Monday, 14 January 2013

Belvedere Resources embarks on a 2,000 metre drilling program

Belvedere Resources (CVE:BEL) has the drill bit between its teeth, as it embarks upon a 2,000 metre drilling program on its Antikanperä gold property in Finland.

The program follows up on the Pöntio gold discovery which was made in 2012.

The Pöntio prospect is a blind discovery which shows significant size potential, with a true thickness estimated to be about 60 metres. 

Five drill holes have so far defined mineralisation over a strike length of 250 metres. 

The deepest intersection to date is 50 metres vertically below surface. 

David Pym, Belvedere Resources’ chief executive officer said: "The Pöntio gold discovery is the most promising target intersected to date on the M2 geophysical trend on the Antikanperä gold property. Outcrop sampling and drilling have begun to outline what appears to be a significant new mineralised system only 35 km to the north of our Hitura nickel mine and mill facilities".

Last week, broker Ocean Equities suggested little value is being ascribed to Belvedere’s gold projects, with investors focused on the miner’s flagship Hitura nickel mine.

"The Kopsa gold deposit contains 223,000 ounces of gold resources with Osikonmäki containing 312,000 oz (86% attributable to Belvedere), Hirsikangas containing 228,000 ounces and Kiimala containing 149,000 ounces (86% attributable to Belvedere),” says Ocean Equities analyst Christopher Welch.

Using a median West African peer group comparison of US$35 per ounce in the ground, says the analyst, the value of Belvedere’s gold resources would be US$29.67 million - or equivalent to $0.32 per share.

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