Mr. George Sookochoff reports

BELMONT RESOURCES INTERCEPTS 100 METER MINERALIZED ZONE BENEATH ATHELSTAN GOLD MINE

Belmont Resources Ltd. has completed nine diamond drill holes in a 2,000-metre diamond drilling program at its 100-per-cent-owned A-J gold project situated in the prolific Greenwood mining camp of Southern British Columbia. Drilling tested induced polarization anomalies defined by the 2020 IP geophysical 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 one-kilometre mineralized gold trend which includes the Athelstan and Jackpot past-producing gold mines which produced 7,600 ounces gold and 9,000 oz silver (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 has returned grades as high as one oz/ton gold and over five oz/ton silver.

A 2002 report by R.E. Miller, BEng, PGeo, states: "A potential resource of 2,000 to 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 two metres thick, 15 metres in width and 90 metres in length with an average grade of 0.3 oz/t gold."

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 were intersected over 100-metre durations in seventh and eighth diamond drill holes directly beneath the Athlestan mine. This discovery of multimetre quartz shear and stockwork-style vein intersections with all lithologies hosting widespread pyrrhotite and pyrite and 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 gold 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, chief executive officer 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 one 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."

Listwanite and serpentinite

Listwanite (carbonated serpentinite) is a term to describe the silica-carbonate alteration of serpentinite and is commonly associated with high-grade lode-gold mineralization.

All of the historic production from the property, and the vast majority of the previous exploration, all of which were in the South zone, have been directed at massive sulphide and oxidized sulphide zones within listwanite.

During the serpentinization process any gold present in the serpentine may be assimilated with secondary sulphides 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 from the serpentinite wall rocks and transported in solution. The gold and silica-rich fluids are transported to higher crustal levels via faults where the change in conditions (lower temperature, pH and fO2) results in the precipitation of gold, quartz and sulphides.

The Mother Lode gold district in California and the Abitibi greenstone 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 associated with, or in close proximity to, carbonate-altered ultramafic rocks (listwanite). Listwanite is also directly associated with several multimillion-ounce gold deposits in British Columbia, Atlin, Bralorne and Barkerville.

About Belmont Resources Ltd.

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.

National Instrument 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, PEng.

We seek Safe Harbor.