Bellevue Gold Looks to Mine Bellevue Gold

THE CONFERENCE CALLER: Bellevue Gold well and truly cemented its place as one of Australia’s leading brownfields gold developers after increasing the indicated resource of its namesake project in Western Australia by an impressive 20 per cent. By Mark Fraser

The company is currently sitting on a total resource of 2.41 million ounces of gold at 10 grams per tonne, which is comprised of 1.04Moz at 11.4g/t (indicated) and 1.37Moz at 9.2 g/t (inferred).

Given Bellevue’s busy field schedule over the past 12 months, these numbers are expected to increase during 2021.

Located 430 kilometres north of Kalgoorlie-Boulder, and 40km north of Leinster within the wealth-generating Agnew-Wiluna Greenstone Belt in the Goldfields of WA, the historic Bellevue mine produced around 800,000 ounces from 15g/t ore in a predominantly underground gold operation that ran from 1987-1997.

According to Bellevue, the increased estimate – which was announced during the December 2020 quarter – will further strengthen the baseline economic study now underway at the Bellevue mine while providing scope for a longer mine life, an increased production profile and some stronger financial returns.

This all primarily stemmed from drilling completed between August and November 2020 that focused predominantly on Deacon North and the new Armand lode.

A total of 46,000 metres of diamond core was completed since the previous estimate in July 2020, including further infill, extensional exploration and geotechnical work.

Generating some excitement is the golden high-grade core of Viago and Deacon which – when combined with the third separate mining area of Armand – totals 1.15Mt at 15.2g/t for 560,000 ounces (indicated) and 940,000t at 11.5g/t for 350,000 ounces (inferred).

“This is an outstanding result which demonstrates the exceptional quality of the mineralised system at Bellevue,” the company’s managing director Steve Parsons said.

“To have an indicated resource of this size and this grade, and with such immense scope for further increases, highlights the underlying strength of the project.

“Despite the huge success we have had, I have no doubt that there is still a lot more high-grade gold to be found at Bellevue.

“We are consistently hitting gold along strike and are continuing to find new discoveries with ongoing drilling.”

Bellevue has now completed 292,000m of diamond drilling at the project, infilling selected areas of a previous 80 by 80m drill grid, on which the inferred resources were based to 40 by 20m and 40 by 40m (and even closer spacing in select areas).

All drilling has been conducted as diamond core from surface.

Field activities during the December 2020 quarter also included the first deeper drill holes as part of the WA Government co-funded Exploration Incentive Scheme program which, as reported to the ASX during October last year, resulted in the discovery of Armand, a new parallel mineralised shear zone to the east of Deacon.

Ongoing diamond drilling is continuing to both increase the global resource figure and convert further mineralisation into the indicated category.

Surface work was supplemented by the establishment of underground drilling during December.

The updated resource includes the initial resource for the Armand lode, which was reported as 200,000t at 15.4g/t gold for 100,000 ounces of indicated and 220,000t at 12g/t gold for 85,000 ounces of inferred resource.

Here, mineralisation remains open up-plunge and down-dip, and drilling is continuing at the target.

Intercepts obtained from Armand last year included the most northern drill hit achieved to date on the shoot, which returned an impressive 8.3m at 32.1g/t gold from 358.5m.

Other gold assays included 8.3m at 32.1g/t (from 358.5m), 6.5m at 23.4g/t (384.8m), 5m at 15.4g/t (360.2m), 1.9m at 29.7g/t (379.4m), 0.5m at 22.1g/t (358.5m) and 0.4m at 75g/t gold (360.2m).

Meanwhile, recent drilling at the Deacon lode, supplemented by drill hole electromagnetic data, resulted in the definition of an exciting new target known as the Maceline lode.

Here a significant conductor was defined over 550m by 250m of strike.

Bellevue considers Maceline to represent a major target for resource definition drilling, believing it demonstrates a potential scale similar to the Deacon Central area.

Follow up drilling to advance this discovery is being progressed from surface and underground platforms during the current quarter.

This recent flurry of activity has not been included in the resource upgrade.

The soon-to-be-revived Bellevue mine consists of a high-grade lode gold deposit hosted in the Mount Goode basalt.

The current upgrade represents the amalgamated resource estimate for the project and combined revisions to the previously-announced estimates – plus the new figures for Armand, which had not been previously released.





