Belvedere Resources Ltd.

TSX VENTURE : BEL


Belvedere Resources Ltd.

September 19, 2012 09:30 ET

Belvedere Resources Limited: Significant New Gold Discovery on Antikanperä Property

 

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2012) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce results from a sixteen hole, 1367 metre drill campaign at their 100% owned Antikanperä gold property in Finland, located 35km north of Belvedere's Hitura Nickel Mine. The property covers a 10 km2 area containing numerous gold anomalies in till and bedrock associated with a geophysical signature similar to other gold properties in the area. The drill results are presented in Table 1.

Highlights:

  • All five holes drilled at the Pöntio Target intercepted significant widths of gold mineralisation
  • Best intersection to date is 62 m @ 1.1 g/t Au including 14.8 m @ 2.3 g/t Au
  • High grade gold in quartz veins intersected in BELANP007 in a separate target some 1.3 km to NE
  • Many anomalies on property remain to be tested

David Pym CEO comments: "We have waited six years to be able to drill-test this property from when management first identified the area as a high priority target for Intrusive Related deposits similar to Fort Knox in the Alaska/Yukon Tintina Gold Province. These deposits are typically very large with > 3 million oz's of contained gold. Drilling at the Pöntio target to date has intersected consistent mineralisation over considerable widths, which is a good first indication of size potential. A ground geophysical survey is underway to try and determine extents to the mineralisation and guide the next phase of drilling on that target. This is an exciting time for the company, with more than half of the high priority targets on the property still remaining to be tested. "

HOLE_ID From(m) To(m) Interval(m) Au g/t Cu ppm Gram Metres
BELANP007 27.97 28.3 0.33 15.35 50 5.1
BELANP011 24.99 45.84 20.85 1.13 499 23.6
BELANP012 8.95 81.05 72.1 0.88 621 63.1
Including 59.24 78.02 18.78 1.34 583 25.1
BELANP013 19.14 81.18 62.04 1.08 614 67.1
Including 53.22 68.04 14.82 2.29 1220 33.9
BELANP014 25.3 32.2 6.9 1.01 704 7.0
BELANP014 38.26 43.15 4.89 0.95 280 4.6
BELANP014 54.12 78.18 24.06 1.44 498 34.6
BELANP015 5.5 12.61 7.11 0.63 367 4.5
BELANP015 18.87 21.84 2.97 1.85 1043 5.5
BELANP015 27.01 50.7 23.69 1.44 668 34.0
Including 27.01 36.07 9.06 2.32 729 21
BELANP015 73.29 77.14 3.85 0.83 482 3.2

Table 1: Intersections using a 0.5 g/t Au cut-off. No top cut is applied. Maximum grade is 15.35 g/t Au over 0.35 m, one of four individual samples over 5 g/t Au. Intersections are estimated to be 70-90% of true width.

Belvedere staked a claim Reservation, over the property in 2006 and after completing a compilation of historical data, exploration claims were applied for in 2007 and were finally granted in late 2010 after substantial delays in the claim processing due to legislative changes around the implementation of the new mining law in Finland.

The Pöntio gold mineralisation is hosted primarily in Proterozoic aged dioritic sills/dykes intruded into interpreted turbidite sequences that have been metamorphosed to upper amphibolite facies. Gold mineralisation appears to be associated with quartz veins and silicification, is highly strained and appears to predate peak metamorphism. Overall sulphide content is low with chalcopyrite and pyrrhotite being associated with gold mineralisation ± trace arsenopyrite. Mineralisation sub-crops under 3-5m of overburden, strikes in a northerly direction and appears to dip steeply to the east. It is at least 60 m in true width and has been intersected on four 50 m spaced profiles, giving a strike length of at least 200m to date. The mineralisation is largely confined to the diorite sills/dykes, with the mica gneiss being mineralised only in the contact zone. Limited drilling and outcrop sampling has detected further gold, copper anomalous sills/dykes to the south, east and west which warrant further follow up.

BELANP001-7 were drilled on the 4km long M1 trend, with BELANP007 being the only drill hole to intersect significant mineralisation on this trend to date. BELANP008-15 were drilled on the M2 trend, with BELANP008-10 targeting geophysical anomalies and BELANP011-15 all being drilled into the Pöntio geochemical target some 500m to the south.

Hole_ID x y z azimuth dip length
BELANP001 2549168 7121998 84.888 268.7 45 89.3
BELANP002 2548836 7121996 83.401 96 45 44.35
BELANP003 2548918 7122012 85.91 273.8 45 102.65
BELANP004 2549187 7122203 82.113 275.1 45 75.75
BELANP005 2549140 7122215 82.03 279.1 45 79.9
BELANP006 2549197 7122393 81.305 277.7 45 80.55
BELANP007 2548876 7122855 81.02 272.9 45 77.35
BELANP008 2548053 7122804 81.968 92.6 45 98.6
BELANP009 2548050 7122804 81.867 273.1 45 83.2
BELANP010 2548134 7122518 82.863 277 45 90.05
BELANP011 2548106 7121756 85.055 269.1 45 85.85
BELANP012 2548141 7121755 85.468 271 45 119.45
BELANP013 2548143 7121807 86.859 271 45 90.65
BELANP014 2548140 7121709 85.658 271 45 83.25
BELANP015 2548131 7121853 85.275 269 45 89.15
BELANP016 2548897 7122855 80.703 267 45 76.45

Table 2: Details of drillhole locations

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 cut is applied. Maximum grade is 15.35 g/t Au over 0.35 m, one of four individual samples over 5 g/t Au. 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.

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.