Bellevue Gold Releases Maiden Resource

THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) released a maiden JORC 2012 resource estimate for the company’s Bellevue gold project in Western Australia.

Bellevue Gold said the maiden resource estimate covers the project’s Western Corridor deposits including Southern Belle and, Tribune Lodes, and the Bellevue and Hamilton lode systems in the Bellevue Surrounds area.

All resources are reported at a 3.5 grams per tonne gold lower cut off, which the company considers acceptable based on approximate industry costings associated with the likely, narrow vein underground, mining method it intends implementing.

The maiden independent JORC Inferred Resource Estimate at the Bellevue gold project has come in at 1.9 million tonnes at 8.2g/t gold for 500,000 ounces.

The Resources sits from surface and remains open with 90 per cent sitting within the top 450 metres.

It sits adjacent to existing historical underground workings, which the company views as having scope for quick expansion.

Work to date has achieved gold recoveries up to 98.8 per cent.

The company highlighted that a recently announced high-grade gold discovery directly below the Bellevue underground workings is not included in this estimate.

This discovery returned drill results, including: 3.4m at 10.4g/t gold and 2.5m at 13.1g/t gold.

“We are very pleased to be able to report this sizable high-grade maiden independent gold resource estimate for the Bellevue Gold Project,” Bellevue Gold executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“We view this very much an interim resource, with significant scope to delineate further high-grade gold ounces from the current step-out drilling underway at both the Tribune Lode and new Bellevue extension discovery.

“With ongoing drilling over the next few months, we anticipate strong news flow and expect to upgrade the resource estimate later this year.”