Bellevue Upgrades Gold Resource Estimate by 47 Percent

Bellevue Gold (ASX:BGL) has boosted the inferred resource estimate at its Bellevue gold project in Western Australia by 47 percent.

The new estimate, which comes to 1.53 million ounces at 11.8 grams per tonne (g/t) gold, includes results from drilling completed during Q4 2018. The drilling was conducted to extend mineralization of the Bellevue Lode and adjacent mineralization known as the Bellevue Surrounds resource area.

“The company is delighted to announce a further substantial resource upgrade at the Bellevue gold project,” Bellevue Managing Director Steve Parsons said in a statement.

“The latest upgrade once again confirms the exceptional quality of the Bellevue gold project which is globally one of the highest-grade and fastest growing gold projects and we are confident further drilling will continue to rapidly advance the resource base in 2019.”

The drilling that spurred the upgraded results only targeted Bellevue Surrounds, while the project itself contains three other domains: Viago Lode, Tribune Lode and Southern Belle Lode.

For the time being, the company is conducting step-out drilling at Tribune and Bellevue, extension drilling at Viago and additional drilling on Bellevue’s hanging wall lodes. The company is striving to release an additional resource upgrade in Q2 2019, and anticipates that updated drill results will be available in the coming weeks.

The Bellevue gold mine previously produced 800,000 ounces at 15 g/t gold before closing in 1997. The company took on the asset and began exploration efforts in 2017, calling the project “historically significant,” but also “poorly understood and under-explored.”

Last August, the company released a maiden resource estimate for the gold project, outlining 1.9 million tonnes at 8.2 g/t gold for 500,000 ounces.

The project joins the list of contenders looking to get in on Western Australia’s booming resource scene, as neighbors with nearby assets include Northern Star Resources (ASX:NST), Gold Fields, Red 5 (ASX:RED) and Saracen (ASX:SAR).

Bellevue’s share price took a small hit on the ASX on Tuesday (February 5), closing 0.98 percent lower at AU$0.505.

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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.