Bellevue Gold Scant on Details, but Conceptually Sound

THE CONFERENCE CALLER: Having substantially firmed up its namesake high grade brownfields gold project in Western Australia, Bellevue Gold (ASX: BGL) is now seeking to expand its resource base via greenfields exploration some 50 kilometres to the east. By Mark Fraser

The company is also preparing to look at some other prospective targets much closer to home.

During his appearance at the recent Diggers & Dealers Mining Forum in Kalgoorlie-Boulder, Bellevue’s upbeat managing director Steve Parsons said drilling was set to begin at Yandal South in WA’s north-east Goldfields.

Covering around 870 square km of under-explored real estate, this land hasn’t been properly looked at for the best part of 20 years.

While details regarding this field campaign were scant, Bellevue’s website says it holds a “dominant land position” between Bronzewing (which boasts an historical production of 5 million gold ounces) and Darlot (4.5 million oz), where “significant historical untested anomalous gold-in-soils and surface sampling await follow-up”.

From all indications the wholly-owned Yandal South has five main targets, with three being Yambo Strike, Popes Patch and Hartwell. Previous drilling in this district has returned gold intercepts like 9 metres at 8.5 grams/tonne (from 37.5m), 27m at 1.32 g/t (42m), 6m at 3.14 g/t (120m) and 19m at 1.4g/t (23m).

Aside from casting its eyes eastward, the company has been looking at an area immediately north of the historic Bellevue operation, which sits 430 km north of Kalgoorlie-Boulder and 40 km north of Leinster.

Covering around 20km of strike from the mine, the Kathleen Valley project has been subjected to very little systematic modern exploration, but nevertheless contains a number of advanced prospects.

During his Diggers & Dealers’ presentation, Parsons indicated the most exciting of these were Kathleen Valley, Government Well and Palmyra, which collectively had yielded numbers like 17m at 4.2g/t (from 19m), 2m at 18.7g/t (32m) and 2m at 22.8g/t (8m).

Then (running north to south) came the Bellevue Northern extension, where intersections of 11m at 6.5g/t (35m) and 2m at 5.6g/t (64m) were recorded, followed by Westralia pit (4m at 28.2g/t from 57m), Vanguard pit (8m at 11.2g/t from 27m), Henderson pit (3m at 53g/t from 13m) and Bellevue West (102g/t in rock chips).

All up, Bellevue is looking to spend a total of $35 million on exploration over the next 12-18 months. This will include the development of near-mine targets.

“We’ve had just such rapid success, and amazing success, at Bellevue (that) we’ve really have been focused on just around the brownfields, around the headframe, of where the mill and mine will be at Bellevue,” Parsons told the Diggers & Dealers crowd.

“(It’s) the first time ever that we are getting out on the ground now and exploring the 20 kilometres of strike of Bellevue and, of course, stepping out and looking at our second project (Yandal South) that sits only 50 kilometres away from where the processing plant will be at Bellevue.

“We’re super-excited by that – and you are going to see us starting on that drilling this weekend, with the first five targets being undertaken between now and Christmas – so hopefully some good news will flow on from that over the coming months.”

As it stands Bellevue has established a gold resource of 2.3 million ounces from ore grading 10g/t.

Within this is a 15.5g/t high-grade core containing 480,000 ounces.

This resource has grown at around 75,000 ounces per month at a discovery cost of $18 per ounce since December 2017.

Located within the Agnew-Wiluna Greenstone Belt in the Leinster region of WA’s Goldfields, the historic Bellevue mine produced around 800,000 ounces from 15g/t material in a predominantly underground gold operation that ran from 1987-1997.

Other projects situated within 100 km of Bellevue are the multi-million oz Lawlers/Agnew complex as well as the Wiluna, Bronzewing, Thunderbox and Darlot deposits.




Bellevue Gold Hits New Gold Lode

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) declared discovery of a new shallow high-grade shoot at the company’s Bellevue gold project in Western Australia.

Bellevue Gold reported the new high-grade Armand lode was discovered at the Bellevue gold project from recent drilling that returned a host of high-grade results over a 450 metres strike that remains open to the north, down dip and down plunge.

The results include:

4.6 metres at 13.8 grams per tonne gold from 364.8m;

1.9m at 58g/t gold from 380.5m;

2.3m at 27g/t gold from 416.3m;

1.9m at 29.7g/t gold from 378.8m;

2.1m at 9.8g/t gold from 369.1m; and

1.5m at 14.6g/t gold from 352.2m.

Bellevue indicated it has defined the Armand lode as a previously undiscovered extension of the historic Bellevue lode.

Drilling will continue with the view to incorporate the new high-grade shoot into the next Resource update the company has planned for the current quarter.

