & Pegmatites.
Crackingstone project meets the criteria for potentially discovering a large REE’s deposit with its high
grade uranium along with thorium and pegmatite. A review of 3,000m of 2008 drill data shows a 1.3km
pegmatite dyke drilled but only assayed for uranium at that time. 2023 plans are to re‐assay pegmatite
sections for REE’s ;
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 in
excess of $2.5M in drilling, completed new resource in Dec. 2022, and is currently preparing a
AJ 2023 Drill Holes Over Geology
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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
Preliminary Economic Assessment in order to earn 80% interest.
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 in excess of $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.
NI 43-101 Disclosure:
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 Laurence
Sookochoff, P.Eng.
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
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 2023, 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.