Belvedere Resources Ltd.

Belvedere Resources Ltd.

January 09, 2013 11:57 ET

Belvedere Commences Follow-Up Drilling on Their Antikanperä Gold Discovery in Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce that it has commenced a 2,000 metre diamond drill program on their 10 km(2) Antikanperä gold property to begin follow up on the Pöntio gold discovery.

The Pöntio prospect is a blind discovery made in 2012. It sub-crops under shallow peat cover and shows significant size potential, with a true thickness estimated to be approximately 60 metres. Five drillholes have so far defined mineralisation over a strike length of 250 metres. The deepest intersection to date is 50 metres vertically below surface. Mineralisation is associated with chalcopyrite and hosted by a steep east dipping dioritic dyke/sill in gneissic metasediments. Outcrop is minimal but grab and channel sampling of available outcrops has outlined a broad mineralised zone over a strike length of more than two kilometres. The outcrop samples indicate the existence of a number of parallel mineralised intrusions, some of which will be investigated in the current drill campaign. Results from the five Pöntio drillholes announced on September 19th 2012 are re-presented below.

David Pym CEO states "The Pöntio gold discovery is the most promising target intersected to date on the M2 geophysical trend on the Antikanperä gold property. Outcrop sampling and drilling have begun to outline what appears to be a significant new mineralised system only 35 km to the north of our Hitura nickel mine and mill facilities".

HOLE_ID From(m) To(m) Interval(m) Au g/t Cu ppm Gram Metres
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.

Hole_ID x y z azimuth dip length
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

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.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future drilling and interpreted continuity of the new mineralised zones) 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.

Qualified Person

The technical aspects of this statement have been prepared by Dr Toby Strauss (CGeol), Chief Operating Officer of Belvedere Resources Ltd, who is acting as a Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr Strauss has verified the data supporting this press release. Verification included checking the data to the original Laboratory certificates, examining photographs of the core, reviewing sampling procedures and reviewing the geological interpretation.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.

Contact Information

  • Belvedere Resources Ltd.
    David Pym

    Belvedere Resources Ltd.
    Toby Strauss

    Belvedere Resources Ltd.
    Suite #404, Vancouver World Trade Centre, 999 Canada Place
    Vancouver. BC. V6C 3E2, Canada