A third rig will be arriving to site next week.
Following the recent $15 million capital raising, Bellevue is fully funded to aggressively continue resource expansion through step-out drilling in the top ~500 metres.
Drilling aims to build on the current 1.04 million ounce Inferred resource grading 12.3 g/t gold through an updated resource targeting release in the March quarter of 2019.
Bellevue’s managing director Steve Parsons said: “We are delighted at how rapidly the team is discovering and adding high-grade gold ounces at the Bellevue Gold Project.
“With the recent oversubscribed placement to a number of significant global institutions we are well funded to continue step-out extensional drilling with multiple drill rigs ready for an updated resource statement in Q1 2019.”
Resource expansion drilling will focus on three advanced targets within the Bellevue Gold Project – Bellevue Lode, Viago Lode, and Northern Bellevue.
Bellevue Lode historically produced 700,000 ounces at 15 g/t gold
Drilling will target nearby extensions to the north and south of the Bellevue underground mine as well as a number of unmined areas proximal to existing underground development.
There are also a number of significant recently identified untested down-hole electromagnetic (DHEM) conductors.
The company believes that a significant amount of mineralised material was left unmined during the previous operation due to the mining of only the bonanza’style super-high-grade ore shoots and leaving the proximal ore behind.
Drilling to extend very high-grade Viago Lode
Recent drilling undertaken since the Viago maiden resource of 550,000 ounces grading 22.0 g/t gold has been focussed on extensions of lodes adjacent to the Bellevue historical development.
Drilling at the Viago Lode is targeting step-out down plunge and down dip as well as multiple (DHEM) conductors.
Results from recent drilling will be made available to the market at the first opportunity.
Step-out scout holes at Northern Bellevue
The Northern strike extents of the Bellevue, Hamilton and Henderson Lodes have been poorly drill tested with only 250 metre spaced drilling completed by previous operators.
A number of significant intersections have been noted in the historic drilling in un-oriented diamond drill core similar in style to the known Bellevue Lode mineralisation.
The company intends to follow up the northern Bellevue targets over the coming weeks with step-out scout diamond core drill holes followed up by DHEM to detect any potential ore Lodes in the vicinity.