Belvedere Resources Ltd.

Published : October 11th, 2011

Belvedere Significantly Increases Gold Resources on Their Osikonmaki Prospect

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Keywords :   Canada | Cobalt |

October 11, 2011 13:00 ET

Belvedere Significantly Increases Gold Resources on Their Osikonmaki Prospect in Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - Belvedere Resources Ltd. (TSX VENTURE:BEL) ("Belvedere") is pleased to announce an updated resource for the Osikonmäki East prospect on their Rantasalmi Gold Property. Belvedere has recently Joint Ventured the Property to REBgold Corporation. Belvedere completed 6,100m of drilling earlier this year. The total Inferred Resource has been increased by 52% to 244,000 oz's of gold. In addition a further 68,000 oz's has been upgraded to the Indicated Resource category for a total resource of 312,000 oz's of gold. The prospect remains open in all directions.

The Qualified Person responsible for the Independent Technical Report has determined that the Osikonmäki East gold property has NI 43-101 compliant Resources, modeled and reported at a 0.5 g/t Au cut-off, and down to a maximum vertical depth of 220 metres as follows:

Category Tonnes Au g/t Troy Oz's
Indicated 1,296,000 1.70 68,000
Inferred 3,542,000 2.09 244,000

David Pym (CEO) comments "The current resource statement almost doubles the amount of gold ounces compared to the previous resource estimate after only 6,100m of drilling. With important new discoveries made in the last drill campaign, and the structures remaining open at depth and along strike, there is plenty of potential to extend and develop this prospect further. In addition further mineralisation at Osikonmäki West and Pirilä remain to be evaluated."

Osikonmäki Geology: The Osikonmäki project occurs in a three kilometre long shear complex, hosted by a Proterozoic aged (1.88 Ga) Tonalitic Intrusion. Most of the drilling to date has focused on the Eastern 800m of the shear which is called Osikonmäki East and where the current resource update is derived from. Here the mineralisation is primarily 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 200 to the ESE contain the better part of the mineralisation and extend for at least 600 m down plunge. These chutes have been grouped into three principle lode systems the S, T and U lode systems.

Mineral Resource Statement:

The mineral resource estimate for Osikonmäki East is effective from 6th October, 2011 and has been prepared by Golder Associates (UK) Ltd under the supervision of Alexandra Akyurek (CSci, MSc MIMMM), acting as an independent "Qualified Person" as defined by National Instrument 43-101. Mrs Akyurek is a member of the Institute of Materials, Minerals and Mining (Member #447670). Mineral resources of the Osikonmäki East gold deposit have been prepared and categorised for reporting purposes by Golders, according to the Canadian Institute of Mining (CIM) Standards on Mineral Resource and Reserves Definitions and Guidelines, referred to in the National Instrument (NI) 43-101, Standard Disclosure for Mineral Projects (Standards) for submission to the TSX.

The Osikonmäki database includes 199 Diamond drillholes totalling 24,271 metres drilled. These include 79 drillholes for a total of 7,809 m of core drilled by Belvedere and 120 drillholes for 16,462m of core drilled by the GTK (Geological Survey of Finland) between 1986 and 1991. The database includes 1,135 Au assays from within the modelled wireframes. Drill core sample lengths vary between 0.01 and 4.06 metres but were generally 1.0 metres (average 0.85 metres). All assays were composited to a "best fit" 1m for use in the interpolation. No topcutting was employed.

The mineralisation was divided into three domains: Main Lode, Offset Lode and Top Lode. Wireframe models were delineated using a gold cut-off grade of 0.5 g/t Au. The mineral resource was calculated using block modelling to a maximum vertical depth of 220 metres, made up of 10m x 10m x 10m blocks (x:y:z) constrained by the modelled wireframe. Sub-blocks of 5m x 5m x variable (z) were created to better outline the mineralised lodes.

To account for undulations in the topography of the Lodes, Golders employed an "unfold" strategy using Datamine's UNFOLD technology. Composite samples are "unfolded" and all subsequent data manipulation, including variography and estimation is performed in the transformed coordinate system.

