Join our daily newsletter At The Bell to receive exclusive market insights
- Bellevue Gold (BGL) expects further growth in ore reserves for its developing Bellevue gold project in Western Australia after tabling another set of strong drilling results
- The latest infill drilling results include intersections of up to 53 grams per tonne gold
- The company says it continues to make strong progress at the Bellevue project, with stage one of underground works nearing completion
- Construction progress is in line with expected first gold production in the June quarter of 2023
- BGL shares up 2.3 per cent to 89 cents
Bellevue Gold (BGL) is expecting further growth in ore reserves for its under-construction Bellevue gold project in Western Australia after tabling another set of strong drilling results.
The company said the latest reported intersections, which included a peak value of 53 grams per tonne gold, support its strategy of continuing to increase Bellevue’s resource inventory, forecast gold production rate and mine life.
Bellevue Gold’s recent infill diamond drilling was undertaken within the deposit’s inferred resource and identified new mineralisation outside the current resource limits on three lodes.
Probable ore reserves for Bellevue currently weigh in at 5.3 million tonnes grading 6.1 grams per tonne for 1.04 million ounces of contained gold, almost exclusively underground.
The company said development of the Bellevue mine was progressing well, with stage one of the underground capital works nearing completion. Construction of the mining camp was also under way and long-lead items were expected to be ordered next month.
Bellevue Gold said based on the strong construction progress, gold production operations remained on track to commence in the June quarter of 2023.
The project’s stage-two feasibility study showed annual production averaging 183,000 ounces per annum across Bellevue’s currently forecast 8.1-year mine life.
“The combination of these latest strong drilling results and the excellent development progress shows that we are delivering on our two-pronged strategy to generate growth and project construction in parallel,” Managing Director Steve Parsons said.
“The drilling results demonstrate the immense potential to continue growing the reserve, which will in turn underpin increases in mine life and the production rate.
“At the same time, we are achieving strong progress on numerous fronts as we continue underground development and camp construction while advancing key contracts and preparing to order long-lead items.”
Bellevue Gold was looking to release an updated resource and reserve statement for the Bellevue project next month.
BGL shares were up 2.3 per cent to 89 cents at 11:00 am AEDT.
