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Bellevue Gold increases gold deposit to over 1.5 million ounces, shares rise

This is one of Australia’s fastest growing and highest-grade gold discoveries in recent times.
growth concept shown with stairs going up
Four rigs continue to drill with more results expected

Bellevue Gold Ltd (ASX:BGL) has increased the JORC resource estimate by 47% to 1.53 million ounces grading 11.8 g/t gold at its Bellevue Gold Project in Western Australia.

This upgrade is the result of recent drilling completed in the December quarter to extend mineralisation of the Bellevue Lode and mineralisation adjacent the underground workings.

Gold mineralisation is open on all lodes with step-out expansion drilling continuing onsite with four diamond core drill rigs currently operating.

Bellevue Gold is fully funded for further resource growth in 2019 with $13.7 million in cash as at 31 December 2019.

READ: Bellevue Gold is Top Explorer Pick Winner for 2019 by Macquarie Research

Bellevue’s managing director Steve Parsons said: “The company is delighted to announce a further substantial resource upgrade at the Bellevue Gold Project.

Discovery cost of less than A$15 per ounces

“The exploration team has discovered and delineated in excess of 1.5 million ounces of high-grade gold in just over 12 months since resource drilling commenced and at a very low discovery cost of less than A$15 per ounce.

“The latest upgrade once again confirms the exceptional quality of the Bellevue Gold Project which is globally one of the highest-grade and fastest growing gold projects and we are confident further drilling will continue to rapidly advance the resource base in 2019.

“This Bellevue Surrounds resource estimate is important for the Project as it is located within metres of the historic underground mine development.

“The company has now turned its attention to delineating further resource ounces from step-out drilling with the four drill rigs at the very high-grade Viago Lode and Western Corridor.

Another resource expansion expected in June quarter 2019

“We anticipate the next round of drill results in the very near future and a further resource upgrade in a few months time during the second quarter.”

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