Bellevue Gold (ASX:BGL) has received high-grade infill drilling results up to 32.7 g/t gold at the Bellevue Gold Project in Western Australia, paving the way for an indicated resource.
The company believes the results are important because they strongly support Bellevue’s geological model, which predicts gently plunging high-grade shoots within the mineralised envelop.
The company’s JORC inferred resource stands at 1.8 million ounces grading 11.1 g/t with Bellevue on track to publish its maiden indicated resource next quarter ahead of mining studies set to take place in September.
Managing director Steve Parsons said: “These outstanding results continue to demonstrate the large potential of this asset.
“The grades are very high, the mineralisation is consistent and the geometry is in line with our model.
“These latest results will feed into our coming indicated resource estimate, which will go a long way to de-risking the project.”
Shares have been more than 5% higher to an intra-day top of 57.5 cents, up from 45.5 cents on February 5.
Parsons added: “Drilling is continuing at a frenetic pace with eight rigs operating and we are preparing to start mining studies in the next quarter.
“Everything we are seeing supports our view that Bellevue is set to become a significant WA gold producer with high grades and substantial growth potential.”
Underground mine dewatering is continuing
Dewatering of the underground mine workings is continuing which will allow assessment of previous underground mine development ahead of any re-entry and future drilling.
The latest infill diamond drilling results include 4.7 meters at 32.7 g/t gold from 600.7 metres, 3.2 metres at 20.8 g/t gold from 585.8 metres and 4.6 metres at 10.4 g/t gold from 376.5 metres from the Viago Lode.
Other notable results included intersections from the Tribune Lode, Bellevue Lode and Vlad Lode.
New regional target drilling
As drilling has progressed, the geological model has held together well with the targeted mineralised shears and lode positions consistently intersected at the predicted depths.
The high-grade ore shoot geometry has also been demonstrated across all known lodes.
Drilling is continuing with eight diamond core drill rigs operating on double shift and a reverse circulation rig to be mobilised in March to complete shallow drilling predominately focusing on new regional target drilling.