VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2012) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce the final drill results from a 4,300m programme of resource delineation drilling at its 100% owned Kopsa gold project. In addition large scale bulk metallurgical tests have commenced to follow up on the successful bench scale tests in 2011. The Kopsa gold, copper project is being evaluated as an open pit satellite mining operation to be processed at the Hitura Nickel mine and mill, which lies only 15 km away.
David Pym (CEO) comments "With the completion of this final phase of drilling, and the commencement of the bulk metallurgical sampling, the project is now moving into the evaluation phase. During this phase the necessary studies will be completed to determine Kopsa's suitability as a satellite mining project utilising the nearby Hitura Mill…"
|Hole||From||To||Interval||Au ppm||Cu ppm||Au GM|
Table 1: Intersections using a 0.5 g/t Au cut-off with a grade thickness greater than 3 gram meters. No top cut is applied. Maximum grade is 47.5g/t Au over 0.82m, one of seven individual samples over 15 g/t Au (0.5 oz/t). Intersections are estimated to be 85 - 100% of true width. Note 101B is a duplicate of drillhole 101.
Kopsa belongs to the Intrusive Related style of deposits similar to the Fort Knox style of deposits in Alaska, and is one of a number of similar deposits Belvedere is developing in the region. Gold copper mineralization is associated with quartz veins and shearing and is hosted in a Proterozoic aged Tonalite Intrusion. The recent drill programme consisted of 4,320 metres over 44 holes, and is focused on, shallow near surface mineralisation in the main zone. Mineralisation in the Main Zone occurs largely between surface and 100m vertical, has a true thickness between 20 and 70m and dips shallowly to the south. It has now been delineated over a strike length of 650 metres, and remains open in all directions. Further mineralised zones have been intersected to the north and south of the Main Zone, and remain targets for future follow-up drilling.
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 85% - 100% of true width. No top cuts are applied with the highest individual assay being 22.0 g/t gold over 1.08 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 locations of the drillholes are provided in the table below.
Belvedere Resources Limited is a Canadian incorporated mining company with a focus on nickel and gold in Finland. The company produces approximately 5 million pounds (2250 t) of nickel per annum in concentrate from the Hitura Nickel Mine, and has a considerable portfolio of advanced gold properties in Finland which are rapidly being moved along the development pipeline towards production.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future resource and production targets) are forward looking statements that involve various degrees of risk. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements.
The technical aspects of this statement have been prepared under the supervision of Pekka Lovén (MSc), who is acting as an Independent Qualified Person in compliance with National Instrument 43-101 with respect to this release. The data supporting this news release has been provided in a Surpac database and has been verified against the original laboratory assay certificates. The Qualified Person has not undertaken any independent sampling of the drill core.
BELVEDERE RESOURCES LTD.
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada
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