Bellevue just smashed through 1.5m oz of high-grade gold... with no end in sight

Explorer Bellevue has again boosted the size of its namesake Western Australian gold project, this time by 43 per cent to smash through the magical 1.5-million-ounce ceiling.

Exploration success story Bellevue (ASX:BGL) has now discovered more than 1.53 million ounces of gold grading 11.8 grams per tonne in a little over 12 months, “making it one of the fastest growing and highest-grade gold discoveries in Australia in recent times”, the company told investors.

A mine resource over 5 grams per tonne is usually considered high grade.

The resource will get bigger because this upgrade only included the areas next to the underground mine, called Bellevue Surrounds.

The existing historic underground mine development produced about 800,000 ounces grading 15 grams per tonne between 1987 and 1997.

“This Bellevue Surrounds resource estimate is important for the project as it is located within metres of the historic underground mine development,” Bellevue boss Steve Parsons said.

The Bellevue share price over the past 12 months.

And another resource expansion upgrade is due in the second quarter of 2019.

Mineralisation is open (which means they can’t find the end of it yet) on all project areas with drill results anticipated from drilling of the Viago Lode, Western Corridor, and Bellevue Surrounds “in the coming weeks”, the company said.

The company is also investigating ways to pump the water which has filled the historic underground workings to potentially provide access for infill drilling, further resource extension drilling, and deeper drilling.

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