Bellevue Gold up on expanded gold inventory
Shares in Bellevue Gold firmed after the company expanded its gold inventory ahead of a reserve upgrade, life of mine update and a project optimisation study for its namesake project near Leinster.
The Steve Parsons-led company said on Wednesday its mineral resource had grown to 9.8 million tonnes at 9.9 grams per tonne gold for 3.1 million ounces up from 3Moz at 10g/t.
Meanwhile Bellevue’s indicated resource had increased to 4.6Mt at 11.2g/t gold for 1.7Moz from 1.4Moz at 11g/t.
The upgraded resource inventory is based on an additional 42,250m of underground drilling completed since the company’s stage two feasibility study was released in September last year.
Underground drilling is continuing with two rigs to further expand the resource ahead of a reserve upgrade, life of mine update and project optimisation study expected this quarter.
Mr Parsons said organic growth was one of the most effective ways to create value for shareholders.
“We are adding indicated ounces at a cost of less than $25/oz at one of Australia’s highest grade undeveloped goldmines,“ he said.
Bellevue also revealed Develop Global had started mobilising equipment and key support staff to site after the Bill Beament-led company won a $400 million underground mining contract to undertake construction, development and production activities at the project.
Shares in Bellevue were up 2¢, or 2 per cent, to 95¢ at 12.20pm.
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