Belvedere Resources Limited

COMPANY DATA |  INTRODUCTION |  PROJECTS IN HAND |  MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Belvedere Resources Limited is a Canadian mineral exploration company holding gold and base metal properties in Finland. It was formed in 1997 with the express purpose of developing mineral properties in Europe. Belvedere maintains a corporate office in Vancouver, Canada and administrative and field offices in Finland. Belvedere aims to become a significant gold and base metal producer in Finland.

PROJECTS IN HAND

Belvedere presently hold base and precious metal properties at a development stage ranging from advanced exploration to mineral deposits with historical resource status equivalent to an inferred resource. The reason why Belvedere Resources Limited chose Finland because of a favourable geology, political stability, its lack of modern exploration history, pro-mining outlook and well developed infrastructure.

Belvedere's properties are in two main regions, the Palaeoproterozoic failed intra-continental rift sequence known as the Kuusamo schist belt and the Palaeoproterozoic accreted arc type rocks of the Raahe-Ladoga suture zone.

Raahe-Ladoga Zone Properties

There are three principle styles of mineral deposit present in the district, strata bound volcanogenic massive sulfide (VMS) zinc-copper ± lead-silver-gold, magmatic nickel-copper and mesothermal orogenic gold ± copper-silver deposits. Belvedere is currently exploring for VMS - style base and precious metal mineralization on its Arkala and Susineva properties and mesothermal quartz vein type gold mineralization on its Kopsankangas and Antinoja properties.

Kuusamo Properties

Belvedere's 35 sq.km reservation areas, covers 8 of the 20 known occurrences of gold, copper, uranium, cobalt deposits, within the Kuusamo schist belt. Two of these, Ollinsuo and Kouvervaara have been drilled on 50 metre sections to a shallow (maximum 100 m below surface) level. Best intersections are 14 m @ 3.3 g/t Au at Ollinsuo and 25m @ 4.5 g/t Au at Kouvervaara.

Gold Properties

(1) Kopsankangas Property

Belvedere's Kopsankangas claim, covers the Kopsa intrusive hosted and Sorola sediment hosted Au, Cu, Ag occurrences. The 32 sq.km reservation area covers the Vehka intrusive hosted Au, Cu, Ag occurrence and large areas of anomalous gold geochemistry associated with the Kopsa structural trend. Belvedere aims to improve the grade and increase the tonnage of the existing resource at Kopsa through further drilling, and to develop the satellite mineralizations.

(2) Antinoja Property

The Antinoja occurrence is one of several deposits, hosted in metavolcanics spatially related to the margins of the Rautio Batholith. Twenty-nine shallow diamond drill holes totalling 2051 m have been drilled. Best intersection 8.2 m @ 3 g/t Au, at least 30 1-8 m intersection > 1 g/t Au. Boulders in the area assay up to 129 g/t Au. The reservation area totals 38.5 sq.km and includes a large area of till anomalies unrelated to the main Antinoja mineralization. (this information is gathered from past reports and has not been independently verified)

(3) Kuusamo Property

Kuusamo property contains the advanced stage Ollinsuo and Kouvervaara Palaeoproterozoic Au, Cu, Co, U and six other less developed FeOsCuAu type occurrences.

(i) Ollinsuo Property

Discovered by the Geological Survey of Finland in 1984. Over 150 m long, 5-40 m wide, dipping 70o to the SW, to at least 100 m depth. Gold is fine and free, associated with cracks and grain boundaries of the silicate minerals. It is associated with chlorite, magnetite amphibole alteration. Eleven shallow diamond drill holes on 25-50 m sections totalling 1906 m, to a maximum depth of 150 m below surface. Best intersection is 14 m @ 3.3 g/t Au. (this information is gathered from past reports and has not been independently verified)

(ii) Kouvervaara Property

Discovered by the Geological Survey of Finland in 1982, mineralization is over 650 m long, up to 100 m wide, dipping 50-60o to the SW. Gold is fine and free, associated with cracks and grain boundaries of the silicate minerals, cobalt does not correlate with gold. Thirty-four shallow diamond drill holes on 25-50 m sections totalling 4704 m, intersecting to a maximum depth of 160 m below surface. Best intersections are 25 m @ 4.5 g/t Au and 36 m @ 0.25% Co in separate zones. Gold mineralization is poorly understood, due to assaying of only sulphide rich portions, mineralization appears discontinuous at surface, but is more coherent at depth. Excellent potential to increase grade and tonnage through re-assaying existing core for Au, open at depth. (this information is gathered from past reports and has not been independently verified)

