Belmont Resources Inc.

Belmont Resources Inc.

February 03, 2011 09:00 ET

Belmont & Dorex Drilling at Bufo Lake Discovers New Gold Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Belmont Resources Inc. (TSX VENTURE:BEA)(PINK SHEETS:BEAAF)(FRANKFURT:L3L) (the "Company") with Dorex Minerals Inc. (TSX VENTURE:DOX) or ("Dorex") is pleased to announce that the 3-Hole drill program at the north end of Bufo Lake in the western portion of the Lumby/Bufo Property has met expectations with the discovery of a new east-west striking gold zone. An 800 meter long VLF EM and Max Mix conductive zone was tested with 3 drill holes for a strike length of 250 meters with Holes BB-10-6, BB-10-07 and BB-10-8. All 3 holes tested an area under the lake. Each of these three drill holes intersected several wide zones of iron-carbonate, sericite, silicification and chlorite alteration containing quartz, quartz-calcite veining mineralized with pyrite, chalcopyrite, pyrrhotite and minor sphalerite.

Holes BB-10-6 was drilled to a depth of 269 meters, intersected several zones of ankerite, sericite alteration mineralized with pyrite, pyrrhotite with minor chalcopyrite and pyrite. Samples from this hole returned trace amount of gold. However, a 28.4 meters section starting from 141.0 meters, assay 2.18 g/t silver. Anomalous values of copper up to 293 ppm, nickel up to 153 ppm and zinc up to 272 ppm were obtained from this hole. A total of 116 core samples were taken from this hole.

Holes BB-10-7 was drilled to a depth of 446 meters and 100 meters east of BB-10-6. The hole encountered numerous zones of ankerite, sericite and calcite alteration, quartz and quartz-calcite veining mineralized with pyrite, pyrrhotite, chalcopyrite and minor sphalerite. The collar of Holes BB- 10-7 was located 100 meters east of BB-10-6. A total of 158 core samples were taken from this hole. Several zones of anomalous gold values were obtained throughout this hole. The higher values are tabulated below.

Sample # From (m ) To (m ) Interval (m ) Au – g/t Ag – g/t
998807 33.4   34.9   1.5   0.03 2.17
998895 166.4   167.7   1.3   0.06 2.16
998938 224.8   226.1   1.3   0.06 1.61
998939 226.1   227.1   1.0   0.72 1.06
Cumulative Silver                
998902 to 998924 174.9   207.4   32.5   - 1.9
998934 to 998950 218.9   258.0   39.1   - 1.96

A third drill hole, BB-10-8 was collared 150 meters east of BB-10-7 and drilled to a depth of 227 meters. This zone also intersected similar style alteration and mineralization to that was intersected in holes BB-10-6 and BB-10-7. A total of 58 samples were taken from this drill hole. The assays from this drill hole returned higher gold values than the previous 2 drill holes. The assays are tabulated as follows:

Sample # From To Interval Au – g/t Ag – g/t
92003 125.0 126.2 1.2 0.26 1.26
92033 211.7 213.1 1.4 0.12 1.43
92034 213.1 214.6 1.5 0.3 1.03
Silver Section          
92028 to 92035 204.4 216.3 11.9 - 1.28

A total of 332 samples were taken from the above three drill holes totaling 497.5 meters of core sampling.

The Company is still awaiting and summarizing assays from holes BB-10-9 and BB-10-10. Holes BB-10-9 and BB-10-10 intersected alteration with mineralized quartz and quartz-calcite veining with similar sulphide mineralization to that intersected in Holes BB-10-2 with two sections containing 17.9 g/t and 6.4 g/t gold and BB-10-3 with two sections containing 1.7 g/t and 2.4 g/t gold drilled in the spring of 2010 in the south portion of Bufo Lake.

The drill moved to the high grade silver-base metal showing located at the east end of Lumby Lake. Two holes, BB-10-11 drilled to a depth-333 meters and BB-10-12 drilled to a depth of 203 meters were collared 50 meters east and west and 50 meters north of the high grade silver-base metal showing located near the east end of Lumby Lake. These drill holes intersected 170 m+ and 150 m+ wide respectively of sulphide bearing felsic volcaniclastic and tuffaceous rocks consisting of sphalerite, galena, acanthite, pyrite, chalcopyrite and bornite. Each hole contains an upper sphalerite and a lower chalcopyrite rich zone of mineralization. Logging and core sampling from Holes BB-10-11 and BB-10-12 drilled between Lumby and Herontrack Lake is still on-going.

Narrow ultramafic dykes, 2+ metres wide were intersected and are mineralized with disseminated and net-textured sulphides. A narrow 0.4 meter wide section of net-textures sulphides consisting of pyrrhotite and chalcopyrite in gabbro was intersected in Holes BB-10-11 at a depth of 287 meters. Previous work by Atikokan Resources Inc has confirmed that these gabbro rocks contain values in gold, silver, copper, nickel, palladium and platinum.

The amount drilled up to Holes BB-10-12 totals 2,006 meters of the 2450 meter program.

All samples are taken to the Accurassay Labs in Thunder Bay for analysis. All samples are being analyzed for Au via fire assay + AA finish, Ag via AA, and for 34 multi-elements.

Assay results will be released from the unreported drill holes once they are received and compiled.

To earn an initial 49% interest in the Property, Dorex will complete $1,500,000 in exploration expenditures by December 31, 2011 of which $500,000 must be incurred by February 28, 2011. Dorex may increase its interest to 60% by incurring further exploration and payments to Belmont (see NR – November 15, 2010). Dorex has received conditional approval of the transaction, subject to submitting and receipt of acceptance of certain documents.

The Lumby-Bufo Property is contiguous with and on strike to the north-northeast with the Hammond Reef deposit, where Osisko is presently focused on expanding their gold resources. A preliminary assessment ("PA") study was completed on Hammond Reef on November 12, 2009, resulting in a NI 43-101 compliant Inferred Resource estimate of 6.7 million ounces of gold (259.4 million tonnes @ 0.8 g/t gold, using a 0.3 g/t Au cutoff).

This press release has been reviewed and approved by Raymond A. Bernatchez, P.Eng. Consulting Geologist and a qualified person as defined in NI 43-101.

About Belmont Resources Inc.

Belmont has recently entered into an option to acquire 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) "Hammond Reef" deposit.

Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.

Further information can be obtained from the Company website at and


Vojtech Agyagos, CEO/President/Director

The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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