“The drilling results on the new Armand lode are outstanding, with high-grade mineralisation intersected near existing development hosted within the Bellevue Shear,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“With the mineralisation already outlined over 450 metres and remaining open along strike and down dip, we are pressing ahead with drilling with a view to including Armand in our next resource upgrade.

“At the same time, we have hit high-grade gold in another new position with our recently granted EIS co-funded drilling in close proximity to the east of the Deacon lode.

“It is still early days in this area, but clearly, there is potential for a new lode to emerge here too.”

Parson’s confidence seems well pointed with recent drilling on the Deacon lode encountering mineralisation analogous to the Bellevue, Deacon and Viago lodes in two of three EIS co-funded holes recently drilled as extensions of existing drill holes, testing the potential for conjugate faulting repeats of the Bellevue Lode system to the east of Deacon lode.

Results include:

DRDD327 extension
1.2m at 9g/t gold from 1057m and 1.6m at 9.3g/t gold from 1096m downhole; and

DRDD309 extension
0.4m at 42.3 g/t gold from 646.7m downhole.

“We have earmarked $35 million for exploration spending on a full program of drilling and project development work over the next 15 months,” Parsons explained.

“This substantial investment is central to our dual-track strategy of driving growth in our inventory through aggressive exploration and resource drilling while also advancing the project towards development and cashflow.

“These parallel work streams will maximise our ability to continue creating value for shareholders in both the short and long term.”







Bellevue Gold Hits More High-Grade Gold on Road to Resource Upgrade

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) jumped out of the blocks this morning to announce that extensional and infill exploration drilling at the company’s Bellevue gold project in Western Australia has intersected high-grade mineralisation both outside and within the existing know Resource boundary.

Bellevue Gold’s current drilling approach includes infill drilling to upgrade the Indicated Resource later in the December quarter and the resumption of exploration step out drilling at the project.

Step out drilling at the Deacon Lode has resulted in three new extensions to the known mineralisation.

The recent drilling, up to 200m along strike on the Deacon lode, encountered mineralisation in previously untested locations in the central and northern areas.

Results include:

9.3 metres at 5.8 grams per tonne gold from 757.3m;

1.4m at 63.2g/t gold from 434.9m; and

3.5m at 10.6g/t gold from 387.5m.

Infill drilling undertaken at Deacon North also returned multiple intersections, including:

5.1m at 7.8g/t gold from 626.1m;

1.6m at 89.4g/t gold from 629.5m;

3.7m at 8g/t gold from 636.3m; and

2.5m at 11.5g/t gold from 660m.

Drilling on the Bellevue Lode focussed on targeting high-grade extensions to mineralisation returning intersections from areas away from existing stoping and near underground development.

Results include:

4.6m at 34.8g/t gold from 241.8m;

6.1m at 14.5g/t gold from 457.5m;

3.7m at 26.2g/t gold from 372.3m;

0.7m at 163.2g/t gold from 245.9m; and

3m at 14.5g/t gold from 319.2m.

“We have hit more high-grade mineralisation in previously-untested areas,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“These results extend the known limits of the mineralisation.

“At the same time, our infill drilling continues to return strong results which should help drive an increase in the Indicated Resource.

“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 Gold indicated its drilling is on track to deliver a further increase in the Indicated Resource in the December quarter, with Stage Two infill drilling to upgrade more of the Resource, which currently stands at 2.3 million ounces at 10g/t gold (860,000oz at 11.6g/t Indicated and 1.4Moz at 9.2g/t Inferred).






Bellevue Gold Raises $100M to Fund Resource Growth and Accelerate Project Development

THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) announced a fully underwritten institutional placement of new fully paid ordinary shares to raise approximately $100 million.

Bellevue Gold will also undertake a non-underwritten Share Purchase Plan to raise up to $20 million.

The monies raised will complement current cash on hand, and will be used to grow resources and accelerate development of the company’s Bellevue gold project in Western Australia.

“Proceeds from the raising will help ensure we can unlock the full value of what is clearly an exceptional asset with extremely high-grades and immense scope for further inventory growth,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“By implementing our dual exploration and development strategy, we will seek to maximise our ability to create value for shareholders through both resource growth and project development.”








Bellevue Gold Declares Maiden Gold Resource

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) announced a maiden Indicated Resource for the company’s Bellevue gold project in West Australia.

The total Resources of 2.3 million ounces of gold at 10 grams per tonne gold includes Indicated and Inferred components of:

860,000 ounces at 11.6g/t gold; and

1.4 million ounces at 9.2g/t gold.

