Belo Sun Mining
TSX : BSX

Belo Sun Mining

September 04, 2012 17:32 ET

Belo Sun Completes Additional 292 Drill Holes in 2012 to Upgrade and Expand Mineral Resource at Volta Grande Gold Project, Brazil

TORONTO, ONTARIO--(Marketwire - Sept. 4, 2012) - Belo Sun Mining Corp. (TSX:BSX) (the "Company" or "Belo Sun") is pleased to announce that it has completed 81,664 meters of diamond drilling in 292 holes at its Volta Grande Gold Project since December 2011. The drilling program just completed was designed to expand and upgrade the mineral resources that will support the definitive feasibility study for the development of the project. The Company will freeze the data base upon receipt of all assays from this program and this will become the basis for completing the prefeasibility and feasibility studies. The new resource estimate is scheduled to be released in Q4 2012.

A summary of the drilling is presented below:


DEPOSIT
Total Drilling end of Aug 12 Assay Results Available with Assays Pending
Holes Meters Holes Meters Holes Meters
OURO VERDE 100 30,434 76 21,322 24 9,112
GROTA SECA 178 47,216 106 25,962 72 21,254
SOUTH BLOCK 14 4,014 12 3,362 2 652
TOTAL 292 81,664 194 50,646 98 31,018

This represents a very important milestone for the Company and the new resource estimate update, which will be the fourth update released this year, is the largest in terms of number of holes and meters in the history of the Volta Grande Project. Since it is expected that there will be a substantial upgrade and an increase in the measured and indicated resource categories, the Company will wait for the completion of the resource modeling to support the mine development plan in the pre-feasibility studies currently in progress. The pre-feasibility study (PFS) is now scheduled to be completed at the end of Q4 2012 or early next year.

Mark Eaton, CEO of Belo Sun comments; "If we were to complete the PFS with such a high volume of data pending, the study would be out of date before it was finished. We are fortunate to be confronted with a deposit such as at Volta Grande that continues to expand."

Included in this release are the assay results from 68 additional drill holes from this program, of which 39 are from the Grota Seca deposit, 19 from the Ouro Verde deposit and 10 from the South block area. The complete results and selected cross sections are presented below. Highlights from the holes included in this release include:

  • Hole VVGD-380 (Grota Seca Cross Section 725W) intersected multiple mineralized zones such as 19.24 meters grading 5.31 g/t Au (from 237.50 meters) including 9.77 meters grading 10.08 g/t Au (from 240.11 meters).
  • Hole VVGD-462 (Grota Seca Cross Section 1300 W) intersected multiple mineralized zones such as 10.80 meters grading 15.42 g/t Au.
  • Significant down dip intercepts at Ouro Verde deposit such as in hole VVGD-417 at section 800 NW with 58.00 meters grading 1.10 g/t Au (from 234.00 meters) including 17.30 meters grading 2.20 g/t Au (from 259.70 meters).
  • At the South Block, Grande Deposit the highlight is hole VVGD-443 with 5.15 meters grading 12.97 g/t Au.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated, "We are very pleased with the terrific work done by our exploration team. It is an outstanding achievement to complete all this drilling in a relatively short time frame. We are confident that the new resource estimate will provide for a robust pre-feasibility study in support of the development plan. Drilling continues at the Volta Grande Gold project with a focus on identifying additional mineral resources throughout the Três Palmeiras greenstone belt. The holes reported here are the final holes to be incorporated in support of the PFS."

