The company’s managing director Steve Parsons will make an online presentation to shareholders and investors at the NWR Communications Virtual Small Cap Resources Conference to be held at 11am AWST on Thursday, May 7.
This event is free, and investors can register online here:
The Bellevue Gold Project has significant scope for growth with gold resources rising 23% to 6.1 million tonnes at 11.3 g/t for 2.2 million ounces over the March quarter.
This increase stemmed from the maiden resource at the Deacon Lode of 410,000 ounces at 12.3 g/t.
Deacon Resource covers the central 900 metres of the recently extended 2 kilometres mineralised strike with numerous high-grade intersections still outside the resource awaiting closer-spaced drilling.
The first phase of infill drilling has been completed ahead of schedule and on budget, putting Bellevue on track for a maiden indicated resource in June.
The historic Bellevue Gold Mine produced 800,000 ounces at 15 g/t from 1986 to 1997.
Progress has been made with dewatering of the historic Bellevue underground which will deliver benefits including:
- Access to more than 28,000 metres of existing underground mine development,
- Significantly lower costs for drilling measured and indicated category resources,
- Lower cost and more rapid drilling of Deacon and Mavis Lode discoveries,
- Access for drilling resource extensions to the south and across the project, and
- Development ready for future mining options.
Desktop studies have highlighted the potential for multiple starter open pits which could generate early cashflow based on shallow, high-grade mineralisation.
Bellevue recently raised $26.5 million from a share placement which saw the world’s largest resources fund, Blackrock, emerge with a 10% stake in the company.
During the quarter, Parson exercised 20 million Bellevue options at a total cost of $775,000 and now holds 30 million shares, making him a top-ten shareholder in the company.
As of March 31, the company is well funded with $37.8 million in cash.