Belo Sun Mining Corp.
TSX VENTURE : BSX

Belo Sun Mining Corp.

October 07, 2010 07:30 ET

Belo Sun Mining Intersects 31.90 Meters Grading 3.05 g/t Gold Including 14.05 Meters Grading 5.13 g/t Gold at Volta Grande Project, Brazil

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - Belo Sun Mining Corp. (TSX VENTURE:BSX) (the "Company" or "Belo Sun") is pleased to announce the results of 12 additional drill holes from the current diamond drilling program at the Volta Grande Gold Project located in Para State, Brazil. 

Results from five holes announced herein are from the Grota Seca deposit, confirming the presence of and extending the near surface mineralization. Hole VVGD-018 intersected 31.90 meters grading 3.05 g/t gold from 43.00 meters depth, which includes 14.05 meters grading 5.13 g/t gold. A summary of the intercepts is presented in the table below.

Results from additional drilling at the Ouro Verde deposit include Hole VVGD-010 which intersected 9.00 meters grading 4.16 g/t gold from 153 meters depth and Hole VVGD-017 which intersected 7.75 meters grading 2.18 g/t gold from 220.05 meters.

Results have now been received from the initial five holes drilled at the Gameleira target, which is a large geochemical anomaly approximately 1.5 kilometers northwest from the Ouro Verde deposit. Hole VVGD-016 intersected 11.5 meters grading 1.97 g/t gold from 114.00 meters depth. This intercept represents a newly discovered mineralized zone that will be subject to further drilling. See location map (Figure 1) and cross sections below for reference.

Belo Sun has completed approximately 8,000 meters (29 holes) of the currently planned 15,000 meter program; 15 such holes are from the Ouro Verde Deposit, five from the Gameleira Target, and nine from the Grota Seca Deposit. The Company's current drill program focuses on upgrading the existing estimated mineral resources and increasing the estimated mineral resources by delineating extensions of the mineralized zones along strike and down dip. 

In addition to the drilling, Belo Sun is sampling a 50 line-km soil grid on the "South Block" target. This target extends approximately 7 kilometers along strike within a sheared diorite intrusion and is located 5 kilometers southeast of the Grota Seca deposit in an area with numerous garimpos (artisanal gold mine workings). An induced-polarization (IP) survey is scheduled to start in mid-October over this area, as Belo Sun geologists have observed a correlation between gold mineralization and sulfide minerals (primarily pyrite and minor chalcopyrite) in this particular area.

The Volta Grande Gold Project has an estimated indicated mineral resource of 892,000 ounces of gold (20.6 million tonnes grading 1.34 g/t gold) and an estimated inferred mineral resource of 1.4 million ounces of gold (41.9 million tonnes grading 1.05 g/t gold) based on 0.50 g/t gold cut off, as outlined by the National Instrument 43-101 study undertaken by Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA") of Toronto (see news release of September 21, 2010). The previous preliminary economic assessment carried out by Scott Wilson RPA was based on the mineral resources estimated with drilling to only 150 meters below surface on the North Block.

Helio Diniz, the Vice President, Exploration for Belo Sun, stated "We continue to be very excited about the progress of the Volta Grande Project. We are particularly encouraged that a number of the intercepts are showing higher grades than much of the previous drilling. Moreover, extensions of the known deposits are being confirmed during the current drilling program.

