Belmont Resources Acquires ‘Come By Chance’ Property
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 600 - 625 Howe Street,
Vancouver, B.C. V6C 2T6
Ph: 604-683-6648
BEA TSX.V
Belmont Resources Acquires ‘Come By Chance’ Property
In the Greenwood Gold Camp, B.C.
Vancouver, B.C. Canada, May 28, 2020; George Sookochoff, CEO/President of Belmont Resources Inc
(TSX.V: BEA; Frankfurt: L3L2) (“Belmont”), (or the “Company”) is pleased to announce that it has to
acquired a 100% interest in the Come By Chance Mineral Claims known as the “CB Chance Property”,
located in the Greenwood Mining Division, British Columbia.
The Come By Chance (“CBC”) property acquisition is part of the
Company’s continued focus to acquire and develop strategic gold
properties in the prolific Greenwood mining district.
The Property
The CBC property is comprised of 21 mineral claims as well as 15
reverted crown granted mineral claims covering an area of
approximately 527 hectares (ha). The claims are situated about 8
kilometres (km) northwest of the city of Grand Forks, B.C. and 3kms
south east of the former Phoenix Mine which produced during the
period 1900 – 1976, 27 million tonnes at a grade of 0.9% Cu and
1.12 g/t Au, from a number of different ore bodies (Church, 1986).
This amounts to over 1 million ounces of gold and 500 million pounds
of copper produced from the Phoenix deposit.
View Belmont Properties Map at: http://www.belmontresources.com/Belmont Property Map.jpg
George Sookochoff, CEO/President commented, “The acquisition of the Come By Chance property is
another exciting milestone for the Company and further enhances Belmont’s strategy of consolidating
properties with known historic gold-copper mines in the prolific Greenwood mining district.”
About the CB Chance Property
The CBC property covers stratigraphy prospective for both copper-gold skarn and auriferous volcanogenic
massive sulfide-oxide mineralization. In addition, the structural setting of the property is favourable for
epithermal gold mineralization. Indications of each of these three styles of mineralization occur on the
property, which is situated in a region with a long history of mining and with significant past gold
production from deposits representing each of these styles of mineralization.
The CBC property has not been systematically explored. Exploration to date has focused largely on
copper skarn type mineralization similar to that at the nearby Phoenix deposit.
The majority of the early work was at the Betts showing (Minfile 082ESE261), in the southern part of the
CBC property. The Minister of Mines Annual Report for 1904 and 1905 documents some 208 feet of open
cuts and shallow shafts at the Betts, as well as a 75 foot long (upper) tunnel with a 40 foot winze and an
825 foot (lower) tunnel. This lower tunnel was driven to cut the mineralized zone 375 feet below surface.
A chute of massive pyrrhotite ore was reportedly intersected at a distance of 575 feet in the lower tunnel.
Airborne Magnetic Survey Over
Athelstan Claim Group.
NEWS RELEASE
May 28, 2020
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 600 - 625 Howe Street,
Vancouver, B.C. V6C 2T6
Ph: 604-683-6648
BEA TSX.V
Epithermal style of mineralization is under-explored on the claims and given the regional importance of
epithermal gold mineralization and the favourable structural setting, a thorough exploration program to
assess the property for this style of mineralization is planned. In
particular the area around the CBC 98-1 drill hole situated about
100 meters southeast of the lower Betts adit and close to, and in
the footwall of the Eagle Mountain Fault which intersected
epithermal quartz veins and quartz flooding with associated
sericite alteration, to try to find the surface expression of the
epithermal system seen in the drill hole.
A “quartz vein with free gold” is also reported on the former Iron
Chief claim (Minister of Mines Annual Report 1900). The Iron
Chief straddle the Eagle Mountain Fault to the northwest of the
Betts adit.
Graeme Evans of Teck Cominco noted in a 2006 property
inspection “numerous showings are present through the Brooklyn
sequence and generally consist of Cu-Ag-Au skarns along main
faults within several rock types.
View CBC Map at: http://www.belmontresources.com/CB-claims.jpg
These are isolated occurrences of a large system demonstrated by numerous pits and adits throughout
the property particularly along NW trending fault zones. These fault zones display widths up to 100 meters
and consist from W to E of the Eagle Mtn. Fault, the Central Hardy Mtn. Fault and the eastern Lind Creek
Fault thrust often associated with ultramafic slices reflecting strong fault emplacement. The sequence in
the area is dominated by mafic volcanics of the limestones of the Triassac Brooklyn and sharpstone
sequence are commonly seen with shallow dips in a possible broad antiform. Mineralization is dominated
by variable amounts of pyrrhotite and chalcopyrite in both massive garnet skarn and calcsilicates in mafic
volcanics.
There are indications of porphyry potential in the monzonites. An encouraging feature is the presence of
well mineralized copper bearing monzonite potentially displaying a porphyry/skarn linkage in SE Betts
area.
Terms of the Acquisition Agreement
The claims have been optioned for 100% from a non-related third party (the “Vendor”) under the following
terms:
(a) $7,500 cash payment on the Approval Date;
(b) the issuance of common shares in the capital of the Company (the "Shares"), as set out below:
i. 100,000 Shares on the Approval Date;
ii. 200,000 Shares on the one year anniversary of the Agreement Date;
iii. 200,000 Shares on the second year anniversary of the Agree ment Date;
(c ) the grant of a 1.5% NSR Royalty with the option for the Company to buy back
1% for $1M Cdn.
Contact: George Sookochoff, President & CEO
Email: [email protected]
Suite 600 - 625 Howe Street,
Vancouver, B.C. V6C 2T6
Ph: 604-683-6648
BEA TSX.V
Qualified Person
The scientific and technical information that forms the basis for parts of this press release was reviewed
and approved by Laurence Sookochoff, P.Eng., who is a Qualified Person “(QP”) as defined by National
Instrument 43-101.
About Belmont Resources Inc.
Belmont Resources Inc. is a Canadian based resource company traded on the TSX-V under the symbol
“BEA”. The Company is systematically exploring and acquiring gold properties in Southern British
Columbia and Northern Washington State.
ON BEHALF OF THE BOARD OF DIRECTORS
“George Sookochoff”
George Sookochoff, CEO/President
Ph: 604-683-6648
Email: [email protected]
Website: www.BelmontResources.com
Neither the TSX Venture Exchange nor its Regulation Services Pr ovider (as the term is defined in the policies of the TSX Ventu re
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 o r r e s u l t s t h a t m a y p r o v e t o b e i n a c c u r a t e a s a r e s u l t o f
exploration and other risk factors beyond its control. Forward looking statements in this news release include statements abo ut
the possible raising of capital and exploration of our properti es. Actual events or results c ould differ mate rially from the
Companies forward-looking statements and expectations. These risks and uncertainties in clude, among other things, that
we may not be able to obtain regulatory approval; that we may n ot 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 mine ral exploration and developme nt company. These forward-looking statements are made
as of the date of this news rel ease 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-loo king
statements.