viewBellevue Gold Ltd

Bellevue Gold set to extend gold bounty with bonanza grade hits at Bellevue project

Diamond core drilling outside the current resource area has identified bonanza-grade ore shoots at the new Deacon Lode and confirmed a new parallel Lode named ‘Mavis’.

Bellevue Gold Ltd - Bellevue Gold set  to extend gold bounty with bonanza grade hits at Bellevue project
Shares have been up more than 7% this morning to 64 cents.

Bellevue Gold Ltd (ASX:BGL) continues to extend the gold bounty at its namesake project in WA with new bonanza-grade drilling results confirming a new discovery outside the current resource area.

Recent diamond core drilling at the Bellevue Gold Project has returned up to 4.4 metres at 62.4 g/t from 692 metres and identified bonanza grade ore shoots at the new Deacon Lode.

This work has also confirmed a new parallel lode named ‘Mavis’ that contains significant high-grade gold mineralisation.

Below historical underground mine

The high-grade Deacon and Mavis Lode system is directly below the historical Bellevue underground mine in an area previously undrilled.

Managing director Steve Parsons said: “These recent high-grade drill results & DHEM conductors confirm the presence of very high-grade gold mineralised shoots within the Deacon Lode analogous to the historic Bellevue mine and our Viago discovery.”

Mineralisation is open up and down dip as well as north and south along strike, representing another major ‘resource drill ready’ target for Bellevue Gold.

The 4.4-metre intersection is 100 metres along strike from a result released last month of 3.6 metres at 18.3 g/t from 654.6 metres, including 2.2 metres at 27.8 g/t.

Deacon Lode extended

Deacon Lode strike has been extended to 1,400 metres on single drill holes completed on very coarse drill sections, typically about 240 metres apart and remains completely open.

Assays are pending for four further holes including two targeting a 150-metre step-out down-dip and a further 120-metre up-dip from the central high-grade trend.

A highlight result from the Mavis Lode is 2.2 metres at 38.0 g/t from 656 metres, including 1.1 metres at 75.3 g/t.

Second parallel lode

This second parallel lode is located 60 metres into the footwall of Deacon.

Both lodes are dipping around 650 to the west and striking towards 3,400 and are hosted in the same package of mafic units as the Bellevue and Viago lodes.

Parsons added: “It is important to note, the current drilling is on very broad centres and results received for the initial few holes over the 1,400 metres of strike have comparable intersections and scale to the adjacent Bellevue Lode that was mined from 1986 to 1997.”

Bellevue Mine produced 800,000 ounces at 15 g/t before it closed in 1997 in a much lower gold price environment.

The company has now received results for 10 holes from a completed 14 holes targeting the Deacon discovery with Bellevue-style biotite shearing intercepted in all drill holes.

Quartz sulphide +/- visible gold mineralisation was logged in eight of the holes.

Six rigs on site

Drilling is continuing at Bellevue project, which has an inferred resource of 1.53 million ounces at 11.8 g/t, with six diamond rigs operating on a double shift.

Three rigs are testing the new high-grade Deacon and Mavis discoveries and also following up resource step-out targets.

The remaining three drill rigs have started infill drilling of shallow areas to upgrade the resource category.

Further study work has commenced evaluating the potential to dewater the underground development to enable refurbishment and re-entry.

Relevant licences for the dewatering have already been received from DMIRS in advance of the evaluation of this option by the company.

Quick facts: Bellevue Gold Ltd

Price: 1.06 AUD

Market: ASX
Market Cap: $831.67 m

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