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Belvedere Resources Updates Resource At Hitura, Starts 10,000 Metre Drilling Program

Belvedere Resources (CVE:BEL) released Thursday it annual updated resource statement for its Hitura nickel mine in central Finland, and says it has started a new 10,000 metre resource delineation drilling program.

"Since the last resource update, the mine's total mineral reserves have remained largely static as the development of new reserves keeps pace with mining," said CEO David Pym.

"Total 2P reserves remain at approximately three years of production. Total M&I resources have decreased slightly by 0.4 Mt due to cyclical fluctuations in exploration drilling.

"A new 10,000 metre resource delineation drilling programme has commenced, to bring extensions to current mineralisation into the resource base, and to test new areas for mineral potential. "

At a 0.54% nickel cut-off, and a 0.3% nickel cut-off for the Open Pit Extension, the total mineral reserve estimate is for 1.66 million tonnes, including grades of 0.46% for nickel.

The total measured and indicated resource stands at 2.6 million tonnes grading 0.55% nickel, while inferred resources include 457,000 tonnes at 0.7% nickel.

BC-based Belvedere Resources has a primary focus on nickel, gold, cobalt and copper in Finland. It currently produces 2500 tonnes of nickel in concentrate per year from the Hitura nickel mine and has a number of advanced gold projects in close proximity to the asset.

In fact, in late October, the company unveiled a maiden resource estimate for its Kopsa gold property, which contains 223,000 indicated ounces of gold. 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.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.