THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) announced a further resource upgrade at the company’s Bellevue gold project in Western Australia.
Bellevue Gold increased the Inferred resource estimate for the project, taking it to 4 million tonnes at 11.8 grams per tonne gold for 1.53 million ounces of gold (3.5g/t gold cut-off).
The company said the upgrade was the result of recent drilling it completed in 2018 to extend mineralisation of the historic Bellevue Lode and mineralisation adjacent the underground workings, known as the Bellevue Surrounds resource area.
The latest upgrade represents a 54 per cent increase in global tonnes, a 47 per cent increase in contained metal and only a 4 per cent reduction in global grade.
Mineralisation remains open and further expansion drilling is continuing with four diamond core drill rigs currently operating.
“The company is delighted to announce a further substantial resource upgrade at the Bellevue gold project,” Bellevue Gold executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.
“The exploration team has discovered and delineated in excess of 1.5 million ounces of high-grade gold in just over 12 months since resource drilling commenced and at a very low discovery cost of less than $15 per ounce.
“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.
“This Bellevue Surrounds resource estimate is important for the project as it is located within metres of the historic underground mine development.
“The company has now turned its attention to delineating further resource ounces from step-out drilling with the four drill rigs at the very high-grade Viago Lode and Western Corridor.
“We anticipate the next round of drill results in the very near future and a further resource upgrade in a few months time during the second quarter.”