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):
-- Measured and Indicated Pit Constrained Mineral Resources of 5.1 Million
Ounces of gold at an average grade of 1.68 g/t Au, which represents an
increase of approximately 10% in these resource categories (from 4.7
Million Ounces) compared with the previous April 2013 update.
-- Inferred Pit Constrained Mineral Resources of 2.4 Million Ounces of gold
at an average grade of 1.69g/t Au; and
-- Underground resources of 14,000 ounces of gold at an average grade of
3.01 g/t Au in the Indicated category and 184,000 ounces at an average
grade of 3.33 g/t Au in the Inferred category.
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:
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Parameter Units
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Gold Price US$/Oz $1,400
Cut Off Grade g/t Au 0.5 (OP) 2.0 (UG)
Block Dimensions meters 6 (L) x 6 (W) x 10 (H)
Composite length meters 1.0
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Ouro Verde Grota Seca South Block Total
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Composites No. 12,752 17,101 639 30,492
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Holes No. 313 533 108 954
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Drilling Meters 85,158.52 126,832.41 23,909.04 235,899.97
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The Audited Mineral Resource Statement(1) for Volta Grande is
presented below:
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VOLTA GRANDE RESOURCES ESTIMATE MEASURED MEASURED +
(SEP 2013) INDICATED INDICATED INFERRED
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Ouro Verde Pit
Constrained Tonnes ('000s) 24,036 20,087 44,123 22,602
Grade (g/t Au) 1.78 1.61 1.70 1.48
Ounces ('000s) 1,379 1,037 2,416 1,079
Grota Seca Pit
Constrained Tonnes ('000s) 31,384 15,671 47,055 18,265
Grade (g/t Au) 1.61 1.56 1.59 1.59
Ounces ('000s) 1,620 788 2,408 932
South Block Pit
Constrained Tonnes ('000s) 2,503 2,503 2,921
Grade (g/t Au) 3.06 3.06 3.94
Ounces ('000s) 246 246 370
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Total Pit
Constrained Tonnes ('000s) 55,420 38,261 93,682 43,788
(0.5 g/t Au cut-
off) Grade (g/t Au) 1.68 1.68 1.68 1.69
Ounces ('000s) 2,999 2,072 5,070 2,381
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Ouro Verde
Underground Tonnes ('000s) 64 64 831
Grade (g/t Au) 2.66 2.66 3.13
Ounces ('000s) 5 5 84
Grota Seca
Underground Tonnes ('000s) 53 53 695
Grade (g/t Au) 2.88 2.88 3.38
Ounces ('000s) 5 5 75
South Block
Underground Tonnes ('000s) 24 24 193
Grade (g/t Au) 4.24 4.24 4.05
Ounces ('000s) 3 3 25
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Total Underground Tonnes ('000s) 140 140 1,719
(2.0 g/t Au cut-
off) Grade (g/t Au) 3.01 3.01 3.33
Ounces ('000s) 14 14 184
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Tonnes ('000s) 55,420 38,402 93,822 45,507
TOTAL Grade (g/t Au) 1.68 1.69 1.69 1.75
Ounces ('000s) 2,999 2,085 5,084 2,565
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(1) Audited mineral resource statement prepared by SRK Consulting (Canada)
Inc. The effective date of the audited mineral resource statement is
October 1, 2013. Mineral resources are not mineral reserves and have not
demonstrated economic viability. All figures have been rounded to
reflect the relative accuracy of the estimates.
Open pit mineral resources are reported at a cut-off grade of 0.5 g/t
gold, and underground mineral resources are reported at a cut- off grade
of 2.0 g/t gold. Cut-off grades are based on a number of parameters and
assumptions including gold price of US$1,400 per troy ounce, 94%
metallurgical gold recovery for weathered and unweathered rock, open pit
mining costs of US$1.41/tonne, process costs of US$11.98/ tonne, General
and Administrative costs of US$2.89/tonne and selling costs (refining,
transport, insurance and environment) of US$13.82 per troy ounce.
Mineral resources are constrained within low, medium and high grade
domains delineated from drilling data within Ouro Verde and Grota Seca.
The quantity and grade of the reported inferred mineral resources are
uncertain in nature and there has been insufficient exploration to
define the inferred mineral resources as indicated or measured mineral
resources and it is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
The mineral resources have been classified according to the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards for
Mineral Resources and Mineral Reserves (November 2010).
