Bellevue Gold Ltd (ASX:BGL) has verified its namesake project’s mineral resource with a round of robust grade control drilling.
The gold explorer and project developer has further de-risked its production and financial outlook during drilling at the Tribune lode.
Using these results, Bellevue has completed a grade control model for Tribune and reconciled it with the July mineral resource, which underpins the Bellevue Gold Project’s stage two feasibility study from September.
Taking into account indicated and inferred ounces for the Tribune area, the grade control model demonstrates an increase of roughly 4% in gold grade and around 2% in total contained metal.
Bellevue’s total mineral resource currently stands at 9.4 million tonnes at 9.9 g/t for 3 million contained gold ounces.
Once the project comes online, it's piqued to be one of the highest-grade, lowest-cost mines in Australia, generating more than 200,000 ounces per year at an all-in sustaining cost (AISC) of $992 per ounce within the first five years.
Demonstrating resource accuracy
Bellevue managing director Steve Parsons said: “We pride ourselves on meeting or exceeding our targets and these results will help ensure we maintain this record because they verify the resource model which underpins the forecasts in the stage two feasibility study.
“By demonstrating the accuracy of the resource with such close-spaced drilling, we continue to de-risk the project.
“In parallel with this, we are looking to upgrade more of the 1.4 million-ounce resource which currently sits outside the mine plan. And we are extending the known mineralisation with highly successful resource drilling as part of our strategy to continue growing the total inventory”.
Tribune grade control drilling
In the stage two feasibility study, the Tribune Lode forms part of the Bellevue Gold Project’s early mine inventory.
It is currently slated for mining with an open pit, after which a portal will be established at the base of the pit and underground development.
As a result, the latest results come from close-spaced, reverse circulation grade control drilling at the Tribune open pit and shallow underground region.
Some of the best intersections include:
- 10 metres at 15.4 g/t gold from 115 metres;
- 2.4 metres at 46.2 g/t from 146.1 metres;
- 2.2 metres at 24.8 g/t from 73 metres;
- 4.7 metres at 10 g/t from 81.2 metres;
- 1 metre at 39.1 g/t from 101 metres;
- 6 metres at 5.5 g/t from 72 metres;
- 4 metres at 7.9 g/t from 29 metres; and
- 6 metres at 4.9 g/t from 9 metres.
Further grade control drilling took place over June and August, with one of the best intersections returning 5 metres at 76.4 g/t gold from 55 metres, including 2 metres at 176.6 g/t from 56 metres.
Accordingly, the subsequent grade control model aligns strongly with the mineral resource, leading to the slight increase in gold grade and total contained metal for the Tribune lode.
The company stated: “The excellent performance of the resource model relative to the grade control model shows the robust nature of the resource on which the feasibility has been based.
“The Bellevue resource has been independently estimated and is based almost entirely on high-quality diamond drill core.”
