03 August 2009
Belmore Resources (Holdings) Plc
("Belmore" or "the Company")
Further Zinc-Lead-Silver mineralisation encountered by drilling
and
Lundin accelerates pace of earn in
The Board of Belmore Resources, a minerals exploration company with a focus on projects in the
Republic of Ireland, is pleased to announce further encouraging drill results at its Kilbricken
discovery. Additionally this project is now being accelerated with Lundin Mining Exploration Limited
("Lundin") increasing the pace of its earn in.
Lundin, which is a wholly owned subsidiary company of Lundin Mining Corporation, has now completed
its initial obligated expenditure requirement of €700,000 under its joint venture option agreement
with Belmore Resources signed in February 2009. Following this initial spending Lundin has decided to
continue its earn-in at an accelerated pace.
Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently
holds in Co. Clare. To earn the 70% Lundin needs to spend up to €14.7 million over a number of years
DRILLING UPDATE
There are currently four rigs drilling on the Kilbricken Zinc- Lead- Silver discovery acreage, and the
project is being operated by Lundin. Continued appraisal drilling of the site has indicated the
potential for further economic mineralization in the Kilbricken area well beyond the original
discovery.
Significant results include intersection of 1.25m massive sulphide zone - grading 6.83% Zinc, 3.87%
Lead and 48.07 grams/tonne Silver in step-out drillhole 14. This might indicate the presence of a
second body of mineralization to the northwest of the original discovery area.
DRILLHOLE 09-3679-07
This drillhole intersected the target horizon, the base of the Waulsortian Reef Limestone, 40 metres
east of the discovery drillhole 09-3679-04.
Assayed drill results are as follows:
From 442.75 to 447.7 metres depth:
4.95 (4.87 true thickness) metres grading 4.94% Zinc, 1.31% Lead, 59.26 grams/tonne Silver
and
from 459.05 to 463.95 metres depth:
4.9 (4.83 true thickness) metres grading 3.13% Zinc, 6.65% Lead, 65.19 grams/tonne Silver
DRILLHOLE 09-3679-08
This drillhole intersected the target horizon 30 metres north of 09-3679-04.
Assayed drill results are as follows:
From 445.6 to 451.1 metres depth:
5.50 (5.26 true thickness) metres grading 6.18% Zinc, 2.67% Lead, 57.96 grams/tonne Silver
and
from 458.6 to 459.6 metres depth:
1.00 (0.96 true thickness) metre grading 2.38% Zinc, 1.68% Lead, 24.32 gram/tonne Silver.
Both of these holes intersected significant resource grade mineralization continuous with the thick,
high-grade intercepts encountered in drillholes 09-3679-04 and 09-3679-06 (see 21 May 2009 news
release).
Belmore is extremely pleased with the results of these two holes, as they have begun to delineate a
significant new resource of high-tenor quality at Kilbricken.
DRILLHOLE 09-3679-09
This drillhole intersected the target horizon 80 metres northeast of discovery drillhole 09-3679-04.
Assayed drill results are as follows:
From 443.8 to 444.8 metres depth:
1.00 metre (true thickness) grading 0.08% Zinc, 1.33% Lead and 10.62 grams/tonne Silver
DRILLHOLES 09-3679-10 and 09-3679-12
Drillhole 09-3679-10 intersected the targeted 'base of Reef' 50 metres west of drillhole 09-3679-06
and drillhole 09-3679-12 intersected base of Reef 50 metres northwest of drillhole 09-3679-06. Neither
of these drillholes intersected mineralization.
DRILLHOLE 09-3679-11
This drillhole intersected the target horizon 100 metres east of discovery drillhole 09-3679-04. The
hole is faulted and very strongly dolomitised which makes it different from most of the other holes in
the area. It is weakly mineralized but no assays are available to date.
DRILLHOLE 09-3679-14
This drillhole has just been completed. It is a major step out to the northwest from the discovery
area and has tested the targeted base of Reef horizon 170 metres from drillhole 09-3679-06 and well
beyond the two barren drillholes 09-3679-10 and 09-3679-12.
Assayed drill results are as follows:
From 403.0 to 406.0 metres depth
3.00 (2.84 true thickness) metres grading 3.30% Zinc, 1.09% Lead and 33.21 grams/tonne Silver
and
From 423.55 to 427.0
3.45 (3.26 true thickness) metres grading 3.07% Zinc, 1.48% Lead and 21.2 grams/tonne Silver
Including
From 423.55 to 424.8
1.25 (1.18 true thickness) metres grading 6.83% Zinc, 3.87% Lead and 48.07 grams/tonne Silver
The 1.25m massive sulphide zone (from 423.55 to 424.8m), might indicate the presence of a second body
of mineralization to the northwest of the original discovery area.
Company Chairman, Mr. Ian Forrest commented: "We are extremely pleased with Lundin's operations and
encouraged by the results achieved to date. The addition of two further resource-grade mineralized
drill holes is extremely encouraging and has increased our optimism with regard to the Kilbricken
project.
"The presence of significant mineralization in the step-out drillhole 09-3679-14 is excellent news as
it potentially opens up a new area, northwest of the original discovery, for further diamond drilling.
This is highly significant inasmuch as it indicates the potential for further economic mineralisation
in the Kilbricken area well beyond the original discovery."
--ENDS--
The directors of the issuer accept responsibility for this announcement
ENQUIRIES:
Belmore Resources (Holdings) Plc Tel: 0035 387 681 2883
Patrick Mahony
Bishopsgate Communications Ltd Tel: 020 7562 3350
Nick Rome/Michael Kinirons
Rivington Street Corporate Finance Tel: 020 7562 3389
Monisha Varadan/Eran Zucker
Notes to Editors
About Belmore
Belmore is a minerals exploration company with a focus on projects in the Republic of Ireland. Whilst
prospects for any mineral will be considered, priority will be given to the Company's zinc exploration
properties in County Clare.
Clare Blocks (Republic of Ireland): Belmore now has a 100% interest in 11 prospecting licences
covering 392.75 sq kilometres.
As announced by the Company in April 2008 diamond drilling on Prospecting Licence 3679, in which
Belmore holds a 100% interest, near Quin in County Clare, intersected newly discovered zinc and lead
mineralisation. The drillhole intersected 18 metres of massive sulphide at the base of the
Waulsortian Reef. The top part of that massive sulphide consists of virtually barren pyrite but the
bottom part contains high-grade zinc and lead sulphides as well as pyrite and arsenopyrite. The
interval from 448.1 to 458.1 metres gave the following composite result: 10 metres at 13.84% Zinc,
5.52% Lead and 62.84 gm/tonne Silver.
As announced on the 26th February 2009, Belmore has entered into an agreement with Lundin Mining
Exploration Ltd, in respect of Prospecting Licences that the Company currently holds in Co. Clare.
Lundin has a right to earn up to a 70% interest in the Prospecting Licences that Belmore currently
holds in Co. Clare by spending up to €14.7 million over a number of years. Lundin's agreed initial
expenditure will be €700,000 by June 2009 allowing for an active drilling and associated exploration
programme over the coming months.
Previous exploration identified a high-grade resource of zinc and lead rich massive sulphides
(approximately 400,000 tonnes @ 12% zinc plus lead and 75g/t silver) in the area of Milltown.
For further information please visit www.belmoreresources.com
About Lundin
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal,
Spain and Sweden, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a
development project pipeline which includes the world class Tenke Fungurume copper/cobalt project in
the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in
international mining and exploration ventures. Lundin Mining keeps corporate offices in Canada and the
United Kingdom.
Belmore Resources (Holdings) plc