Belvedere Resources Ltd.
TSX VENTURE : BEL

Belvedere Resources Ltd.

March 29, 2011 19:05 ET

Belvedere Drills High-Grade Gold at Their Osikonmaki Prospect in Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce results from the first seven holes of a 5,000 metre programme of resource delineation drilling at its 100% owned Rantasalmi gold property. Drilling is currently underway at one of the prospects on the East end of the three kilometre long Osikonmäki Shear Zone. 

Highlights

  • S Lode System extended to surface with BELOSI026 intersecting 6 m @ 11.1 g/t Au
  • S Lode System extended down plunge with BELOSI032 intersecting 13.49m @ 5.72 g/t Au
  • Several new hanging wall shears intersected in BELOSI025 e.g. 0.53m @ 8.1 g/t Au, 4.42m @ 2.74 g/t Au

David Pym (CEO) comments "We are pleased to see such good results so early in the programme. Results to date have provided excellent support for the model of a series of high grade chutes within the lower grade envelope of the main shear. The chutes appear to be continuous down-plunge over hundreds of metres. The hanging wall shear zones encountered in BELOSI 25 are an exciting new development and more drilling is required to test their orientation and extents."

Hole_ID   From (m )   To (m )   Interval (m )   Au (g/t )   GT
BELOSI025   5.17     5.70     0.53     8.10     4.3
BELOSI025   14.61     15.59     0.98     2.77     2.7
BELOSI025   40.39     44.81     4.42     2.74     12.1
BELOSI025   92.84     98.07     5.23     1.79     9.3
BELOSI025   126.63     129.55     2.92     1.99     5.8
BELOSI026   14.70     20.70     6.00     11.10     66.6
BELOSI027   33.03     41.53     8.50     2.15     18.3
BELOSI028   114.19     115.02     0.83     1.83     1.5
BELOSI029   41.60     46.24     4.64     0.96     4.5
BELOSI030   55.18     57.15     1.97     1.05     2.1
BELOSI030   68.58     76.73     8.15     1.27     10.4
BELOSI031   24.15     32.20     8.05     0.94     7.6
BELOSI032   94.08     107.57     13.49     5.72     77.2

Table 1: Significant intersections using a 0.7 g/t Au cut-off. No top cut is applied. Maximum grade is 29.3 g/t Au over 0.78m, one of four individual samples over 15 g/t Au (0.5 oz/t). Intersections are estimated to be 90% of true width.

This drill programme is focussed on infilling previous drilling to 40 metre centres between the bedrock surface and 100 metres vertical. The Osikonmäki gold mineralization is associated with a 45 ° south dipping shear zone between 4 and 30 m thick. A series of higher grade chutes pitch at shallow angles across the plane of the main shear, plunging 20° to the ESE. The drill intersections in BELOSI 26, 27 and 32 were targeted to infill and extend one of these chutes called the S Lode and have demonstrated it's continuity from surface to more than 350m down plunge. Holes BELOSI 25, 28, 29, 30 and 31 tested the margins and interpreted gaps between the high grade chutes, to help constrain their dimensions. BELOSI025 successfully targeted the main shear at 93m downhole on the southern margin of one of the lode systems. Importantly it intersected three new hanging wall shears and one footwall shear which require follow up with further 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 90% of true width. No top cuts are applied with the highest individual assay being 29.3 g/t gold over 0.78 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.

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 2500t 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 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 drill results) 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

This news release was reviewed by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

BELVEDERE RESOURCES LTD.

David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada

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

Contact Information

  • Belvedere Resources Ltd.
    David Pym
    CEO
    +1-604-844-2838
    or
    Belvedere Resources Ltd.
    Toby Strauss
    COO
    +1-604-844-2838
    www.belvedere-resources.com