Belmont Resources Inc. (TSX-V: BEA) has announced that Phoenix Metals Corp. (TSX: PCA) is planning a major NI 43-101-supported exploration program directly adjacent to two of Belmont's southern British Columbia properties in the Greenwood Mining Camp. Phoenix's 2026 program totals 148 drill holes and 55,285 metres across seven targets, with drilling planned along strike from both Belmont's Athelstan-Jackpot Gold property and its Lone Star Copper-Gold Project. Investors may be watching whether Phoenix's exploration results could validate the geological prospectivity of Belmont's neighbouring claims.

Key Points

  • Belmont Resources Inc. (TSX-V: BEA, FSE: L3L2) announced the development on September 22, 2026
  • Phoenix Metals' 2026 program includes 67 drill holes totalling 27,827 metres adjacent to Belmont's A-J Gold property, and 12 holes totalling 3,835 metres adjacent to the Lone Star property
  • Phoenix raised aggregate gross proceeds of $46,402,625 from its IPO, including partial exercise of the underwriters' over-allotment option, closing July 24, 2026
  • Belmont holds no ownership interest in or operational involvement with Phoenix's Greenwood Precious Metals Project

Phoenix Metals' Drill Program Along the Greenwood Camp's Key Fault Trends

According to Phoenix's NI 43-101 Technical Report (P&E Mining Consultants Inc., Report No. 490), the 2026 recommended exploration program spans seven targets within the Greenwood Precious Metals Project. Of particular relevance to Belmont, 27,827 metres across 67 drill holes are planned along the JD-Golden Crown Trend, JD Deep, and Golden Crown Deep targets — directly adjacent to Belmont's 100%-owned A-J Gold property — while 3,835 metres across 12 drill holes are planned at the Lexington target along the No. 7 Fault trend, directly across from Belmont's Lone Star Copper-Gold Project on the Washington State side of the international border.

Belmont's A-J Gold and Lone Star Properties in the Greenwood Camp Context

Belmont's Athelstan-Jackpot Gold property hosts two past-producing mines with historical production of 7,600 oz gold and 9,000 oz silver. The Lone Star Copper-Gold Project is held 50% by Belmont in joint venture with Marquee Resources Ltd. (ASX: MQR) and hosts a historical mineral resource along the Washington State portion of the No. 7 Fault system. Both the Golden Crown trend and the No. 7 Fault trend cited in Phoenix's program have a history of high-grade production, according to the release. Belmont's broader portfolio also includes the Pride of the West and CBC Copper-Gold properties in British Columbia.

Chairman George Sookochoff Comments on Neighbouring Exploration Investment

"We're pleased to see a well-capitalized neighbour committing this level of exploration investment along strike from two of our properties in the Greenwood camp," said George Sookochoff, Chairman of Belmont, in the announcement. "Both the Golden Crown trend adjacent to our A-J property and the No. 7 Fault trend adjacent to our Lone Star property have a history of high-grade production, and we look forward to Phoenix's exploration results as they become available." Belmont stated that information regarding Phoenix's project was derived solely from Phoenix's public disclosure and has not been independently verified by Belmont.