TORONTO, ONTARIO — (Marketwired) — 10/03/13 — Belo Sun Mining Corp. (TSX: BSX) (the „Company“ or „Belo Sun“) has completed an updated, independently audited mineral resource statement for its 100%-owned Volta Grande gold project in Para State, Brazil. This updated mineral resource statement is based on results from 94 additional drill holes (22,595 meters of drilling) which represents results of all the holes completed at the Volta Grande Project to date.
The results were independently audited by SRK Consulting (Canada) („SRK“) and represent an important increase in the measured and indicated categories of Belo Sun-s estimated mineral resources. This mineral resource statement will support the definitive feasibility study for the development of the Volta Grande Project as follows (see Table below for mineral resource estimate details):
In response to the findings of the pre-feasibility study, two higher grade domains were modelled on the basis of geological interpretation and grade continuity. The modelled high grade zones can be traced for 540 metres along strike from the surface to a depth of 300 metres. This approach restricts the spatial influence of the higher grade gold mineralization, delivering a slightly more conservative resource model and mitigating the risks associated with the local impact of high grade intervals. The two high grade zones contain approximately 424,000 ounces of gold at a grade of 3.09 g/t gold in the Measured and Indicated categories and 1,400 ounces of gold at a grade of 2.52 g/t gold in the Inferred category.
Mark Eaton, President and CEO of the Company, commented, „This mineral resource update represents an increase in the measured and indicated category of one million ounces of gold, when compared with the December 2012 mineral resource update which was used as the basis of the May 2013 pre feasibility study. Belo Sun team is currently using the current mineral resource estimate in the modeling and mine sequencing for the ongoing definitive feasibility study.“
The mineral resource estimate was reported in compliance with National Instrument 43-101 guidelines; the corresponding Technical Report will be filed under the Company-s profile on SEDAR in due course. This is an update incorporating drilling completed since the previously reported mineral resource estimate that was issued in April, 2013. This mineral resource statement was calculated using the same modeling parameters as were used to complete the April 2013 update. Please note key parameters below. The mineral resource estimate was completed by the Belo Sun team under supervision of David Gower, P.Geo, and Carlos Costa, P.Geo. each of whom is a Qualified Person as defined by National Instrument 43-101. The mineral resource estimate was audited by Dr. Oy Leuangthong, P.Eng, and Dr. Lars Weiershauser, P.Geo of SRK, both of whom are Qualified Persons as defined by National Instrument 43-101 and are each independent of Belo Sun.
Some of the more relevant parameters utilized in the current mineral resource estimate are listed below:
The Audited Mineral Resource Statement(1) for Volta Grande is presented below:
Certain mineral resource estimation parameters:
Comparison Between December 2012, April 2013 and October 2013 Mineral Resource Estimates:
Quality Assurance and Quality Control
The scientific and technical information in this press release has been reviewed and approved by Dr. Oy Leuangthong, P.Eng (PEO#90563867) of SRK, Carlos Cravo, P.Geo, Project Manager for Belo Sun and David Gower, P.Geo., an advisor to Belo Sun, who are Qualified Persons as defined by National Instrument 43-101. Dr. Leuangthong is independent from Belo Sun. The exploration program is directly supervised by Mr. Carlos Cravo, P.Geo., Belo Sun-s Project Manager. Belo Sun-s procedures for handling drill core comprise initial description and logging into a Microsoft Access database. Mineralized, suspected mineralized or unmineralized 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 at the Project site. The assay samples are then fine-crushed to better than 80% passing 10 mesh screens, with an assay pulp split of up to 1,000 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 procedure with atomic absorption spectrometry finish. Belo Sun implements analytical quality control measures that include the use of control samples (blanks reference material, duplicates). Those procedures were audited by SRK and found to be consistent with generally recognized international industry best practices for pre-development exploration projects.
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, mineral resource estimates regarding the impact of drill results and mineral resources estimate on the Company, the projected economics of the project, and the Company-s 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 and on the Company-s website at . 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.
Contacts: Belo Sun Mining Corp. Mark Eaton President and CEO (416) 309-2137
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