TABLE 1 - DIAMOND DRILLING ASSAY RESULTS
The widths reported below represent the core width of the intercepts; true widths are expected to range between 85-95% of the core width.
Grota Seca Deposit Ouro Verde Deposit
Hole # From (m) To (m) Width (m) Au g/t Hole # From (m) To (m) Width (m) Au g/t
VVGD-380 113.60 120.10 6.50 2.55 VVGD-386 366.00 370.00 4.00 0,55
and 144.00 154.00 10.00 0.99 and 382.30 402.00 19.70 0.60
and 237.50 256.74 19.24 5.31 and 432.00 435.80 3.80 2.20
including 240.11 249.88 9.77 10.08 and 462.00 465.00 3.00 0.61
and 272.70 287.60 13.86 1.41 and 470.00 476.00 6.00 0.51
and 292.00 294.00 2.00 6.87 and 533.85 540.26 6.41 1.61
and 334.00 336.00 2.00 2.52 VVGD-397 NSR
and 422.00 424.00 2.00 1.35 VVGD-399 23.00 33.00 10.00 1.27
and 431.88 464.60 32.72 0.74 and 132.00 140.00 8.00 0.69
VVGD-400 203.00 209.70 6.70 1.09 and 181.00 189.00 8.00 4.30
and 216.10 225.45 9.35 0.65 and 194.00 204.00 10.00 0.62
and 235.95 254.93 18.98 0.62 and 244.80 254.00 9.20 0.52
and 417.00 421.00 4.00 1.60 and 259.00 267.00 8.00 0.94
and 427.40 436.80 9.40 0.86 and 277.00 289.00 12.00 1.44
and 450.00 453.25 3.25 0.95 and 307.10 313.60 6.50 0.57
and 474.20 479.70 5.50 1.13 VVGD-408 344.70 351.20 6.50 1.02
and 511.80 515.00 3.20 0.95 and 366.30 381.55 15.25 1.54
and 521.35 532.60 11.25 0.63 including 374.90 381.55 6.65 2.70
and 555.00 559.24 4.24 0.92 and 390.40 396.40 6.00 1.09
and 600.60 606.60 6.00 0.71 VVGD-409 137.27 142.27 5.00 1.10
VVGD-410 31.00 35.00 4.00 1.38 VVGD-413 87.25 92.00 4.75 1.18
and 108.60 121.00 12.40 2.23 and 206.10 210.50 4.40 0.92
and 136.55 140.20 3.65 1.85 VVGD-416 164.65 171.65 7.00 1.49
and 152.00 155.00 3.00 4.96 and 257.50 262.55 5.05 0.85
and 166.00 169.00 3.00 1.29 and 310.00 323.70 13.70 0.53
and 184.00 189.00 5.00 1.07 and 341.00 351.15 10.15 4.13
and 223.00 234.00 11.00 0.82 and 362.00 367.75 5.75 1.07
and 294.00 305.00 11.00 2.33 and 386.00 389.60 3.60 2.52
VVGD-411 18.00 28.29 10.29 2.05 and 408.85 412.29 3.44 1.49
and 35.40 40.50 5.10 1.34 and 447.67 450.65 2.98 1.27
and 63.25 68.00 4.75 1.39 and 466.24 472.92 6.68 1.00
VVGD-415 17.60 21.00 3.40 1.50 VVGD-417 121.00 141.70 20.70 2.12
and 35.72 40.00 4.28 1.75 and 191.00 203.00 12.00 1.23
and 58.25 80.70 22.45 0.80 and 226.20 229.45 3.25 0.66
including 70.50 75.90 5.40 1.51 and 234.00 292.00 58.00 1.10
and 99.55 103.55 4.00 0.53 including 259.70 277.00 17.30 2.20
and 118.40 122.15 3.75 0.98 and 327.20 333.00 5.80 1.68
and 165.50 167.45 2.40 1.06 and 351.40 357.00 5.60 1.44
and 201.10 213.90 12.80 1.64 and 367.40 375.20 7.80 1.13
and 221.70 228.00 6.30 0.53 VVGD-418 256.00 263.60 7.60 0.59
VVGD-419 2.00 5.00 3.00 0.71 and 270.00 278.00 8.00 2.11
and 51.60 56.76 5.16 3.47 and 312.00 322.80 10.80 0.60
VVGD-423 25.00 37.65 12.65 0.92 and 335.00 345.00 10.00 0.53
and 65.88 69.85 3.97 1.51 and 390.60 398.00 7.40 1.15
and 101.70 109.10 7.40 1.64 and 465.00 474.00 9.00 0.81
and 114.80 118.00 3.20 2.33
VVGD-424 0.00 45.00 45.00 0.95 VVGD-427 1.00 10.80 9.80 1.23
including 2.93 14.00 11.07 2.00 and 87.00 92.00 5.00 2.73
and 158.80 166.40 7.60 5.18 and 108.00 111.00 3.00 0.67
and 173.70 177.00 3.30 1.94 and 169.70 181.00 11.30 0.86
and 266.00 278.80 12.80 1.33 and 198.40 201.60 3.20 0.52
and 317.60 320.80 3.20 1.37 VVGD-429 74.00 81.00 7.00 6.33
VVGD-425 0.00 9.00 9.00 0.97 and 87.00 90.00 3.00 0.60
and 64.50 72.60 8.10 0.69 and 189.00 197.20 8.20 0.78
and 100.03 105.88 5.85 0.69 and 219.50 232.00 12.50 3.74
and 128.00 130.00 2.00 1.06 and 250.00 281.40 31.40 1.29
and 209.00 211.00 2.00 0.88 including 250.00 260.00 10.00 1.95
and 239.00 247.00 8.00 4.90 and 319.00 323.80 4.80 5.65
and 299.80 307.00 7.20 1.65 and 340.05 343.25 3.20 1.91
and 321.40 328.00 6.60 0.62 and 352.50 379.00 26.50 0.75
VVGD-426 8.00 18.00 10.00 0.58 and 495.00 504.00 9.00 0.58
and 80.00 84.00 4.00 4.79 VVGD-431 32.00 41.00 9.00 0.79
and 229.10 235.00 5.90 2.87 and 55.00 61.40 6.40 1.08
VVGD-428 8.00 12.00 4.00 2.02 and 110.00 115.00 5.00 0.71
and 63.00 66.00 3.00 0.97 and 227.00 236.00 9.00 9.05
