The increase stems from the declaration of the maiden resource of 1 million tonnes at 12.3 g/t for 400,000 ounces at the Deacon Lode.
Shares have increased by 11% to an intra-day high of 65.5 cents, up from 45.5 cents on February 5, before closing at 64 cents.
Bellevue managing director Steve Parsons said the increased resource demonstrated the huge potential unfolding at the project.
“The increased resource further strengthens the outlook for our maiden indicated resource, which is set for release in the coming quarter.
“It also highlights the immense scope for ongoing growth in the inventory at Bellevue, as shown by the numerous high-grade intersections which remain outside the resource at Deacon.”
Results outside current resource
Drilling to date has returned results from several drill holes to the north that sit outside of the current resource area, including:
- 3 metres at 12.0 g/t gold from 571 metres
- 4.5 metres at 6.6 g/t from 635.6 metres
- 1-metre at 23.8 g/t from 599.8 metres
A recent scout 200 metre step-out to the north extended the known strike of the mineralisation to 2 kilometres with results including 0.4 metres at 25.5 g/t from 517 metres and 0.8 metres at 8.8 g/t from 642 metres – the reported resource only covers 900 metres of the known strike.
Further drilling is being conducted in these areas to bring it into resource category in the near term.
“Becoming a substantial gold producer”
Parsons said: “Bellevue now has genuine scale.
“It is in the backyard of Western Australia; it is growing rapidly, and it is open in every direction.
“We have eight rigs drilling on-site to both increase and upgrade the resource.
“In parallel with this aggressive program, we are about to start technical and economic studies as part of our countdown to becoming a substantial Australian gold producer.”
Six of the diamond drill rigs are operating on infill in the vicinity of the Bellevue mine with the other two drilling extensions and step-outs on the Deacon discovery and other exploration targets close to the main resource.
The company anticipates completion of a resource upgrade in the second quarter of 2020.