Belo Sun Mobilizes a Sixth Drill Rig
and Initiates Drilling on the South Block of the Volta Grande Gold Project
Brazil
-- Belo
Sun Mining Corp. (TSX VENTURE: BSX) (the "Company" or
"Belo Sun") is pleased to announce that it has initiated drilling on
the South Block of its 100%-owned Volta Grande Gold Project in Brazil.
The focus of the program on the South Block will be to apply modern exploration
techniques to discover the source rocks responsible for the major alluvial gold
deposits of the Itata River and its tributaries.
Gold mineralization in the
South Block area has been identified since the 1970s when the area had about
30,000 garimpeiros (artisanal miners) mining the
alluvial deposits of the Itata River. It was the
second largest garimpo in the country after Serra Pelada in the Carajas area to the
south. As an extension of the alluvial gold mining, the garimpeiros
developed a number of operations for primary gold mineralization hosted in the
intrusive rocks.
The South Block comprises
intrusive rocks of granodioritic-dioritic composition
displaying intense hydrothermal alteration (silicification,
potassic and sulfide alteration) emplaced along the
contact zone between the "Tres Palmeiras" greenstone belt sequence and the Archean basement rocks. It is located approximately four
kilometers southeast from the North Block, which hosts the Ouro
Verde and Grota Seca
deposits. These deposits contain the resources that have been published to
date. A seven kilometer long trend with numerous garimpos
in bedrock has been mapped and a 57 line-kilometer soil geochemistry grid was
sampled.
Belo Sun recently received
the results from the soil geochemistry program comprising 2,107 samples
analyzed by ICP multi-element analysis and gold by fire assay. The soil
anomalies were followed up with a 25 line-kilometer IP geophysical survey.
Several strong IP anomalies have been identified, coincident with the soil
anomalies, and these will be the priority targets to be tested by the recently
initiated 5,000 meters drilling program. Limited historic drilling has been
carried out in the area and these results indicate that the gold mineralization
is hosted in sulfide-bearing altered diorite and granodiorite
rocks. The gold mineralization appears to be associated with higher sulfide
content than observed with the mineralization found in the North Block and as
such is expected to respond well to IP geophysical techniques. Significant gold
mineralization intercepts from the historic drilling include 28 meters grading
1.47 g/t Au (Hole VVD_156) in the Pequi Garimpo area.
Belo Sun currently has six
drill rigs operating on the Volta Grande property with the goal of upgrading
and expanding the existing resource. One drill rig has already moved to the
South Block to begin the planned drill program on that area.
Please see attached local
geological maps with Gold and IP anomalies (Figure 1 below).
Mark Eaton,
President and CEO of Belo Sun said: "This is a very significant step in
the exploration of our 19,000 ha land position where we have only scratched the
surface. We have enjoyed great success on the North Block where the estimated
Measured and Indicated mineral resource 22.7 million tonnes
with an average grade of 1.45 g/t Au (approximately 1 million oz Au) and 49.6
million tons with an average grade of 1.26 g/t Au in the Inferred resources
category (approximately 2 million oz Au), already make Volta Grande the largest
undeveloped gold project in Brazil."
(Refer to NI 43-101 Technical Reports filed on SEDAR under the Company's
profile for details relating to the resource estimates).
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, Belo
Sun's exploration manager. The samples were taken on the soil B horizon with a
total volume of approximately 2.5 kg which were then sent to the lab for drying
and sieving to 80 mesh screens. Quality control samples, including standards
and blanks were inserted by the lab. Approximately 100 grams of the fraction
below 80 mesh was then sent for assays being a fraction used for the ICP - ES
standard package of 36 elements offered by ACME LAB (please refer to the list
below which includes their respective detection limits) and a 50 gram fraction
utilized for gold determination by fire assay.
Au Ag Al As Ba Be Bi Ca Cd Co Cr Cu Fe K La Mg Mn Mo
----------------------------------------------------------------------------
P- P- P- P- P-
PPM PPM % PM PM PM PM % PM PPM PPM PPM % % PPM % PPM PPM
----------------------------------------------------------------------------
0.005 0.5 0.01 5 1 1 5 0.01 0.4 2 2 2 0.01 0.01 2 0.01 5 2
----------------------------------------------------------------------------
Na Nb Ni P Pb S Sb Sc Sn Sr Th Ti U V W Y Zn Zr
----------------------------------------------------------------------------
% PPM PPM % PPM % PPM PPM PPM PPM PPM % PPM PPM PPM PPM PPM PPM
----------------------------------------------------------------------------
0.01 2 2 0.002 5 0.1 5 1 2 2 2 0.01 20 2 4 2 2 2
----------------------------------------------------------------------------
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
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 this drill program 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 figure
associated with this press release, please visit the following link: http://media3.marketwire.com/docs/bsx_02_15_2011fig.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.
Contacts:
Belo Sun Mining Corp.
Mark Eaton
President and CEO
(416) 309-2137
www.belosun.com
Source: Belo
Sun Mining