and 99.00 102.70 3.70 1.03 VVGD-432 0.00 7.00 7.00 0.59
and 116.00 119.00 3.00 1.82 and 187.00 192.00 5.00 0.62
and 187.00 190.00 3.00 1.27 VVGD-433 146.00 154.00 8.00 1.04
and 224.00 228.00 4.00 1.50 and 157.15 162.54 5.39 1.23
and 276.20 288.00 11.80 2.57 and 219.00 228.50 9.50 0.67
and 411.00 420.00 9.00 1.73 and 252.13 258.58 6.45 1.48
VVGD-430 0.74 7.55 6.81 0.51 and 268.05 288.55 20.50 1.67
and 12.00 25.00 13.00 0.74 and 375.60 384.50 8.90 1.75
and 58.60 63.25 4.65 3.60 and 394.44 399.00 4.56 0.50
and 121.38 126.91 5.53 1.17 and 472.00 475.00 3.00 0.64
and 151.00 156.00 5.00 2.19 VVGD-454 NSR
and 209.60 213.50 3.90 14.74 VVGD-466 0.00 8.00 8.00 1.11
VVGD-435 0.00 7.00 7.00 0.60 and 38.45 45.85 7.40 0.69
and 176.75 183.00 6.25 0.59 and 93.80 97.00 3.20 1.26
VVGD-437 13.00 22.00 9.00 1.29 and 179.00 187.73 8.73 1.70
and 71.00 76.00 5.00 1.03 VVGD-487 52.80 59.00 6.20 0.93
and 85.80 89.00 3.20 2.22 and 62.50 66.00 3.50 0.79
and 110.00 114.00 4.00 0.58 and 69.80 74.00 4.20 0.92
VVGD-439 51.00 56.00 5.00 2.18 and 92.00 94.00 2.00 4.18
VVGD-441 14.00 20.45 6.45 2.53 and 98.50 103.90 5.40 8.41
and 25.35 44.00 18.65 1.01 VVGD-492 6.00 9.00 3.00 0.56
and 47.93 75.47 27.54 1.28 and 15.00 19.00 4.00 0.65
and 159.00 164.20 5.20 0.80 and 38.00 41.00 3.00 3.60
and 184.63 187.75 3.12 8.66 and 48.00 54.00 6.00 0.66
and 196.00 201.70 5.70 3.30 and 94.00 97.70 3.70 0.53
and 232.00 240.25 8.25 1.14 VVGD-497 0.00 7.00 7.00 0.79
and 254.35 263.00 8.65 3.17
and 286.64 288.90 2.26 3.42
Grota Seca Deposit Grota Seca Deposit
Hole # From (m) To (m) Width (m) Au g/t Hole # From (m) To (m) Width (m) Au g/t
VVGD-442 164.45 169.00 4.55 0.53 VVGD-467 0.00 2.05 2.05 1.00
and 185.00 201.70 16.70 0.87 and 46.05 54.50 8.45 0.70
and 204.99 209.00 4.01 0.71 and 120.40 126.00 5.60 0.74
VVGD-445 26.00 32.20 6.20 1.52 and 232.90 242.60 9.70 1.00
and 91.00 94.00 3.00 1.28 VVGD-473 232.05 236.00 3.95 0.57
and 114.00 117.00 3.00 1.26 and 243.00 246.50 3.50 1.34
and 284.00 287.60 3.60 1.15 and 282.00 288.10 6.10 0.62
and 311.00 324.00 13.00 0.70 VVGD-475 27.90 36.00 8.10 0.55
VVGD-446 193.87 205.76 11.89 0.97 and 49.00 68.20 19.20 1.06
VVGD-447 0.00 4.20 4.20 0.58 VVGD-484 0.00 13.00 13.00 0.73
and 9.05 16.00 6.95 0.66 and 21.00 25.00 4.00 0.63
VVGD-448 NSR and 47.00 55.20 8.20 1.65
VVGD-449 0.00 21.00 21.00 0.78 and 127.00 138.00 11.00 0.88
and 25.00 27.00 2.00 1.43 and 257.00 260.00 3.00 0.92
VVGD-450 0.00 7.61 7.61 2.67 VVGD-486 107.00 118.00 11.00 0.64
and 70.00 90.84 20.84 1.89 and 142.80 153.00 10.20 0.59
including 74.00 81.60 7.60 4.44 VVGD-490 72.50 78.00 5.50 0.95
VVGD-452 162.00 169.60 7.60 0.76 and 83.75 96.90 13.15 1.09
VVGD-453 56.78 63.70 6.92 1.12 VVGD-493 0.00 6.63 6.63 1.02
and 66.85 71.35 4.50 0.62 and 41.60 45.00 3.40 0.73
and 104.00 111.85 7.85 1.52 and 76.80 83.15 6.35 2.51
and 235.00 257.15 22.15 1.91 VVGD-496 28.00 33.60 5.60 1.16
and 279.00 288.00 9.00 1.02 and 59.00 63.20 4.20 0.97
and 300.00 308.00 8.00 1.44 and 75.62 83.00 7.38 0.64
and 333.70 339.00 5.30 1.88 and 91.00 95.00 4.00 0.99
VVGD-455 0.00 3.15 3.15 1.50 VVGD-500 0.00 5.00 5.00 1.03
and 99.75 103.37 3.62 1.31 and 75.60 85.40 9.80 1.89
and 132.22 138.00 5.78 1.09 and 162.85 172.20 9.35 1.11
and 173.58 178.00 4.42 0.61
VVGD-458 148.40 167.12 18.72 0.86
and 249.60 256.65 7.05 0.90
and 300.52 316.00 15.48 1.81 South Block Target
and 325.32 331.00 5.68 0.80 Hole # From (m ) To (m ) Width (m ) Au g/t
and 344.42 349.45 5.03 1.06 VVGD-357 80.00 83.90 3.90 2.12
VVGD-460 0.00 6.20 6.20 1.01 VVGD-365 NSR
and 27.20 33.15 5.95 3.79 VVGD-382 321.54 325.35 3.81 8.29
and 68.95 81.00 12.05 0.64 VVGD-396 NSR
and 93.81 97.27 3.46 0.55 VVGD-405 NSR
VVGD-461 193.00 199.19 6.19 0.71 VVGD-412 NSR
VVGD-462 32.30 38.00 5.70 1.07 VVGD-434 29.00 33.80 4.80 0.58
and 80.00 82.40 2.40 11.06 VVGD-443 123.50 137.50 14.00 1.87
and 134.20 145.00 10.80 15.42 and 201.00 206.15 5.15 12.97
and 227.60 231.20 3.60 0.87 VVGD-451 167.33 173.70 6.37 3.63
and 319.35 322.50 3.15 2.48 VVGD-459 260.77 266.00 5.23 3.00
and 340.40 346.00 5.60 0.52