Base Metal, Zinc Copper ± Gold Properties

(1) Susineva Property

The Susineva claims cover a 3 sq.km area of heavily cordierite anthophyllite altered mafic and felsic volcanics flanking the southern margin of the Venetapalo dome. VMS type zinc, copper mineralization is associated with the northernmost of two parallel 1.4 km long HLEM geophysical conductors. The mineralization strikes east/west and dips 50o to the south. A previously defined small lens of massive sulphide mineralization, Kaskela West, is located at the western end of this conductor. Belvedere has outlined a low grade 450 m long 1-2 m wide lens of massive sulphide mineralization at surface through pitting and drilling in the Kaskela East lens. A recent independent report on the alteration suggested the mineralization system is improving with depth. The recent drill hole KSKBEL 57 intersected 2.05 m @ 2.84% Zn, 0.28% Cu some 390 m downdip from the surface mineralizations, demonstrating the continuity of mineralization. A new large alteration system has been intersected in pits to the south of the existing mineralization.

(2) Arkala Property

Occupying a 5 kilometre strike extent of the Mullikkorame Formation, hosting the Mullikkorame Zn, Cu, Au mine. A 3 x 1 kilometre alteration zone as large as the Pyhasalmi Mine system is outlined on the western margin of the claim area. Numerous occurrences of disseminated zinc copper mineralization associated, defined by Belvedere through drilling, pitting and till geochemistry. An independent assessment yielded nine high priority undrilled targets with combined bedrock geochemistry and geophysics.

MANAGEMENT

Belvedere Resources Limited has a well experienced management team in different areas. The members include:

A C Aylwin, FCA, President, London
Steven R Cuthill, Treasurer, Vancouver
S Chakraborty, Ph.D., Project Geologist

NEWS UPDATE

On August 11, 2004, Belvedere Resources Ltd. announced that it has reserved several prospective areas in Finland in two separate areas.

Kuusamo: After excellent results from its first drilling campaign on its cluster of Iron Oxide Copper Gold properties in the Kuusamo area, Belvedere has staked four further reservations (178 sq.km) over areas of high potential. They cover several priority target areas identified by the airborne geophysics and a review of the structural controls on mineralization in the belt.

Rantasalmi: Two reservation areas (45 sq.km) in the Rantasalmi area of SE Finland are in the process of being finalized. They cover the gold occurrences of Osikonmaki and Pirila discovered by the Geological Survey of Finland in the mid 1980's. The deposits have recently become vacant and contain significant historically identified gold resources. The Osikonmaki deposit is open in all directions and occupies part of a 3 km long mineralized shear system.

On July 06, 2004, Belvedere Resources Ltd. announced first results from its cluster of Iron Oxide Copper Gold properties at Kuusamo in northern Finland. Significant Gold Cobalt Copper mineralization intersected on its wholly owned Kouvervaara and Saynajavaara properties.

Highlight includes:

· Discovery of a large zone of mineralization down plunge at Kouvervaara, indicating good size potential and continuity for the deposit.
· Discovery of a new high grade gold mineralization of 6.52 m (at) 9.51 g/t Au to the east of the main Saynajavaara body in a high magnetite zone.
· A re-interpretation of the main Saynajavaara body from detailed ground geophysics doubles the size of the previously defined mineralization.

On April 20, 2004, Belvedere Resources Ltd. gave an update on its gold exploration properties in Finland.

Kuusamo

The spring drilling in the Kuusamo area of Northern Finland began on April 20th. A 1000 m drilling programme is planned on the Kouvervaara, Ollinsuo and Saynajavaara Iron Oxide Copper Gold (IOCG) type properties. This drilling will focus on identifying the structural controls to the known mineralization.

Kopsangangas

Belvedere has completed an Induced Polarisation (IP), resistivity and magnetic ground geophysical survey over a 1 km strike of the western portion of the Kopsa intrusion. The survey was carried out and interpreted by the independent geophysical contractors JVX Ltd. of Canada.

Antinoja

A total of 128 pits in a 200 x 100 m grid have recently been completed over the two sq.km claim area to expose and sample the bedrock. Prior to the pitting, Belvedere completed an IP geophysical survey. This IP survey showed several promising anomalies.

On January 22, 2004, Belvedere Resources Ltd. updated on its gold exploration properties in Finland.

Kuusamo Au, Co, Cu Properties

Belvedere has received the assay results from its Kouvervaara Iron Oxide Copper Gold (IOCG) deposit at Kuusamo in Finnish Lapland. The deposit had been previously appraised as a cobalt deposit with an historical resource of 1.58 Mt (at) 0.1% Co and 0.4ppm Au. Due to the negative correlation of cobalt and gold, the discovery of a gold rich zone between the upper and lower cobalt zones was found late in the history of the exploration of the deposit and had not been systematically evaluated. Belvedere assayed 340 samples totalling 670m of old core, which had been previously assayed for base metals but not for gold. These assays give a completer picture of the deposit as only the garnet bearing gold "host" rock had been assayed for gold.

