Belmont Enhances Geological Understanding at Come By Chance Following Completion of 2025 Drill Program

The most recent news, dated December 17, 2025, announces the completion of the 2025 drill program at the Come By Chance (CBC) copper-gold project in British Columbia. The company states that the five-hole diamond drill program did not intersect economic mineralization. Assay results returned low and discontinuous values for copper, gold, and other pathfinder elements. The release frames this outcome as having "enhanced the geological understanding" of the project.

This news is materially negative. The 2025 drill program at Come By Chance was a primary use of proceeds from the C$1.36 million financing completed earlier in the year and represented a key exploration initiative for the company. The explicit statement that the program "did not intersect economic mineralization" confirms a complete failure to meet exploration objectives for this project in 2025.

• Failed Catalyst: The company began drilling in late June 2025 and completed it in mid-July, stating it was "encouraged by the geological features observed." Results were anticipated approximately eight weeks later, in mid-September. The release of these negative results five months after drilling was completed and three months after they were expected is a significant concern. This delay, coupled with the poor results, suggests the company may have postponed the release of bad news.
• Capital Misallocation: A significant portion of recently raised funds was spent on this program with no tangible economic return, increasing the company's risk profile.
• Strategic Pivot by Necessity: The failure at CBC forces the company to pivot its narrative entirely to the Crackingstone Uranium project. While recent progress at Crackingstone (receiving a drill permit, completing core relogging) is positive, the company's portfolio is now less diversified and more reliant on a single, high-risk exploration play.
• Misleading Corporate Messaging: Framing a failed drill program as enhancing "geological understanding" is standard industry spin for poor results. For a critical investor, this translates to drilling in the wrong place and destroying shareholder capital. The outcome directly contradicts the optimistic statements made upon completion of drilling in July.

This result significantly damages the credibility of the Come By Chance project and places immense pressure on the upcoming Crackingstone program to deliver positive results.

Belmont Resources is a junior mineral exploration company with a portfolio of projects in Canada and the United States. Following the failed 2025 drill program at the Come By Chance copper-gold project, the company's undisputed flagship asset is now the Crackingstone Uranium Project in the Athabasca region of Saskatchewan.

The Crackingstone project is located near Uranium City and has historical high-grade grab samples (up to 15.6% U3O8). The company has received a multi-year drill permit for a 40-hole, 10,000-metre program planned for 2026, aimed at testing three major mineralized corridors.