Bellevue Gold Ltd (ASX:BGL) continues to strengthen its resource model, bringing more gold to surface at the namesake Bellevue gold mine in WA.
The ASX200 lister, which is tracking towards maiden production later this year, returned up to 1,130 g/t gold during a grade control drilling exercise, highlighting the quality and flexibility of Bellevue’s resource and de-risking the project.
Bellevue MD Darren Stralow said: “These exceptional results are important because they demonstrate the extremely robust nature of the resource model and therefore the strength of the production forecasts.
“On site, we are continuing to hit our targets, with the underground development and construction activities on time and on budget.”
Work continues on Bellevue’s carbon-in-leach tanks.
The results are in
Bellevue hit high-grade gold in each underground production zone. Highlights include:
Armand lode
- 4.9m @ 91.5 g/t gold, including 0.3 metres at 1,130 g/t;
- 1.6 metres at 142.5 g/t, including 0.4 metres at 599 g/t;
- 7.7 metres at 26.3 g/t; and
- 4.1 metres at 36.9 g/t, including 0.9 metres at 116.9 g/t.
Marceline lode
- 1.8 metres at 123.3 g/t;
- 4 metres at 25.6 g/t, including 1.9 metres at 53.4 g/t; and
- 1.9 metres at 85.1 g/t gold. including 0.7 metres at 156.9 g/t.
Bellevue South lode
- 2.1 metres at 52.6 g/t;
- 2.7 metres at 28.1g/t; and
- 7.5 metres at 10.7 g/t.
The drill bit continues to spin on a double shift, with two rigs moving through the grade control program to de-risk production and refine the resource and reserve ahead of underground mining.
Meanwhile, a third diamond rig is conducting step-out drilling, aiming to prove up the inferred resource at Bellevue’s Deacon lode. Results from this program are expected later this year.
Construction underway at Bellevue.
On the development front
Bellevue continues to make headway on the gold mine’s key infrastructure, including its carbon-in-leach tanks, crushing and screening equipment, the fine ore bin and administration hub.
Underground mine development is also front of mind, with all three drilling jumbos fully ramped up on capital development. A fourth jumbo will be added to the roster this quarter.
What’s more, Bellevue’s recently completed northern raisebore is being equipped with an escapeway, paving the way for the first stoping ore from the Armand production area this month.
Late last month, Bellevue drew down a further A$55 million from its A$200 million project loan facility (PLF) to support the namesake gold mine’s development. Altogether, the gold stock has drawn A$90 million in debt from the PLF.
At the end of last quarter, the company had A$233.8 million in total liquidity, including A$68.8 million in cash equivalents.
Construction progress on site at the end of April 2023.