Antinoja Au, Cu Property

As notified in the November 24th news release, a 12.5 kilometre ground and magnetic and Induced Polarisation (IP) geophysical survey has been completed by JVX Ltd. of Ontario, Canada on the quartz vein hosted Orogenic gold prospect at Antinoja. The results are being currently assessed.

Kopsangangas Au, Cu Property

A 15 kilometre ground magnetic and IP geophysical survey will be completed on the western portion of the Kopsa Intrusive Related Au, Cu deposit. This extends the existing surveys a further 1 km to the west into the Panhandle area of the intrusion identified as a structurally high priority target area. The original survey proved successful in outlining the known mineralization at Kopsa, drilled by Belvedere in 2003. Again these results are currently being assessed.

Working Capital

Following the private placement at the end of last year that raised a net CDN$950,400, Belvedere has sufficient funds to carry out its gold exploration programs in 2004.

On November 28, 2003, Belvedere Resources Ltd. announced that it has granted, subject to regulatory approval, incentive stock options to directors, officers and employees for the right to purchase an aggregate of 325,000 common shares, exercisable for five (5) years at the price of $0.56 per share.

On November 24, 2003, Belvedere Resources Ltd. announced that it has received regulatory approval for its recently announced private placement. The company has issued a total of 1,800,000 units at a price of $0.55 per unit to clients of Middlemarch Partners Ltd. who are acting as portfolio managers. Each unit consists of one common share and one-half of one common share purchase warrant.

On September 03, 2003, Belvedere Resources Ltd. reported the update assay results from the nine holes drilled in June and July on its Kopsankangas gold copper project. Belvedere has completed a 1,044 metre diamond drill programme on their Kopsankangas claim within the Kopsa intrusive related gold copper deposit. The drill holes were aimed at extending the higher grade gold copper mineralization outlined in previous drilling, 300 metres northwards along the co-incident geophysical induced polarisation ("IP") anomaly to the northern margin of the intrusion. A total of nine holes were drilled from 52 to 180 metres in length.

The best results are in Holes 8 & 9 on the eastward extensions of the central zone of mineralization drilled in February by Belvedere. Large zones of + 1 g/t Au, were encountered in both holes. The best intersection is 9.4 m @ 2.25 g/t Au, 0.25% Cu encountered in Hole 8. It is worth noting from 30.4m, Hole 8 intersects 46.5m @ 1.1 g/t Au, 0.14% Cu. This continues the intersections encountered earlier by Belvedere in Holes 1 & 2 in the central zone a further 50m eastwards. The drilling was also successful in delineating a new zone of mineralization in the northern IP anomaly encountered in Hole 6 of 16.9m @ 1.65 g/t Au, 0.12% Cu. The mineralization between the northern and central zones encountered in Holes 3 & 4 is sporadic reflecting the low values seen in the IP in that area.

These assay results confirm Belvedere's model that gold copper mineralization at Kopsa is hosted by predominantly 2nd order vertical quartz veins and sulphide disseminations within stacked (generally) shallow dipping sheets within the Kopsa intrusion.

On June 09, 2003, Belvedere Resources Limited announced that it has commenced its summer drilling program. Work is being concentrated in two main areas:

Kopsankangas Property

Further drilling has begun on the Kopsankangas claim within the Kopsa intrusive related gold copper deposit. The drill holes are aimed to extend the higher grade gold copper mineralization outlined in previous drilling, 300 metres northwards along the co-incident geophysical induced polarization anomaly to the northern margin of the intrusion.

Kuusamo Property

Further evaluation of old data from the Geological Survey of Finland has confirmed the potential of the property as an Iron Oxide Copper Gold district. Re-logging and re-assaying for gold of old core from the Kouvervaara, Ollinsuo and Saynajavaara gold, copper, cobalt occurrences has begun. In the most extensively drilled occurrence at Kouvervaara only 30% of the mineralized core has been assayed for gold.

On May 21, 2003, Belvedere Resources Limited announced that it has received regulatory acceptance and has issued a total of 1,806,000 common shares at a price of $0.50 per share to Middlemarch Partners Ltd. The proceeds from the private placement will be applied to general working capital.

Disclaimer

Copyright (c) 2000 - 2004 Chinese Investment Club Inc.
All Right Reserved. Do not duplicate or redistributed in any form.
版權所有, 未經同意, 不得以任何形式轉載或翻印