Quality Assurance and Quality Control

The scientific and technical information in this press release has been reviewed and approved by David Gower, P. Geo., an advisor to Belo Sun and a Qualified Person as defined by National Instrument 43-101. The exploration program is directly supervised by Mr. Carlos Cravo, P. Geo., Belo Sun's exploration manager. Belo Sun's procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized, suspected mineralized or not intervals in the drill holes are described in detail and marked for sampling. Core is then cut in half with the right-hand portion of the core put into plastic sample bags and sealed. The left-hand portion is returned to the core box and is stored for future reference or study. Assay standard and "Blank" samples are inserted every 20th sample. These samples are then delivered to ACME Labs sample preparation facility at the Project site. The assay samples are then fine-crushed to better than 80% passing 10 mesh screens, with an assay pulp split of up to 1000 grams pulverized to better than 85% passing 200 mesh screen. Samples are assayed at ACME Labs in Santiago, Chile, using a 50 gram fire assay with AAS finish. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.

About the Company

Belo Sun Mining Corp. is a Canadian-based mineral exploration company with a portfolio of properties focused on gold in Brazil. Belo Sun's primary focus is on advancing and expanding its 100% owned Volta Grande Gold Project, located in Para State. Belo Sun trades on the TSX under the symbol "BSX". For more information about Belo Sun please visit www.belosun.com.

Cautionary Statement on Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of these drill results on the Company and its understanding of the project; statements with respect to the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; the timing of future resource estimates and the prefeasibility study; costs of future activities; capital and operating expenditures; success of exploration activities; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.belosun.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the figures associated with this release, please visit the following links:

Figure 1: http://file.marketwire.com/release/BSXFig1.bmp

Figure 2: http://file.marketwire.com/release/BSXFig2.bmp

Figure 3: http://file.marketwire.com/release/BSXFig3.bmp

Figure 4: http://file.marketwire.com/release/BSXFig4.bmp

Figure 5: http://file.marketwire.com/release/BSXFig5.bmp

Figure 6: http://file.marketwire.com/release/BSXFig6.bmp

Figure 7: http://file.marketwire.com/release/BSXFig7.bmp

Figure 8: http://file.marketwire.com/release/BSXFig8.bmp

Contact Information

  • Belo Sun Mining Corp.
    Mark Eaton
    President and CEO
    (416) 309-2137
    www.belosun.com