Certain mineral resource estimation parameters:
a. The gold mineralization envelopes were modelled into wireframe solids
using a 0.5 g/t Au cut-off grade in fresh and saprolite rocks utilizing
vertical and horizontal sections. 3D shells were generated by linking
horizontal sections each 10m apart.
b. A specific gravity of 2.75 was used for the Grota Seca (GS) and the Ouro
Verde (OV) deposits and 2.77 for the South Block and 1.36 for the
saprolite in both deposits.
c. Estimations are based on original samples capped at 6 - 40 g/t Au
depending on the resource domain.
d. The database for the Ouro Verde Deposit includes 46 historical core
boreholes (8,461 metres) and 267 boreholes (76,698 metres) completed and
assayed by Belo Sun since April 2010.
e. The mineralized zones at the Ouro Verde deposit extend for about 2,400
metres along strike. Eight gold mineralization domains were modelled in
fresh rock, and one saprolite domain was modelled. The gold
mineralization thickness ranges from 2 to 60 metres. The maximum allowed
internal dilution is approximately 3 metres.
f. The database for the Grota Seca Deposit comprises 11 historical reverse
circulation and 129 historical core boreholes (24,730 metres) and 48
reverse circulation and 345 core boreholes (102,103 metres) completed
and assayed by Belo Sun since April 2010 .
g. The mineralized zones at the Grota Seca deposit extend 2,900 metres
along strike. Seven gold mineralization domains were modelled in fresh
rock, and one saprolite domain was modelled. The gold mineralization
thickness ranges from 2 to 70 metres. The maximum allowed internal
dilution is approximately 3 metres.
h. The database for the South Block Deposits comprises 22 historical core
boreholes (3,370 metres and 86 core boreholes (20,539 metres) completed
and assayed by Belo Sun since April 2010.
i. The mineralized zones at the South Block Deposits extend discontinuously
for about 1,900 metres along strike. Three gold mineralization domains
were modelled in fresh rock, and one saprolite domain was modelled. The
gold mineralization thickness ranges from 2 to 16 metres. The maximum
allowed internal dilution is approximately 3 metres.
j. Block model gold grades were estimated using ordinary kriging informed
by 1.0 m capped composites. All estimations are based on a percent block
model with unitary dimension of 6 m E, 6 m N and 10 m elevation rotated
-17 degrees clockwise in the Ouro Verde and Grota Seca deposits and -25
degrees in the South Block.
k. "Open-pit" mineral resources are reported at a cut-off grade of 0.5 g/t
Au. "Underground" mineral resources (outside pit shell) are reported at
a cut-off grade of 2.0 g/t Au.
l. Measured mineral resources include all mineralized blocks within one
time of the variogram range and informed from a minimum of 3 boreholes
in 3 octants.
m. Indicated mineral resources include all mineralized blocks estimated in
the first or second estimation runs (within the variogram range), whose
estimation required a minimum of two drill holes.
n. Inferred mineral resources include all mineralized blocks not classified
as Measured or Indicated in the first and second estimation runs and all
blocks estimated in the third estimation run (twice the variogram
range).
Comparison Between December 2012, April 2013 and October 2013
Mineral Resource Estimates:
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December 2012 (audited) April 2013(unaudited)
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Class. Gold Contained Gold Contained
Quantity Grade Gold Quantity Grade Gold
(Ktonnes) (gpt) (Koz) (Ktonnes) (gpt) (Koz)
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Measured 42,422 1.73 2,356 55,825 1.68 3,021
Indicated 31,360 1.73 1,746 32,307 1.67 1,736
Meas.+Ind. 73,782 1.73 4,103 88,132 1.68 4,757
Inferred 44,246 1.96 2,788 39,633 1.93 2,464
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Percentage Difference April to
October 2013(audited) October 2013
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Class. Gold Contained Gold Contained
Quantity Grade Gold Quantity Grade Gold
(Ktonnes) (gpt) (Koz) (Ktonnes) (gpt) (Koz)
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Measured 55,420 1.68 2,999 -1% 0% -1%
Indicated 38,402 1.69 2,085 19% 1% 20%
Meas.+Ind. 93,822 1.69 5,084 6% 0% 7%
Inferred 45,507 1.75 2,565 15% -9% 4%
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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 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.
Contacts: Belo Sun Mining Corp. Mark Eaton President and CEO
(416) 309-2137 www.belosun.com
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