Why the Bellevue (ASX:BGL) share price is charging higher today

The Bellevue (ASX: BGL) share price is more than 5% today. We look at the ASX gold miner’s latest drill results.
The post Why the Bellevue (ASX:BGL) share price is charging higher today appeared first on The Motley Fool Australia. –

miner holding gold nugget

The Bellevue Gold Ltd (ASX: BGL) share price is up 5.42% in early afternoon trading after ASX gold miner announced its latest drill results.

At the time of writing, the Bellevue share price is trading for 81.7 cents per share after earlier posting gains of nearly 7%.

What drill results did Bellevue report?

In today’s release, the company reported a new batch of high-grade results from its drilling program at the Marceline discovery within its Western Australia Bellevue Gold Project.

The fresh batch of results extends the known strike length of Marceline to 500 metres. Bellevue reported that the mineralisation remains open in every direction and that it will continue with step-out and infill drilling at the discovery.

The company listed the following significant results:

  • 8m @ 20.1g/t including 0.9m @ 102.7g/t gold from 489.4m in DRDD590
  • 1m @ 45.5g/t gold from 503.4m in DRDD600
  • 2m @ 21.0g/t gold from 459m in DRDD614
  • 0m @ 16.7g/t gold from 455.7m in DDUG0005
  • 9m @ 13.0g/t gold from 462.1m in DRDD598
  • 2m @ 45.1g/t gold from 479.4m in DRDD589
  • 2m @ 6.0g/t gold from 379.8m in DRDD598
  • 5m @ 12.1g/t gold from 459.9m in DDUG0010

What did management say?

Commenting on the latest drill results, Bellevue managing director Steve Parsons said:

These latest results, with grades of more than 20 g/t, show that Marceline is a significant discovery in its own right. But given the scope to leverage the planned and existing infrastructure at Bellevue, Marceline has the potential to contribute to the production profile and mine life estimates in the stage two feasibility study.

One of the main benefits being that $10 million of capital has already been costed in the stage one study and any additional ounces coming into the mine plan from the Marceline Lode are expected to benefit from a lower level of capital intensity.

Bellevue Gold expects to complete its stage two feasibility study at Marceline in the June quarter.

Bellevue Gold share price snapshot

Over the past 12 months, Bellevue shares have gained 133%. That compares to a 40% gain on the All Ordinaries Index (ASX: XAO).

Year-to-date, however, the Bellevue share price is down 31%.

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Motley Fool contributor Bernd Struben 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 Why the Bellevue (ASX:BGL) share price is charging higher today appeared first on The Motley Fool Australia.

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