Bellevue Gold share price hits record high on metallurgical testing

The Bellevue Gold share price has hit a record high today following successful metallurgical testing at its site in Western Australia.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Bellevue Gold Ltd (ASX: BGL) share price hit record highs today. The $1.22 share price comes after an update on its Western Australia metallurgical tests. 

The test results

The company revealed what it called "exceptionally strong results" from metallurgical tests. These included overall gravity and leach recoveries from all lodes averaging 97.8%. The gravity-only component from all lodes saw results ranging from 73.6% to 91.7%. 

The announcement read:

The testwork confirmed that the Bellevue lodes are exceptional in respect to extracting gold using conventional gravity and CIL processing flowsheets. The testwork is also in line with original production at the Bellevue Lode between 1988-1996, which reportedly averaged ~96% recovery from the gravity and CIL circuits.

Bellvue also completed geotechnical, visual inspections and test work programs to prepare for underground re-entry of the WA site. According to the company, testwork revealed favourable conditions for standard ground support requirements. Tender reviews assisted in preparation for underground rehabilitation and development requirements.

The company announced that it had appointed industry-recognised mining consultant, Entech as study manager to advance the project.

According to the company; "Bellevue is also pleased to advise that it has made significant progress on several fronts as part of its preparation for development."

Strong results across the board at Bellevue

A 10,000-metre regional discovery drilling also commenced along the highly-prospective 20km Bellevue mineralised corridor.

Bellevue Managing Director Steve Parsons said, "We have established a 2.2Moz resource at 11.3gpt, we have just hit high-grade gold 7km away from the resource and we are now finalising a maiden indicated resource,

These exceptional recovery rates, combined with the economic studies and other preparations underway, will position us to develop a project in a Tier One location with very high grades and a host of other extremely attractive features.

"All work that has been conducted on the underground infrastructure, points to a very low level of capital intensity for mechanised re-entry which is an amazing result given underground entry has not occurred in over 23 years. The 3D LIDAR survey highlights the competency of the surrounding ground conditions.

The company reported the dewatering program would allow it to drill underground in Q4 of 2020.

The Bellevue Gold share price

The Bellevue Gold share price is up 13% on Wednesday to $1.22 at the time of writing. It has recovered 325% from its 52-week low of 28 cents with its WA project news likely coming into play. The share price is up 118.5% year to date. 

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A man casually dressed looks to the side in a pensive, thoughtful manner with one hand under his chin, and holding a mobile phone in his other hand.
Broker Notes

Buy, hold, sell: CSL, QBE, and Pro Medicus shares

Let's see if analysts are bullish or bearish on these names.

Read more »

Excited couple celebrating success while looking at smartphone.
Broker Notes

Bell Potter names the best ASX shares to buy in April

What is the broker recommending to clients this month? Let's find out.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Market News

3 exciting ASX ETFs for growth investors

Looking for growth options? Here are three funds to consider buying.

Read more »

A man looking at his laptop and thinking.
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the ASX 200 after the Easter break.

Read more »

green arrow rising from within a trolley.
Defensive Shares

Woolworths' $37 share price is near an all-time high, so why am I going to buy some as soon as possible?

Why I still see Woolworths shares as a buy despite trading near all-time highs.

Read more »

A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares
Broker Notes

Buy, hold, sell: Aristocrat, BHP, and Woodside shares 

Analysts have given their verdict on these shares. What are they saying?

Read more »

Businessman working and using Digital Tablet new business project finance investment at coffee cafe.
Broker Notes

Buy, hold, sell: Cochlear, South32, and Westpac shares

Analysts have given their verdict on these popular shares.

Read more »

Woman with a scared look has hands on her face.
Share Market News

These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Read more »