Belvedere Resources Ltd.


Belvedere Resources Ltd.

July 03, 2012 11:52 ET

Belvedere Resources Limited- New Gold Zone Intersected Parallel to Main Trend at Hirsikangas Project



VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2012) - Belvedere Resources Ltd. ("Belvedere") (TSX VENTURE:BEL) is pleased to announce results from a 16 hole, 1106 metre drill campaign at their 100% owned Hirsikangas gold project in Finland. The campaign was designed to test interpreted structural and geophysical targets outside of the known mineralisation envelope.

Highlights (1 g/t cut-off):

  • BelHirsi028 - 0.9m @ 14.55 g/t gold from 30.96 m downhole
  • BelHirsi030 - 2.14 m @ 14.25 g/t gold from 53.13 m downhole

David Pym (CEO) comments "This programme of drilling was aimed at adding to our understanding of the regional geology of Hirsikangas outside of the existing mineralisation envelope. As less than 1% of bedrock outcrops, the holes were "wildcat" in nature and expectations were low for discovering more mineralisation. We are very pleased with the results, with several new occurrences of mineralisation encountered, two of which contained visible gold. BelHirsi 30 intersected a substantial new gold zone on a geophysical anomaly which runs 200m to the east and parallel to, the main Hirsikangas trend for 2 km. The only other drillholes into this anomaly intercepted a similar style of gold mineralisation 1.8km to the south (eg. Belhirsi012 from a previous campaign 1.08m @ 4.93 g/t Au from 44.78m downhole). This mineralisation is of a different style to the main Hirsikangas zone, being hosted in graphitic shears and breccias and adds substantial exploration potential to the project"

BelHirsi 16 and 31 targeted isolated chargeability anomalies, BelHirsi 17 - 29 targeted areas of interpreted structural complexity to the north of the known mineralisation and BelHirsi 30 targeted the parallel chargeability anomaly to the main Hirsikangas trend at its northern end. BelHirsi 17 and 28 may have intercepted the main Hirsikangas trend, if so the zone has been continued another 500m north giving a total strike length of over 2 km, though the principle host unit to the mineralisation was not intercepted in either hole and no significant mineralisation was intersected in BelHirsi 27 which was drilled on strike between the two holes. Visible gold was logged in core in BelHirsi 28 and 30 which is rare for Hirsikangas. A plan of the drilling and photos of the visible gold in core is available on the Company's website.

Hole ID   From (m)   To (m)   Interval (m)   Au g/t   Gram Metres
BELHIRSI017   26.13   33.12   6.99   0.79   5.6
BELHIRSI023   26.12   28.31   2.19   0.92   2
BELHIRSI028   30.33   31.86   1.53   8.79   13.4
incl.   30.96   31.86   0.90   14.55   13.1
BELHIRSI030   47.98   59.02   11.04   3.34   36.9
incl.   53.13   55.27   2.14   14.25   30.5

Table 1: Intersections using a 0.5 g/t Au cut-off with a grade thickness greater than 2 gram metres. No top cut is applied. Maximum grade is 26.8g/t Au over 0.94m, one of two individual samples over 10 g/t Au (0.32 oz/t). Intersections are estimated to be 70-90% of true width.

HoleID   Easting   Northing   Elevation   Depth   Azimuth   Dip
BELHIRSI016   2490656   7105625   35.0   58.45   224   45
BELHIRSI017   2489737   7106158   35.5   78.8   226   45
BELHIRSI018   2489698   7106389   34.6   53.15   221   45
BELHIRSI019   2489570   7106544   35.8   56.4   226   45
BELHIRSI020   2489442   7106438   34.5   74.15   220   45
BELHIRSI021   2489422   7106422   33.5   73.45   227   45
BELHIRSI022   2489381   7106387   33.8   53.35   227   45
BELHIRSI023   2489756   7106179   35.8   65.2   220   45
BELHIRSI024   2489253   7106544   31.4   64.15   232   45
BELHIRSI025   2489220   7106528   30.3   77.3   235   45
BELHIRSI026   2489391   7106632   34.7   101.4   226   45
BELHIRSI027   2489910   7105985   35.6   77.25   215   45
BELHIRSI028   2489999   7105855   35.9   56.2   200   45
BELHIRSI029   2489828   7106238   34.1   56.55   217   45
BELHIRSI030   2489829   7106240   33.8   59.05   34   45
BELHIRSI031   2491332   7104752   35.5   101.25   224   45

Table 2: Details of drillhole locations

Hirsikangas Geology: The Hirsikangas gold mineralisation has been intersected by drilling over a strike length of 1.5 km to date. The mineralisation occurs in parallel subvertical shears, with a combined true width between 6 - 40 metres. Mineralisation occurs from surface and remains open in all directions. On Dec 1st 2009, the Qualified Person responsible for the Independent Technical Report determined that the Hirsikangas gold property has NI 43-101 compliant Resources, modeled and reported at a 0.5 g/t Au cut-off, and down to a maximum vertical depth of 200 metres as follows:

Category   Tonnes   Au g/t   Troy Oz's
Indicated   3,002,000   1.23   119,000
Inferred   2,673,000   1.27   109,000

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm diameter core. Samples are comprised of half diamond core. Intersections are estimated to be 70-90% of true width. No top cuts are applied with the highest individual assay being 26.8 g/t gold over 0.94 metres. Core samples are sawn in half on site, prepped and assayed by 30g fire assay with an AAS finish at the internationally accredited laboratories of ALS Chemex in Finland. The quality assurance-quality control (QAQC) program of Belvedere consists of the insertion of certified standards of known gold content every 20 samples, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. Standards, blanks and duplicates make up approximately 15% of the samples assayed. The remaining half core is retained on site for verification and reference purposes.

The resources were previously announced in a press release on 1st December, 2009. An NI 43-101 compliant Technical Report "Hirsikangas Gold Deposit, Central Ostrobothnia, Finland" filed on SEDAR 30th November, 2009. The mineral resource estimate for Hirsikangas was prepared by Mr Thomas Lindholm, MSc of GeoVista AB, Lulea, Sweden, acting as an independent "Qualified Person" as defined by National Instrument 43-101. Mr Lindholm is a member of the Institute of Materials, Minerals and Mining (Member #447670).

About Belvedere:

Belvedere Resources Limited is a mining company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland. The Company currently produces 2200t of nickel in concentrate/year from the Hitura nickel mine in Central Finland. The Company has a number of advanced gold projects in close proximity to the Hitura mine.