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Bellevue Gold hits of up to 163 g/t gold at namesake project pave way for indicated resource upgrade

The high-grade results point to extensions of the Deacon, Deacon North and Bellevue Lodes, with the company planning an indicated resource upgrade this quarter.

Bellevue Gold Ltd - Bellevue Gold hits of up to 163 g/t at Bellevue Gold Project pave the way for indicated resource upgrade
Stage-two infill drilling is ongoing at the Bellevue project that currently hosts a 2.3-million-ounce resource

Bellevue Gold Ltd’s (ASX:BGL) extensional and infill exploration drilling at the Bellevue Gold Project in Western Australia has intersected high-grade mineralisation both outside and within the existing known resource boundary.

Hits of up to 0.7 metres at 163.2 g/t from 245.9 metres point to extensions of the Deacon, Deacon North and Bellevue Lodes and also provide positive implications for an indicated resource upgrade which is expected this quarter.

The company has a market cap of approximately $860.9 million and shares have been almost 8% higher intra-day to $1.105.

Managing director Steve Parsons said the company’s investment in exploration drilling continued to create significant value for Bellevue stakeholders.

He said: “We have hit more high-grade mineralisation in previously untested areas.

“These results extend the known limits of the mineralisation.

“At the same time, our infill drilling continues to return strong results which should help drive an increase in the indicated resource.

“This all points to a larger overall mineralised envelope with more gold in the high-confidence indicated category, which in turn gives us even greater scale while continuing to de-risk the project.”

Deacon footprint grows

Step out drilling at the Deacon Lode has resulted in three new extensions to the known mineralisation.

Results include:

  • 9.3 metres at 5.8 g/t from 757.3 metres;
  • 1.4 metres at 63.2 g/t from 434.9 metres; and
  • 3.5 metres at 10.6 g/t from 387.5 metres.

Infill drilling at Deacon

Infill drilling at Deacon continued to deliver strong intersections in advance of a scheduled upgrade of the indicated resource category in the current quarter.

Drilling returned multiple strong intersections, including:

  • 5.1 metres at 7.8 g/t from 626.1 metres;
  • 1.6 metres at 89.4 g/t from 629.5 metres;
  • 3.7 metres at 8 g/t from 636.3 metres; and
  • 2.5 metres at 11.5 g/t from 660 metres.

Resources at Deacon currently stand at 430,000 tonnes at 18 g/t for 250,000 ounces in the indicated category and 1.5 million tonnes at 9.2 g/t for 440,000 ounces in the inferred category.

Oblique long-section showing location of new footwall shoot at Bellevue and new extensional drilling at Bellevue North, below and to the north of existing underground development.

Bellevue lode drilling

Drilling on the Bellevue lode has returned numerous intersections from areas away from existing stoping and near underground development.

Apart from the 163.2 g/t hit, other results include:

  • 4.6 metres at 34.8 g/t from 241.8 metres;
  • 6.1 metres at 14.5 g/t from 457.5 metres;
  • 3.7 metres at 26.2 g/t from 372.3 metres; and
  • 3 metres at 14.5 g/t from 319.2 metres.

These areas are close to existing development which will require refurbishment to access.

Extending known mineralisation

A previously unknown lode position has been discovered in the footwall along with several additional high-grade intercepts extending known mineralisation.

The company is evaluating where lodes positioned in the northern Bellevue lode can be factored into the mine schedule and is aiming to convert further mineralisation to the indicated category for the quarter four upgrade.

Drilling continuing onsite

Drilling has been continuing on site and has included infill drilling to upgrade the indicated resource later in the December quarter and the resumption of exploration step-out drilling at the project.

Stage two infill drilling is planned to upgrade more of the resource at the project, which currently stands at 2.3 million ounces at 10 g/t gold (860,000 ounces at 11.6 g/t indicated and 1.4 million ounces at 9.2 g/t inferred).

Quick facts: Bellevue Gold Ltd

Price: 1.25 AUD

ASX:BGL
Market: ASX
Market Cap: $1.05 billion
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