viewBellevue Gold Ltd

Bellevue Gold confirms new high-grade shoot at flagship gold project with hits of up to 58 g/t

The company has discovered a new high-grade lode which has been defined as a previously undiscovered extension of the historic Bellevue lode in Western Australia.

Bellevue Gold Ltd - Bellevue Gold confirms new high-grade shoot at flagship project with hits of up to 58 g/t gold
The company will pursue an aggressive exploration strategy alongside project development works

Bellevue Gold Ltd (ASX:BGL) has discovered a new shallow high-grade gold shoot at its namesake project in Western Australia with results up to 1.9 metres at 58.0 g/t gold from 380.5 metres.

Drilling at the new high-grade Armand lode returned a host of high-grade results over a 450-metre strike that remains open to the north, down dip and down plunge.

The drilling program is ongoing to incorporate the new high-grade shoot into the next resource update planned for the current quarter.

Bellevue has also hit gold in the first Western Australian Government-funded Exploration Incentive Scheme (EIS) hole drilled to the east of the high-grade Deacon lode, highlighting the potential for repeat structures.

Armand results include:

  • 4.6 metres at 13.8 g/t from 364.8 metres;
  • 2.3 metres at 27 g/t from 416.3 metres;
  • 1.9 metres at 29.7 g/t from 378.8 metres;
  • 2.1 metres at 9.8 g/t from 369.1 metres;
  • 1.5 metres at 14.6 g/t from 352.2 metres;
  • 6.1 metres at 14.5 g/t from 457.5 metres; and
  • 3.7 metres at 26.2 g/t from 372.3 metres.

“Outstanding high-grade mineralisation”

Bellevue managing director Steve Parsons said: "The drilling results on the new Armand lode are outstanding, with high-grade mineralisation intersected near existing development hosted within the Bellevue Shear.

"With the mineralisation already outlined over 450 metres and remaining open along strike and down dip, we are pressing ahead with drilling with a view to including Armand in our next resource upgrade.

"At the same time, we have hit high-grade gold in another new position with our recently granted EIS co-funded drilling in close proximity to the east of the Deacon lode.

“It is still early days in this area, but clearly, there is potential for a new lode to emerge here too."

Long section looking east through the newly defined Armand shoot, within the Bellevue Lode at the northern extent of historic development.

EIS co-funded drilling

The first two holes of a three-hole Western Australia government co-funded EIS program drilled into an area east of the Deacon Shear intersected gold, revealing the potential for another lode.

This gold mineralisation is associated with quartz-pyrrhotite veining and free gold which is analogous to the Bellevue, Deacon and Viago lodes.

The results include:

  • 1.2 metres at 9 g/t from 1,057 metres and 1.6 metres at 9.3 g/t from 1.096 metres downhole; and
  • A 400-metre step-out drill hole to north with 0.4 metres at 42.3 g/t from 646.7 metres downhole.

Dual-track strategy

Parsons said the latest exploration results vindicated Bellevue's strategy to maintain an aggressive drilling campaign in parallel with the project development activity.

He said: "We have earmarked $35 million for exploration spending on a full program of drilling and project development work over the next 15 months.

"This substantial investment is central to our dual-track strategy of driving growth in our inventory through aggressive exploration and resource drilling while also advancing the project towards development and cashflow.

"These parallel work streams will maximise our ability to continue creating value for shareholders in both the short and long term."

Exploration will include ongoing infill drilling, step-out drilling, resource grade control drilling and regional exploration at Bellevue including the high-priority Yandal and Kathleen Valley gold projects.

Cross-section through the Bellevue Lode system showing the location of the recent EIS co-funded drill holes and new results.

Project development progress

Underground access has successfully been established with the creation of the new Paris Decline portal to establish the decline to connect with the historic workings.

Ground conditions and advancement rates are in line with expectations with more than 200 metres of development completed to date.

Electrical infrastructure has been installed to support the start-up operations and the ongoing requirements of the high voltage network ready to be installed underground.

Workshop facilities have also been established to support the early stage-one works of the project along with communication requirements being installed.

Activities remain on track to establish the underground drilling platforms to allow exploration activities to begin later this quarter.

Quick facts: Bellevue Gold Ltd


Price: 0.825 AUD

Market Cap: $813.19 m

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