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Bellevue Gold reflects on successful quarter, cashed up for what’s ahead

The company finished the September quarter with $32.8 million in cash.

Bellevue Gold Ltd - Bellevue Gold reflects on successful quarter, cashed up for what’s ahead
The company remains busy with six operating diamond drill rigs

Bellevue Gold Ltd (ASX:BGL) continues to advance its rapidly growing 1.8-million ounce high-grade gold discovery at the Bellevue Gold Project in Western Australia.

The September quarter got off to a strong start with a resource upgrade in July, incorporating the Viago North and Tribune North strike extensions into the Bellevue Hangingwall.

The upgrade to 1.8 million ounces grading 11.1 g/t gold was a 25% increase in global tonnes and 17% increase in contained metal.

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

The resource is split across four areas - Bellevue Surrounds, Viago and Viago North Lode, Tribune and Tribune North Lode, and Southern Belle Lode.

Deacon and Mavis Lodes could grow resource further

Since the resource upgrade, diamond drilling outside the resource area has identified bonanza grades in a new significant shear zone named the Deacon and Mavis Lodes.

These Lode systems sit directly below the historic Bellevue underground mine in an area previously undrilled.

Significant intersections to date include 4.4 metres at 62.4 g/t gold, 3.6 metres at 18.3 g/t gold and 2.2 metres at 38.0 g/t gold.

Infill drilling at Tribune has been progressing well with a total of 21 holes completed on 40x20-metre centres.

Drilling has consistently intersected the Tribune Shear Zone at the anticipated horizon and has returned a number of visually significant intervals which are currently being logged.

Bellevue was formerly an operating gold mine

High-grade gold was mined at the project at various times for over 100 years at the Bellevue lode through to 1997 when the operation shut down at around 430 metres below surface.

Around 800,000 ounces of gold have been produced at a reported head grade of around 15 g/t from a narrow vein operation.

After the mine closure in 1997, very little modern exploration was completed at the project and Bellevue Gold is undertaking the first systematic exploration at the property in the last 20 years.

The culmination of all-time high AUD gold prices and the discovery of new gold resource surrounding the historical Bellevue underground gold mine has made the company an ASX success story.

This success has led Bellevue to be included in the S&P/ASX 300 Index as of 23 September 2019.

Quick facts: Bellevue Gold Ltd

Price: 0.46 AUD

ASX:BGL
Market: ASX
Market Cap: $262.16 m
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Bellevue Gold reveals further high-grade upgrade at flagship gold project

Bellevue Gold Ltd's (ASX:BGL) Steve Parsons caught up with Proactive's Andrew Scott after announcing a further high-grade resource upgrade at their project in Western Australia. The latest update incorporates the recent Viago North and Tribune North strike extensions which are in the...

on 11/7/19

3 min read