Belvedere Resources' (CVE:BEL) Kopsa gold property contains 223,000 indicated ounces of gold, according to a maiden estimate.
Using a cut-off of 0.4 g/t, the firm's maiden estimate for the property in Finland shows an indicated resource of 223,000 ounces from 6.7 million tonnes at 1.04 g/t gold and 0.15 per cent copper.
The inferred ounces are 43,000 from 1.8 million tonnes at 0.76 g/t of the yellow metal and 0.18 per cent of copper.
Kopsa is the first of a number of satellite gold projects that Belvedere is developing aiming to process material through its Hitura mill - 13 km away.
The mineralisation remains open along strike and to depth but this resource estimate is based solely on the main zone area.
Mineralisation has been found in other areas including the north and south zones, indicating significant potential for more mineralisation outside the main zone, which is not included in this estimate.
Chief executive David Pym told investors today: "Belvedere is in the fortunate position of having a number of outcropping gold projects within trucking distance of their existing 750,000 tpa mill facilities at the Hitura nickel mine.
"This gives the company the potential ability to commence gold production onsite at Hitura for very modest capital requirements.
"Kopsa lies only 13 km from the mill and though it is of modest grade and size, with 70% of the indicated resource within 50m of surface, is well suited for the commencement of gold production for the company."
Economic studies will be based on the current indicated resource and the company is targeting 30-50,000 ounces per annum production over a mine life of 5-7 years, during which time the company will continue to advance other projects in the area, with the objective of expanding and extending gold production at the Hitura mill.
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