Company
ASX: BGL
Bellevue Gold Ltd (ASX:BGL) is advancing the historical Bellevue Gold Mine in Western Australia, a site that was once one of Australia’s highest-grade gold mines, producing 800,000 ounces at 15 g/t gold from 1986 to 1997. The company has a resource of 3 million ounces at 9.9 g/t gold, including an indicated resource of 1.4 million ounces at 11 g/t, making it one of the highest-grade undeveloped gold discoveries in the world. Bellevue hopes to join Australia's fleet of gold producers in 2022.
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Commencement of grade control drilling is a key de-risking step within the company’s strategy of development and further resource growth at the Bellevue Gold Project.
The delivery of the Stage Two feasibility study is expected to be a key near-term catalyst for the Bellevue Project.
Canaccord has maintained its SPEC BUY recommendation for Bellevue and has raised the target price to A$1.25 from A$1.15 (current share price A$0.98)
A stage one feasibility study followed by a global resource increase to 2.7 million ounces at 9.9 g/t, pave the way for potential production growth and enhanced project economics as part of a stage two feasibility study.
This brings the global resource at Bellevue Gold Project to 2.7 million ounces at 9.9 g/t and points to a potential increase in production and project economics.
The results are considered particularly important as they pave the way, with ongoing drilling, for inclusion in a maiden mineral resource, which is expected to be included in the stage two feasibility study on track for completion next quar
The company expects Rod Jacobs will drive optimisation of the recent feasibility study and construction of required infrastructure to bring the high-grade Bellevue Gold Project to production.
A stage two study, incorporating the impact of the latest discoveries and additional mineralisation on production, profitability and mine life is on track for completion in June.
Based on the study, the company is set to generate annual pre-tax free cash flow of A$190 million over seven years of commercial production with a life-of-mine revenue of A$2.5 billion.
There was an increase in the indicated resource to 1 million ounces while more high-grade mineralisation was discovered outside the resource.
While infill drilling remains ongoing, the focus for Bellevue’s exploration team will shift back to growing the total resource base.
While infill drilling will be ongoing, the focus for Bellevue’s exploration team will now shift back to growing the total resource base.
Recent infill drilling at Deacon and Bellevue North lodes has increased the indicated resource and an aggressive drill program will continue with the current update cut-off to underpin economic studies scheduled for the March quarter of 202
As the company advances from exploration to development and operations at the historical Bellevue Gold Project it will continue to review and embedded its environmental, social and governance (ESG) considerations in all activities.
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.
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 intends to grow the resource through step out drilling and has started exploration within the 20 kilometre Bellevue mine corridor.
Stage 1 includes construction of a new portal to enable large-scale mining equipment to access the historical underground workings.
Three directors were allotted $30,000 worth of fully paid ordinary shares under the $35 million SPP, which followed last month’s $100 million fully underwritten share placement.
In response to the strong demand from shareholders, the company increased the size of the SPP by $15 million above its original target of $20 million.