Block grades were interpolated using a three pass, ordinary kriging estimate for the three lodes. For the Main Lode the minimum number of samples was 12, and the maximum 32, with a maximum of 5 samples permitted from one hole. For the Offset and Top Lodes the minimum number of samples was 7 and the maximum 32, with a maximum of 5 samples permitted from one hole (maximum of 4 for the third pass). The dimensions of the search ellipses were as follows:

Interpolation pass X Y Z
First pass 40m 50m 10m
Second pass 80m 100m 20m
Third pass 200m 250m 50m

Bulk density of the mineralisation was based on actual specific gravity data collected during exploration. A total of 227 recent density determinations from within the mineralised rock as defined by the wireframe model, were used in establishing an average bulk density of 2.69 tonnes/m3. Specific gravity of the blocks was estimated using inverse distance for the Main, Offset and Top Lodes.

Indicated mineral resources are defined as those portions of the deposit estimated in the first estimation pass, using only Belvedere samples, and using more than 15 samples. Inferred mineral resources are defined as those portions of the deposit outside of the indicated resources and contained within the mineralised wireframes. Indicated resources are separate from Inferred resources.

The Technical Report supporting this press release will be filed and available on www.sedar.com within the required 45 day period. A statement of "Consent of Qualified Person" relating to this press release has been filed on Sedar.

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 conversion of resources to reserves, exploration results, and future plans and objectives of the Company 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.

This news release was reviewed by Alexandra Akyurek (CSci, MSc MIMMM), who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

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
CEO
+1-604-844-2838

Belvedere Resources Ltd.
Toby Strauss
COO
+1-604-844-2838

Belvedere Resources Ltd.
Suite #404, Vancouver World Trade Centre
999 Canada Place, Vancouver. BC.
www.belvedere-resources.com

 



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Belvedere Resources Ltd.

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CODE : BEL.V
ISIN : CA0809031077
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Belvedere Res. is a nickel and copper exploration company based in Canada.

Belvedere Res. develops nickel, copper and cobalt in Finland, and holds various exploration projects in Finland.

Its main assets in development are HAUTALAMPI and HITURA in Finland and its main exploration properties are LUIKONLAHTI MILL, HIRSIKANGAS, HAARAKUMPU, KIIMALA, VALKEISENRANTA, SAHAKOSKI, OSIKONMÄKI, SARKINIEMI, RANTASALMI and MÄNTYMÄKI in Finland.

Belvedere Res. is listed in Canada. Its market capitalisation is CA$ 60.6 millions as of today (US$ 46.7 millions, € 39.7 millions).

