New results included 4.8m at 20.1 grams per tonne gold, including 0.9m at 102.7gpt gold from 489.4m; 2.1m at 45.5gpt gold from 503.4m; 4.2m at 21gpt gold from 459m; 4m at 16.7gpt gold from 455.7m; 4.9m at 13gpt gold from 462.1m; 1.2m at 45.1gpt gold from 479.4m; 8.2m at 6gpt gold from 379.8m; and 3.5m at 12.1gpt gold from 459.9m.
Mineralisation remains open in every direction.
"These latest results, with grades of more than 20gpt, show that Marceline is a significant discovery in its own right," Bellevue managing director Steve Parsons said.
"But given the scope to leverage the planned and existing infrastructure at Bellevue, Marceline has the potential to contribute to the production profile and mine life estimates in the stage two feasibility study.
"One of the main benefits being that A$10 million of capital has already been costed in the stage one study and any additional ounces coming into the mine plan from the Marceline Lode are expected to benefit from a lower level of capital intensity."
Bellevue is aiming to define a maiden resource for Marceline to underpin the stage two study due for release in the June quarter.
"With further infill required to round out the 500m of defined strike, and mineralisation remaining open to the north and down dip, Marceline is currently around half the size of Deacon, or circa 300,000oz," Argonaut Securities said.
"Argonaut expects increased resource/reserve drilling as Bellevue transitions to more cost-effective underground diamond drilling as mine rehabilitation progresses."
As per the stage one feasibility study released last month, Bellevue has forecast capital costs of A$255 million for a 750,000 tonne per annum, 7.4-year operation to produce an average 151,000 ounces per annum of gold at all-in sustaining costs of $1079 an ounce.
The production rate, which includes output of 160,000ozpa in years 1-5, is based on a maiden probable reserve of 2.7Mt at 8gpt gold for 690,000oz, using a cut-off grade price of $1750/oz.
The project has a post-tax net present value of $600 million and internal rate of return of 35%.
The stage two study will look to firm up those figures.
Shares in Bellevue rose 4.2% to 80.7c, the highest since the stage one study was released in February.