Bellevue Gold has completed a total of 240,000 metres of diamond drilling at the project, infilling selected areas of the previous 80m x 80m drill grid on which the Inferred Resources were based.

Included in the Indicated Resource is a higher-grade core of mineralisation including 480,000 ounces at 15.5g/t gold, hosted in the project’s Viago and Deacon Main Resource areas.

This mineralisation is within a few hundred metres of existing development and contains consistent high-grade high sulphide mineralisation that will be targeted in the early mine life at the project.

Infill drilling is ongoing, with an increase to the Indicated Resource expected in the December quarter, which is intended to convert more of the substantial Inferred Resource adjacent to high-grade core as a priority.

Drilling will also target extensions to current Resources and the recent Government Well discovery which is located seven kilometres from the existing Resource as well as other identified Bellevue analogue outcropping targets to the north.

“This Indicated Resource and the increases to come will underpin the economic studies on the project, which are now well underway,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Completion of these studies will mark the transition to the project development phase, which we believe will demonstrate the technical and economic strengths which come from having a large, high-grade project with simple metallurgy and access to existing infrastructure in a Tier-1 location.

“There is also huge potential to continue growing the overall inventory at Bellevue, where the mineralisation remains open in multiple directions and we have numerous well-established targets, some with known mineralisation.

“We are confident that the combination of economic and technical studies and Resource growth will drive further increases in shareholder value.”








Bellevue Gold Scores Regional High-Grade Gold Hit

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) reported a sizeable high-grade gold hit achieved more than seven kilometres from the company’s Bellevue gold project in Western Australia.

Bellevue Gold completed a four-hole reverse circulation drill program at the Government Well prospect, which although being 7.4 kilometres away is part of the Bellevue gold project.

Government Well is the first target Bellevue has tested within 20km of the under-explored regional Bellevue Trend.

The target was previously rock chipped by Bellevue Gold returning results up to 32 grams per tonne gold from outcropping veins as well as a Sub Audio Magnetic (SAM) survey completed at the prospect in 2019.

The company’s first pass program drilling has focussed on the central 500m of the Government Well prospect, which has been defined over 1.2km by field mapping, following up on previous shallow drilling that had intersected two zones of quartz veining.

The recent drilling encountered two high-grade gold intervals of:

3 metres at 9.7 grams per tonne gold from 19m; and 3m at 11.6g/t gold from 33m within an overall interval of 17m @ 4.2 g/t gold.

Drill hole DRRC217 was collared 180m to the south of DRRC214 and about 20m down dip of the historical drilling and results are still pending for this drillhole.

Bellevue noted DRRC217 intersected pyrite quartz veining with visible gold observed in chips over 1m from 54m.

Follow up diamond drilling is planned at the prospect to determine whether the shallow pyrite is reflective of retrograde pyrhotite mineralisation suitable for targeting with DHEM as is the case at Bellevue or whether it reflects a new mineralisation style at the project.

“This result supports our view that there is huge scope to grow the inventory at Bellevue,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“The Bellevue Gold Mine sits within a 20 kilometres-long mineralised corridor which has been subjected to very limited exploration.

“The drilling at Government Well represents our first foray away from the mine area and given the strength of this result, we will conduct follow-up drilling at the first opportunity.”

In concert with the exploration drilling, Bellevue Gold is finalising its upcoming maiden Indicated Resource at Bellevue, where the Inferred Resource currently stands at 2.2 million ounces at 11.3g/t gold, and has initiated economic studies on the project.





Bellevue Gold Upgrades Deacon Lode Resource

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) released infill drilling results from the company’s Bellevue gold project in Western Australia.

Bellevue Gold indicated the results would contribute to an anticipated maiden Indicated Resource at the project.

The company reported the results to include “exceptionally high-grade intersections”, achieved at the Deacon lode, where the Inferred Resource now contributes 410,000 ounces at 12.3 grams per tonne gold of the total Inferred Resource at Bellevue of 2.2 million ounces at 11.3g/t gold.

Results highlighting high grades and continuity of the Central area at Deacon, include:

5.3 metres at 54.5 grams per tonne gold from 650.9m;
1.5m at 168.8g/t gold from 651.7m, including 0.5m at 499.1g/t gold;
2.5m at 49.2g/t gold from 527.8m;
10.3m at 10.7g/t gold from 566.9m;
4.3m at 9.1g/t gold from 701.9m;
2.6m at 10g/t gold from 626m;
1.64m at 48g/t gold from 640m; and
3.3m at 22.5g/t gold from 618.1m.

