viewBellevue Gold Ltd

Bellevue Gold expands high-grade gold resource; six drill rigs active on site

The company has delineated 1.8 million ounces of gold at Bellevue in less than 18 months from discovery, making it one of the fastest and highest-grade gold discoveries globally.

project area
Resource outcrops and is down to a maximum depth of 600 metres so far

Bellevue Gold Ltd (ASX:BGL) has revealed a further high-grade resource upgrade at the Bellevue Gold Project in Western Australia.

The latest update incorporates the recent Viago North and Tribune North strike extensions which are in the Bellevue Main Lode hanging wall.

Drill testing the northern extensions of these zones is currently on hold awaiting approval to drill in the highway reserve, with approval anticipated over the coming weeks.

High-grade gold mineralisation remains very much open both north and south at both these lodes.

Notably, the latest upgrade represents a 25% increase in global tonnes, a 17% increase in contained gold metal and only a 5% reduction in global grade.

Plan view of Viago Lode showing recent northern discovery & southern extensions and recently defined DHEM plates. Only the northern extension has been included in this resource upgrade and drilling is continuing at Viago Main and to the south. The Viago Lode now extends for over 1,400 metres and remains open.

Mineralisation remains open and further expansion drilling is continuing on site with six diamond core drill rigs currently operating.

Numerous recent significant drill results outside the current resource update include:
• 1.7 metres at 34.6 g/t gold from 624 metres at Viago South;
• 4.8 metres at 14.8 g/t gold from 544.6 metres at Viago/Bellevue; and
• 3.5 metres at 13.4 g/t gold from 528 metres at Viago/Bellevue.

Drilling is ongoing advancing further new high-grade lode discovery areas such as Bellevue South, Viago South and the Hamilton and Henderson Lodes towards resource categorisation.

These areas will be included in a future resource update.

Drill core from Tribune North diamond core hole DRDD111 high-grade mineralisation associated with ~15% semi-massive pyrrhotite

Bellevue managing director Steve Parsons said: “We are pleased to provide an updated independent JORC resource estimate for the Bellevue Gold Project which has continued to demonstrate the growth of global resource inventory adjacent to the historic high-grade Bellevue gold mine.

“Drilling is continuing with 6 x diamond core drill rigs currently operating on site.

“Work will continue to focus on resource growth following up strike extensions to both the north and south of the known high-grade lodes and to test the major new target directly below the historic Bellevue underground workings.

“During the next phase of drilling we will also be undertaking a programme to improve the confidence of the existing resources to indicated category in key areas."

Path towards de-risking and development of Bellevue Gold Project

In addition to the continued expansion of the current high-grade gold resource, Bellevue Gold has made significant progress in early permitting and development works to de-risk the recommencement of mining.

Bellevue is in the background advancing its strategy directed at completing early feasibility and permitting works while simultaneously growing the resource base into new areas and adding confidence to the existing resources.

Drill core from Tribune South diamond core hole DRDD112 high-grade mineralization associated with ~15% semi-massive pyrrhotite

With the drill rigs currently operating on site the company intends to build on step-out expansion drilling, target the exciting new deeper targets beneath the old Bellevue Mine and commence first pass infill drilling over the current resource areas.

Over the remainder of 2019 and early 2020 Bellevue anticipate:
• Completion of metallurgical test work over the lodes in preparation for process design;
• Completion of geotechnical assessment and core logging in preparation for underground design;
• Process water supply location, test borefield and licensing; and
• Derisking of resource areas through infill drilling and refinement of the geological model.

READ: Bellevue Gold’s new discoveries show big potential: Macquarie Research

Parsons added: “It is an exciting time for the company with the resource estimate continuing to grow and early development and permiting works beginning to advance with the addition of a Project Director to the Bellevue team.

“The company anticipates to continue progress over coming quarters with our growth and derisking strategy to advance the Bellevue Gold Project back into a high grade gold operation”


Quick facts: Bellevue Gold Ltd

Price: 0.965 AUD

Market: ASX
Market Cap: $660.59 m

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