Grota Seca target
Hole # From (m) To (m) Width (m) Au g/t
VVGD-012 49.00 54.00 5.00 1.60
and 73.24 76.24 3.00 1.56
and 99.50 109.00 9.50 0.86
including 103.00 106.00 3.00 2.00
VVGD-013 22.93 24.84 1.91 1.05
and 98.00 123.77 25.77 1.00
including 98.86 109.06 10.20 1.84
and 167.65 187.00 19.35 1.21
including 167.65 171.49 3.84 2.64
VVGD-015 0.00 7.80 7.80 1.35
and 32.50 38.50 6.00 0.79
and 46.30 58.00 11.70 1.00
including 46.30 51.90 5.60 1.39
including 56.00 58.00 2.00 1.63
and 75.40 82.50 7.10 2.02
and 99.30 104.25 4.95 0.56
and 148.30 163.30 15.00 2.75
including 148.30 154.20 5.90 5.38
and 168.00 174.00 6.00 0.68
and 198.50 206.00 7.50 0.53
and 220.00 223.00 3.00 1.12
and 251.00 255.50 4.50 1.54
VVGD-018 43.00 74.90 31.90 3.05
including 45.40 59.45 14.05 5.13
and 82.00 91.00 9.00 1.03
and 104.70 109.00 4.30 1.80
and 124.05 132.65 8.60 0.68
and 144.00 152.40 8.40 0.95
and 161.75 166.12 4.37 1.43
and 177.55 186.25 8.70 0.54
and 191.80 203.00 11.20 1.41
including 202.00 203.00 1.00 13.80
and 213.30 218.65 5.35 1.25
and 276.10 284.80 8.70 1.60
including 276.10 277.43 1.33 9.59
VVGD-019 149.45 156.44 6.99 0.61
and 174.95 203.04 28.09 1.32
including 198.20 203.04 4.84 3.27
and 212.55 221.20 8.65 0.74
and 227.33 231.25 3.92 0.56
         
         
Ouro Verde target
Hole # From (m) To (m) Width (m) Au g/t
VVGD-010 49.29 52.54 3.25 1.40
and 66.70 69.82 3.12 1.17
and 153.00 162.00 9.00 4.16
including 158.17 162.00 3.83 7.19
and 202.93 205.2 2.27 2.11
VVGD-017 19.60 22.60 3.00 0.53
and 56.50 69.00 12.50 0.62
and 62.50 69.00 6.50 0.56
and 125.20 131.20 6.00 0.56
and 143.50 149.00 5.50 1.32
and 175.80 178.70 2.90 1.86
including 175.80 177.00 1.20 4.23
and 190.20 196.50 6.30 1.60
and 220.05 227.80 7.75 2.18
including 224.50 227.80 3.30 4.49
VVGD-021 0.00 6.20 6.20 1.23
and 19.05 31.40 12.35 0.51
and 50.00 53.32 3.32 0.65
and 82.88 100.30 17.42 0.85
and 135.25 141.25 6.00 1.34
and 174.39 184.00 9.61 0.60
         
         
Gameleira target
Hole # From (m) To (m) Width (m) Au g/t
VVGD-014 160.55 160.95 0.40 7.02
and 175.15 176.02 0.87 3.21
VVGD-016 114.00 125.50 11.50 1.97
including 118.00 125.50 7.50 2.84
VVGD-020 46.00 46.45 0.45 1.59
VVGD-023 38.30 45.70 7.40 0.69
including 44.70 45.70 1.00 4.11
 
The widths reported above represent the core width of the intercepts; true widths are expected to range between 85-95% of the core width.

Qualified 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, Belo Sun's exploration manager. Belo Sun's procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized and suspected mineralized 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 in Itaituba, Para, Brazil. The assay samples are then fine-crushed to better than 85% passing 10 mesh screen, with an assay pulp split of up to 500 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. (formerly Verena Minerals) 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 Project, located in Para State. Belo Sun trades on the TSX Venture Exchange under the symbol "BSX" and has approximately 138 million common shares issued and outstanding.

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; 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 first set of figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/bsx1007f1.pdf.

To view the second set of figures associated with this release, please visit the following link: http://file.marketwire.com/release/bsx1007f2.pdf.

To view the third set of figures associated with this release, please visit the following link: http://file.marketwire.com/release/bsx1007f3.pdf.

To view the fourth set of figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/bsx1007f4b.pdf.

To view the fifth set of figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/bsx1007f5.pdf.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Belo Sun Mining Corp.
    Mark Eaton
    President and CEO
    (416) 861-5934
    www.belosun.com