Further Wide Zones Of Mineralization Intersected At Lone Star Copper-Gold Project

VANCOUVER - Belmont Resources Inc. reported on the ongoing drilling program on the Lone Star Joint Venture (JV) in North Eastern Washington State. To date a total of 16 diamond drill holes for 2,815m have been completed at Lone Star Error: Reference source not found with full assay results from the first six drill holes received (LS21-001-004, 008-009), and partial results for 28 of 131 results from LS21-010 received. The third batch of core is at the laboratory for assay, with the fourth batch currently being transported to the laboratory. Drilling continues 24 hours a day as part of the forty-two hole, ~6,000m of diamond drilling program. Drilling is expected to be completed at the Lone Star Copper-Gold Project in Q1-2022.

Drill hole LS21-003 was drilled approximately 30m south of LS21-002.  91.15m of variably mineralized core was observed with massive quartz-sulphide veins intersected in the dacite hosted Upper Zone. Disseminated to locally abundant sulphides were intersected in the serpentinite hosted L

Drill hole LS21-010 was drilled at a dip of 70o to the east on the same drill pad that LS21-009 was collared from. Early results (28 of 131 results received) from LS21-010 highlight the near surface potential of the project with multiple zones of disseminated and vein hosted, massive sulphide observed in both the Upper Zone and Lower Zones. Significant assay results received thus far from LS21-010 include 36.1m @ 1.3% CuEq from 25.5m (including. 12.2m @ 3.4% CuEq). Note: only 28 of 131 assays received from drill hole 10 have been received.

Drilling continues 24 hours a day with batches of samples being delivered fortnightly to MSA Laboratories in Langley, British Columbia, Canada. Despite the winter conditions, production rates remain high and drill holes are being extended well beyond historical drill hole depths. Additionally, Mining Plus Pty Ltd have been engaged to begin resource modeling studies as the Company pushes towards delivering a 2012 JORC-compliant resource in 1H-2022.

George Sookochoff, President & CEO, said, “Drilling continues to support the new geological model to be that of a submarine rhyolite dome with associated VMS. At least three stratigraphically separate rhyolite layers, each of which is prospective for undiscovered mineralization, have been identified thus far.

We now are very excited to see over 150 meters of well mineralized rhyolite in each of drill holes LS21-010 and LS21-016. Assays are pending for LS21-016 and the lower 150 meters of LS21-010, however, the top portion of LS21-010 assayed over 36 meters of 1.3% CuEq including 12.20 meters of 3.39% CuEq.

Our geologist James Ebisch, M.Sc., P.Geo. is tentatively interpreting these two holes as intercepting a sub-vertical feeder for one or more of the three stratigraphically separate rhyolite layers closer to surface. The discovery of a feeder system may add an additional resource target and significant upside potential to the Lone Star project.”