Additional drilling carried out on the Bellevue Peripheral Lodes (Tribune, Viago, Bellevue), returned:

2m at 64.4g/t gold from 609.1m;
2.9m at 36.5g/t gold from 168.6m;
2.4m at 14.4g/t gold from 124.8m;
0.3m at 1,169.1g/t gold from 100m;
5.6m at 7.5g/t gold from 90.4m; and
1.5m at 89.8g/t gold from 424.1m.

“The extremely high grades and the continuity of the mineralisation augur very well for both the upcoming Resource upgrade and the project’s economics,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“The Deacon lode is emerging as a repeat of the adjacent Bellevue deposit, which was well-known for its extensive high-grade mineralisation.

“The mineralisation at Deacon is also characterised by consistent free visible gold and high pyrrhotite percentages.”

Bellevue Gold is now working towards dewatering the existing underground mine to provide access to the underground infrastructure for drilling and eventual development.

Geotechnical, metallurgical and mining studies are also well underway.

“Drilling from underground will enable us to drill at twice the pace and significantly less cost than drilling from surface,” Parsons continued.

“Underground access will also allow us to explore the deposit from different drill positions.

“There is more than $200 million worth of underground development within the 28 kilometres of underground workings and this infrastructure is expected to play a key role in minimising capital costs and lay the pathway for a low level of capital intensity to bring the deposit back into production.”





Bellevue Gold Receives Commitments for $26.5 million Raising

THE BOURSE WHISPERER: Bellevue Gold (ASX: BGL) belied current market sentiment with the announcement of a $26.5 million share placement.

Bellevue Gold signalled the placement would enable it to embark on the next phase of its growth strategy at the company’s Bellevue gold project in Western Australia.

The raising was priced at 30 cents per share and was underpinned by leading Australian and overseas institutions, including existing institutional and sophisticated shareholders.

Bellevue Gold indicated the proceeds of the raising will fund further programs of infill and Resource extension drilling at the Bellevue gold project, economic studies in preparation for development and provide general working capital.

The company recently completed the initial infill drilling at Bellevue and has already given notice of being on track to publish its maiden Indicated Resource in the coming quarter.

Bellevue’s Inferred Resource currently stands at 6.1 million tonnes at 11.3 grams per tonne gold for 2.2 million ounces of gold.

The company’s next rounds of infill drilling will be aimed at achieving ongoing growth in the forthcoming Indicated Resource and growing the overall inventory through step-out drilling and exploration drilling at the two high promising conductors identified at the project’s Deacon lode, among other priority targets.

“To complete a raising such as this in any environment is an excellent achievement but to do it in the current market circumstances is exceptional,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Under the current budget, we are funded through to mid calendar year 2021.
“The strong support shown by leading institutional investors is a huge endorsement of the Bellevue project and its growth potential.

“The proceeds ensure we have ample cash to continue unlocking the value of this project through infill and resource growth drilling while also undertaking the economic and technical studies which should pave the way for development and production.”





Bellevue Gold Ready to Start Calculating Indicated Resource

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) completed its first phase of infill drilling at the company’s Bellevue gold project in Western Australia.

Bellevue Gold has completed a total of 94,000 metres of infill drilling at the project that it says has typically supported the existing Inferred Resource model and defined higher-grade shoots within the lode positions, analogous to the historic Bellevue mine.

The company declared it is well on track to publish a maiden Indicated Resource in the June quarter, 2020.

Bellevue currently has an Inferred Resource of 2.2 million ounces at 11.3 grams per tonne gold and the company indicated it expects the drilling, which was designed to upgrade the shallow resource areas and selected deeper lodes to the Indicated category, will result in an upgraded Resource being released once all assays have been received and resource modelling has been completed by an independent consultant.

The Indicated Resource will enable Bellevue to start economic studies and will be supplemented by subsequent infill drilling in other areas.

“With this key drilling program now completed, we can move to finalising a maiden Indicated Resource, which will in turn underpin economic studies,” Bellevue Gold managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“The infill drilling has demonstrated the excellent continuity of gold mineralisation as well as robust grades and widths.

“Now we have completed the first phase of infill drilling ready for the maiden Indicated Resource, two rigs will remain on site, one focused on resource growth and one on further indicated drilling.

“We are also continuing with step-out drilling with the aim of growing the global resource at Bellevue and we plan to drill two highly promising conductors identified recently at the Deacon lode.”