Insights

Bellevue Gold (ASX:BGL) share price slumps despite resource update

The Bellevue Gold (ASX:BGL) share price jumped higher at market open but is now in the red after a resource upgrade at its major project.
The post Bellevue Gold (ASX:BGL) share price slumps despite resource update appeared first on The Motley Fool Australia. –

falling asx share price represented by sad looking builder

The Bellevue Gold Ltd (ASX: BGL) share price is edging lower despite the company providing a positive resource update prior to the market open. At the time of writing, Bellevue shares are trading 0.57% lower at 87.5 cents.

The company’s shares did open higher this morning and reached an intraday high of 91 cents before retreating to their current level. 

For comparison, the S&P/ASX 300 Index (ASX: XKO) is currently trading 0.13% lower for the day so far. 

Let’s take a look at what the company announced.

Bellevue Gold share price sinks despite increased resources

Bellevue this morning reported an increased Maiden Resource as part of its Bellevue Gold Project in Western Australia. The company reported a Marceline discovery of 310,000 ounces at 9.7 grams per tonne of gold. That includes indicated resources of 130,000 ounces at 10.1 grams per tonne of gold.

The Marceline Resource will form part of the stage two feasibility study currently underway as part of the project. Bellevue said it will accelerate the Marceline drilling program on the back of the strong results.

Both Marceline and the neighbouring Deacon North sit in the upper levels of the mine plan. That reportedly means their inclusion in the feasibility study could be good for the Bellevue Gold Project.

Bellevue managing director Steve Parsons said this could increase the project’s production, mine life and overall returns. “These newly discovered resources have the potential to have a positive impact on the project’s economics, due to their location sitting closer to the surface”, he said.

The Bellevue share price jumped higher in early trade before paring back those gains following the announcement.

Bellevue’s Global Resource has increased to 2.7 million ounces at 9.9 grams per tonne as a result of the update. Global Indicated Resources have climbed to 1.2 million ounces at 11.0 grams per tonne of gold.

Foolish takeaway

The Bellevue Gold share price is up and down in today’s session on the back of the miner’s upgraded resource estimate and plans for an accelerated drilling program at its site.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Bellevue Gold (ASX:BGL) share price slumps despite resource update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!