Belmont Resources Inc. reported the Phase I 2022 drill program at its 100% owned Cu-Au Come By Chance (CBC) Property located in southern B.C. was successful in further delineating a potential copper gold porphyry system. Geophysics: Systematic modeling of 2010-11 geophysical data has highlighted a total magnetic intensity, apparent conductivity and resistivity features of interest including a coincident magnetic low to high transition interpreted to represent magnetite destruction, a resistivity low reflecting alteration or a buried intrusion and an apparent conductivity high which may represent the presence of sulphide minerals associated with alteration or mineralization. These geophysical features together are considered a high priority anomaly and potential new drill targets.

Drilling Results: Drilling in the outer propylitic alteration zone of the CBC property returned minimal copper grades, however this is not uncommon with copper-gold porphyries where copper-gold mineralization occurs primarily within the potassic core and overlying phyllic zone with intensity of copper grade and alteration intensity decreasing outwards. Please review CBC 2022 drill sections. Summary: The CBC Phase I drill program was very important in that the results further support a copper-gold-porphyry model.

By intercepting significant intervals of propylitic alteration it shows where may be in the various zonations of a copper porphyry system ie. Propylitic, Phyllic or Potassic. Also significant amounts of chlorite, epidote and carbonates were associated with the Propylitic alteration which is also very important for confirming the position in the porphyry zonations.

An abundance of pyrite rich zones were intercepted which is common to copper porphyries. This fact accounted for the chargeability highs in the IP survey. The company can also see from the IP chargeability results there is a charge-hi anomaly encircling the center of the property which may possibly be a pyrite halo around a porphyry core.

Drill hole CBC 22-04 intercepted upto 20% pyrite which indicates that hole may be close to Phyllic zone of the system. Elevated molybdenum was also noted in these holes. This indicates a slight increase in hydrothermal fluid temperature, with an accompanying transition from the propylitic and localized skarn alteration seen elsewhere to a weak phyllic alteration here.

Localized skarn alteration which is distal to a possible heat source like those known elsewhere to host porphyry-style mineralization. Copper grades were consistently very low (0.01% - 0.65%) which initially was disappointing. But once the company understood that the company were drilling in the Propylitic alteration zone it became apparent that the low grades in this area were normal.

Copper and gold mineralization is typically associated mainly with the Potassic alteration zone of the porphyry system with the peripheral Propylitic alteration zone being copper poor. From the original geological mapping, geophysical survey and now the first drilling the company have gained a considerable amount of knowledge and a much better understanding of the CBC project. The company will continue to thoroughly review and 3D model all the data and begin selecting new targets for a Phase II drill program in late fall of 2022.

Phase II Drill Program: Belmont is incorporating the drill results with 2021 geophysical data along with more detailed mapping to assist in vectoring toward the core of the porphyry system. Drilling is planned for late fall. The CBC property is close to infrastructure and is accessible all year round.

Belmont has a 5 year drilling permit of the CBC property.