Bellevue Gold Limited [ASX:BGL], who has resumed explorations at the historic Western Australian Bellevue brownfield Gold Mine (which had languished for around 20 years prior), has this morning released their June 2019 Quarterly Report.
Highlights include a lightning-fast delineation of a 1.8Moz gold discovery in just 18 months. The company was evidently excited to let investors know about the potential of this discovery, with the second bullet point of the report reading, ‘[The 1.8Moz discovery is] one of the fastest & highest-grade gold discoveries globally.’
On the back of this news, Bellevue Gold’s share price has had a bit of a bumpy morning, rising to 63 cents and dropping back down to 62 cents within the hour, where it sits at time of writing. This will be an interesting one to watch today.
Highlights from the last quarter
Other highlights from the report include three ‘significant results’, namely:
- ‘7m @ 34.6 g/t gold from 624 m at Viago South
- ‘8m @ 14.8 g/t gold from 544.6 m at Viago South/Bellevue
- ‘5m @ 13.4 g/t gold from 528 m at Viago South/Bellevue’
You can see the location of Bellevue’s resources here:
Source: Bellevue Limited July Quarterly Report
Note: If the potential these brownfield explorers isn’t getting you excited, Money Morning editor Greg Canavan has recently completed a special report detailing three reasons why you SHOULD be. To read that white paper, click here.
The latest JORC-compliant independent resource update included the new Viago North and Tribune North strike extensions into the Bellevue Hanging Wall resource, which represents a ‘25% increase in global tonnes, a 17% increase in contained metal and only a 5% reduction in global grade.’ The company also made sure to note that: ‘Mineralisation remains open and further expansion drilling is continuing on site with six diamond core drill rigs currently operating.’ Full steam ahead on the exploration, it would seem.
What this means for Bellevue Gold
The last bullet point of the report’s Highlights section notes that the company has a ‘strong cash position of $19.8 million’, though this isn’t quite as strong a position as it was in March of this year, when their cash position stood at $28.7 million.
Nevertheless, investors this morning have overall reacted positively to the news, with the stock trading up 0.81%. It’ll be one to watch over the next couple of days.
For Money Morning
PS: Money Morning editor Harje Ronngard has recently compiled a list of the top 10 mining stocks for 2019. Did Bellevue make Harje’s cut? Click here to find out.