Mr. George Sookochoff reports

BELMONT PROVIDES A-J GOLD PROJECT DRILLING UPDATE

Belmont Resources Inc. has released initial results of the A-J 2023 2,000-metre, nine-drill-hole A-J drilling program in Southern British Columbia.

2023 drilling focused on two zones on the property.

North zone (drill holes AJ23-01-05): 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. Drill assays are pending.

South zone -- Athelstan mine area (drill holes AJ23-06-09): Drilling involved testing for potential mineralized feeder systems along and directly beneath the Athelstan mine, one of two historic gold mines on the A-J 1.5-kilometre mineralized gold trend and related historic mine workings.

Initial results have been received for South zone, Athelstan mine area for drill holes AJ23-06 to AJ23-09.

As reported in previous news releases dated Oct. 31 and Nov. 16, 2023, all four drill holes (AJ23-06, AJ23-07, AJ23-08 and AJ23-09) beneath the Athelstan gold mine intercepted over 100-metre duration of extensive silicic and phyllic alteration accompanied by widespread sulphide mineralization. These zones included multimetre quartz shear and stockwork-style vein intersections with all lithologies hosting widespread pyrrhotite and pyrite and lesser chalcopyrite and arsenopyrite.

Although long grades of gold mineralization were intercepted (up to 150 m) the grades were minimal with only two gold intercepts of note:

• AJ23-07 from 28 m: 3.8 metres at 0.4 gram per tonne gold, including 1.9 m at 0.60 g/t Au;
• AJ23-08 from 26 m depth: 1.1 metres at 1.1 g/t Au.

The long grades of gold mineralization, albeit low grade, correlate in most part with the extensive quartz veining, semi-massive pyrite, pyrrhotite and sulphides along with intensely phyllic alteration as reported in previous news releases dated Oct. 31 and Nov. 16, 2023.

This is a strong indication of a peripheral alteration zone to a deep-seated copper-gold porphyry. The surficial gold along the mineralized trend of the South zone and even the low gold mineralization in the drill core is interpreted as major structural seepage from this porphyry. This major structure may refer to the Jackpot fault which may be providing a conduit for hydrothermal mineralized fluids to travel from the porphyry to the surface.

As for a deep-seated porphyry model, one model suggests that there may be in fact linkage between the A-J property and Belmont's nearby CBC property where exploration is also targeting a large copper-gold porphyry system at depth.

George Sookochoff, president and chief executive officer, Belmont Resources, commented: "While the Athelstan zone may serve as the feeder system for the 7,000 ounces of gold mined from the two gold mines as well as an estimated resource of 2,000 to 5,000 ounces of gold in the surface and near-surface mineralized areas, based on previous trenching results and sampling of mine dumps (2002 summary report on the A-J group, Greenwood mining division, by R.E. Miller, BEng Sci, PGeo, February, 2002), the presence of extensive quartz veining, semi-massive pyrite, pyrrhotite and sulphides, coupled with intensely phyllic alteration, strongly indicates our proximity to the target.

"Our updated database provides exploration vectors pointing eastward, specifically towards the Jackpot gold mine and the Jackpot fault which is where we will focus our 2024 drill program."

2024 drilling program

Drilling of the Jackpot mine and Jackpot fault zones area is planned for Q2 2024. As the deepest South zone 2023 drill hole was only 245 metres, proposed 2024 drill holes will extend down to approximately 300 to 500 metres in order to intersect the porphyry at depth or to locate the surficial mineral feeder zones beneath the Jackpot mine and along the Jackpot fault.

North zone drill results pending

Further results from the remaining North zone drilling (DH AJ23-01 to 05) have yet to be received and will be announced upon receipt.

About Belmont Resources Inc.

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.