Its stock quote reached its highest recent level on June 13, 1997 at CA$ 9.99, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Belvedere Res. has 73 904 013 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
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Financings of Belvedere Resources Ltd.
12/24/2013=3A Proposed Private Placement and Share Consolidation
2/15/2011Belvedere Issues 19,094,286 Shares Under Convertible Loan
2/1/2011Belvedere Completes 3,000,000 Private Placement
1/12/2011Private Placement to raise up to CAD $2.5 million
Financials of Belvedere Resources Ltd.
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Project news of Belvedere Resources Ltd.
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7/20/2013(Hitura)Provides Status Update on Hitura Nickel Mine and Kopsa Gold ...
5/23/2013(Hitura)to Suspend Nickel Mining Operations at Hitura Nickel Mine
1/28/2013(Hitura): Hitura Mine Operational Update
1/9/2013Belvedere Commences Follow-Up Drilling on Their Antikanper
4/24/2012High Grade Gold Discovery at Osikonmaki Prospect Confirmed a...
2/29/2012Osikonmaki Yields Intersection of 9.6 Metres Averaging 10.0 ...
1/18/2012Reports Further High Grade Gold Drill Results at Kopsa
12/5/2011Ltd: Gold Results From Drilling at Kopsa
10/11/2011Belvedere Significantly Increases Gold Resources on Their Os...
6/30/2011(Rantasalmi)Drilling Continues to Grow Belvedere's Osikonmaki Gold Prosp...
5/18/2011Osikonm=E4ki Prospect delivers further high-grade gold inter...
3/30/2011(Osikonmäki)drills high-grade gold at their Osikonm=E4ki Prospect in Fin...
3/24/2011(Rantasalmi)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
3/24/2011(Kiimala)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
2/23/2011(Hitura)Commences Open-Pit Expansion Studies at the Hitura Nickel Mi...
2/1/2011(Osikonmäki)commences drilling on their Rantasalmi Gold Property
7/29/2010(Hitura)Restarts production ahead of schedule
6/17/2010(Hitura)On track for the restart
6/2/2010(Kiimala)Indicated Resource Estimate for the K1(Ängesneva) occurrence
5/7/2010Intersects 92 metres averaging 3.2 g/t gold at Kopsa
4/8/2010(Hitura)Plans to Restart the Mine and the Signing of an Offtake Agre...
3/23/2010(Hitura)Evaluates Potential For The Restart & Commences Drilling on ...
2/15/2010(Hitura)Belvedere Re-Acquires Hitura Nickel Mine from Administrators
12/2/2009(Hirsikangas)Maiden Resource Estimate For Hirsikangas
10/7/2009(Kiimala)commences drilling on their Kiimala Gold Property
Corporate news of Belvedere Resources Ltd.
12/23/2015Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedin...
3/4/2015Belvedere-Corporate Update
1/27/2015Belvedere Closes Private Placement
12/26/2014Belvedere Resources Ltd.: Correction to December 24, 2014 Ne...
12/24/2014Belvedere Resources Limited: First Tranche of Private Placem...
11/28/2014Belvedere Reports Third Quarter 2014 Financial and Operating...
11/27/2014Belvedere Resources Ltd.: Private Placement
11/20/2014Belvedere Resources Ltd.: Private Placement
10/15/2014Belvedere Resources Ltd: Private Placement and Loan
8/29/2014Belvedere Reports Second Quarter 2014 Financial and Operatin...
7/29/2014Belvedere Closes Non-Brokered Private Placement (Revised)
7/4/2014Belvedere Resources Limited: Proposed Private Placement
5/30/2014Belvedere Reports First Quarter 2014 Financial and Operating...
5/14/2014Belvedere Starts Further Tests on Open-Pit Nickel Ore for Pr...
5/1/2014Belvedere Reports Annual and Fourth Quarter Financial and Op...
4/30/2014CORRECTION FROM SOURCE: Belvedere Closes Non-Brokered Privat...
4/30/2014Belvedere Closes Non-Brokered Private Placement
4/16/2014Belvedere Resources Ltd.: Proposed Non-Brokered Private Plac...
11/29/2013Financial and Operating Results Q3 2013
10/2/2013News Release
10/2/2013Announces Positive PEA on Their Kopsa Gold Copper Project
8/24/2013Announces Agreement With Jinchuan to Defer Preference Shares...
5/1/2013Reports Financial and Operating Results for 2012
3/19/2013Belvedere Confirms Gold Mineralisation Along 2.5 KM Strike a...
3/19/2013Confirms Gold Mineralisation Along 2.5 KM Strike at Antikanp...
2/8/2013: Disclosure Clarification
1/18/2013Booth 1043 Vancouver Resource Investment Conference
1/9/2013Commences Follow-Up Drilling on Their Antikanperä Gold Disco...
10/29/2012Belvedere Announces Mineral Resource Estimate for Kopsa Gold...
10/29/2012Announces Mineral Resource Estimate for Kopsa Gold-Copper Pr...
10/17/2012Belvedere Resources: Osikonm=C3=A4ki East Hanging Wall gold ...
10/17/2012Osikonmaki East Hanging Wall Gold Zone Extended to 200m Down...
9/19/2012: Significant New Gold Discovery on Antikanperä Property
8/30/2012Reports Financial and Operating Results for Second Quarter o...
8/13/2012Belvedere Resources Ltd. Recent Drilling Confirms Potential ...
6/15/2012Belvedere Welcomes New Director
5/31/2012Reports Financial and Operating Results for First Quarter of...
4/30/2012Financial and Operating Results for 2011
4/19/2012Belvedere converts Open Pit Resources to Reserves at Hitura ...
3/1/2012Belvedere Substantially Increases Resources at Hitura Nickel...
1/9/2012(Hitura)Renews Offtake Agreement for Hitura Mine Concentrate
11/29/2011Reports Financial and Operating Results for Q3 2011
8/29/2011Reports Financial and Operating Results for Q2 2011
8/16/2011Engages Investor Relations Firm
7/21/2011REBgold and Belvedere move forward with Finnish JV
7/6/2011Reports Financial and Operating Results for Q1 2011
6/16/2011Kopsa Project Generates +90% Gold and Copper Recoveries Into...
5/3/2011Reports Financial and Operating Results for 2010
4/20/2011Announces Amendment to Agreement With Jinchuan
3/25/2011REBgold Signs LOI with Belvedere on the Kiimala and Rantasal...
8/19/2010Closes Convertible Loan Facility
11/17/2009Announces Material Change
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