Bellevue continues to extend high-grade lodes

BELLEVUE Gold says the latest high-grade gold results from its namesake project in Western Australia pave the way for an upgrade of the indicated resource.
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Drilling at Bellevue near Leinster in WA

Step-out drilling up to 200m along strike on the Deacon lode hit mineralisation in previously untested locations in the central and northern areas.

Results included 9.3m at 5.8 grams per tonne gold from 757.3m; 1.4m at 63.2gpt gold from 434.9m; and 3.5m at 10.6gpt gold from 387.5m.

At Deacon North, new results from infill drilling included 51.m at 7.8gpt gold from 626.1m; 1.6m at 89.4gpt gold from 629.5m; 3.7m at 8gpt gold from 636.3m; and 2.5m at 11.5gpt gold from 660m.

Drilling at the Bellevue lode returned new results away from existing stoping and near underground development.

New results included 4.6m at 34.8gpt gold from 241.8m; 6.1m at 14.5gpt gold from 457.5m; 3.7m at 26.2gpt gold from 372.3m; 0.7m at 163.2gpt gold from 245.9m; and 3m at 14.5gpt gold from 319.2m.

Bellevue is aiming to increase the indicated resource of 860,000 ounces at 11.6gpt gold, this quarter.

The project's overall resource is 2.3 million ounces at 10gpt gold.

Bellevue managing director Steve Parsons said the latest results extended the known limits of mineralisation.

"At the same time, our infill drilling continues to return strong results which should help drive an increase in the indicated resource," he said.

"This all points to a larger overall mineralised envelope with more gold in the high-confidence indicated category, which in turn gives us even greater scale while continuing to de-risk the project."

Bellevue recently raised A$135 million to accelerate exploration and start early development work.

A budget of $35 million has been allocated to drilling over the next 18 months.

The current resource has been delineated from surface at a cost of $18 an ounce, and Bellevue believes that figure will come down once it begins drilling from underground platforms that are currently being established.

The company is spending $20 million on re-establishing access to the underground mine.

Bellevue shares jumped 5.4% this morning to $1.08, valuing the company at just over $900 million. The stock hit an all-time high of $1.24 on September 21.