Bellavista buoyed by 'intriguing' new neighbour

BELLAVISTA Resources executive director Michael Wilson says the recent arrival of Canadian major Teck Resources back to Western Australia validates the potential of its flagship project.

Bellavista exploration manager Natalia Brunacci

Bellavista exploration manager Natalia Brunacci

Teck recently secured a large landholding about 20km north of Bellavista's Edmund project in WA.

Wilson told Resources Rising Stars on the Gold Coast that Teck's re-entry to WA after a long absence was "intriguing".

Historical drilling by CRA at Bellavista's Brumby zinc-copper-silver prospect returned results including 29m at 1.3% zinc, 0.22% copper and 24.5 grams per tonne silver.

"We don't believe CRA necessarily hit the best part of the system," Wilson said.

"We'd expect to see the grade improving to the north and to the west."

A 17,000m drilling program is about to begin.

The Vernon target, immediately west of Brumby, is considered to have a similar geological setting to the Nova-Bollinger nickel-copper mine.

Today, the company announced an aerial radiometric survey had confirmed a large uranium target at Kiangi, on the western edge of the project.

"Now, this is quite interesting," Wilson said.

"The thing lights up like a Christmas tree."

The anomaly is at least 35km-long. Rock chips grading up to 1200 parts per million uranium have been found at Kiangi.

"It's probably not our key focus yet because we've got Brumby but we'll build it up over time," Wilson said.

Bellavista only listed on the ASX two weeks ago after a heavily oversubscribed A$6.5 million initial public offering.

Wilson said the offer was fully subscribed within half an hour of opening.

The stock has risen as high as 36c, providing healthy returns for those who purchased 20c IPO shares.

"We've come on fairly strong for the choppy market that it is," Wilson said.

Backing the IPO was Capricorn Metals executive chairman Mark Clark and Bellevue Gold managing director Steve Parsons, with each holding 10% of the company.

Capricorn CEO Kim Massey and Bellevue non-executive director Michael Naylor each hold just over 5%.

Alongside "veteran rock-licker" Wilson, Bellavista is chaired by experienced company director Mel Ashton, with former Gryphon Minerals chief operating officer Steven Zaninovich as non-executive director and Naylor as chief financial officer and company secretary.

Natalia Brunacci, a geologist and "very enthusiastic Brazilian", who played a key role in Bellevue's rapid exploration success since its early days, is exploration manager.

"We might be the new kids on the block but we've got some wise heads," Wilson said.

Bellavista shares were down 8.8% today to 31c.

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