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The ASX-listed junior gold miners are gaining investorsâ attraction as the high gold prices prompt them to consider the moneyness of their exchange option of supplying gold for cash.
The current convenience yield- a measure of having an asset in inventory rather than on papers are high amid the high gold prices in the international market. Due to high convenience yield in the international market, most of the Australian miners are ramping up the project and taking advantage of high investment of global investors into the gold mining sector.
To know More, Do Read: ASX-Listed Junior Gold Miners Consider Moneyness of Exchange Options; Progress Across Projects
One such miner who is ramping up the production level to take advantage of high gold prices is Bellevue Gold Limited (ASX: BGL) and stock has caught attraction post confirming high-grade hold at the Deacon & Mavis discovery, which is just 400 metres away from the Bellevue Mine- which covers an area of 1,700 metres x 420 metres and produced approx. 700,000 ounces of gold from underground (1986 to 1997).
A 700,000 ounces gold with an average grade of 9.6 gram per tonne of Inferred resources is currently hosted by the Bellevue Shear and hangingwall lodes.
Table of Contents
- Gold Discovery at the Deacon & Mavis discovery
- Tribune and Viago North Lodes Infill Drilling
- Stock Performance on ASX
Gold Discovery at the Deacon & Mavis discovery
The recent drilling at the Deacon & Mavis discovery aimed at extending the mineralisation up-dip and along strike with step-outs to the north and the south followed by a DHEM (down-hole electromagnetic) survey.
The hole drilled passed the Bellevue Lode post entering the new discoveries at the Deacon and Mavis discovery- which currently holds an area of 1,700 metres x 260 metres. The discovery which remains open in every direction is currently being tested by the company to the northern and depth potential.
BGL is currently progressing with the infilling to the outside of the DHEM detected radius and visualises the Deacon & Mavis discovery as another significant discovery due to the mineralised footprint and initial high-grade drill results comparable to the Bellevue Lode.
The significant drill results from the Deacon and Mavis are as below:
- The drill hole identified as DRDD237 intercepted in 3.8 m @ 13.9 g/t of gold and 1.7m @ 5.9 g/t gold- Deacon Lode.
- The drill hole identified as DRDD225 intercepted in 3 0.8m @ 36.9 g/t of gold- Deacon Lode.
- The drill hole identified as DRDD218 intercepted in 4.4 m @ 62.4 g/t of gold and 3.6 m @ 18.3 g/t gold which further includes 2.2 m @ 27.8 g/t of gold and 2.2 m @ 38.0 g/t gold intercepted by the hold identified as DRDD130- Deacon Lode.
- The interception of 2.2 m @ 38.0 g/t gold further includes g 1.1 m @ 75.3 g/t of gold from the Mavis Lode.
- The drill hole identified as DRDD088 intercepted in 1.8 m @ 5.9 g/t of gold.
- The drill hole identified as DRDD086 intercepted in 1 2.0 m @ 4.2 g/t of gold and 2.4 m @ 4.9 g/t of gold; however, the Off-Hole EM conductor is yet to be tested.
- The drill hole identified as DRDD139 intercepted in 2.5 m @ 5.1 g/t of gold.
- The drill hole identified as DRDD110 intercepted in 2.0 m @ 4.9 g/t of gold.
- The drill hole identified as DRDD105 intercepted in 9.5 m @ 0.5 g/t of gold to the furthest northern step-out hole and the Off-Hole EM conductor is yet to be tested.
Cross Section of the Bellevue Lode and the Deacon and Mavis discovery (Source: Companyâs Report)
The company also received significant mineralisation from the outside area of the Bellevue Lode, which was previously mined. The Mineralisation at the Bellevue Lode hosts strong shoot control to high-grade mineralisation with the majority of the gold being hosted in a small percentage of the total lode volume.
The significant results from the Bellevue Lode are as below:
- The drill hole identified as DRDD242 resulted in 2.8 m @ 46.9 g/t of gold.
- The drill hole identified as DRDD229 resulted in 2.1 m @ 7.0 g/t of gold.
BGL plans to complete a total of 17 holes for 15,600 metres at the Deacon, consisting of 7 new holes and 10 re-entries of existing holes at the Bellevue lode extended into the footwall.
The results from the drill hole (DRDD242), which is at the most northern of the Deacon & Mavis discovery, are pending. DRDD242 targets a significant offhole conductor below the hole DRDD105 and intercepted two zones of mineralisation with trace visible gold logged over 4.4 metres from 627.7 m and 1.6 metres from 655.2 m downhole.
To wrap up, the recent extension extends the total strike of the Deacon target to 1,700 metres x 260 metres with discovery remains open to all direction, and BGL plans to drill the northern and depth potential apart from infilling the areas outside the DHEM detection radius.
Also Read: Gold Rally Halts, Caps ASX Listed Gold Minersâ Stock Gains
Tribune and Viago North Lodes Infill Drilling
The company is progressing with a total of 21 infill holes at the Tribune Lode; as per the company, the drilling at the Tribune consistently intercepted Mineralised Shear Zone at the anticipated horizon, and a number of significant intervals are currently being logged.
The drill hole DRDD220 completed by the company at the Tribune north area retuned a visually spectacular gold interval in a late vein, which is the first observation of gold nugget at the project and BGL awaits the results from this interval.
Stock Performance on ASX
The stock is in a continuous uptrend from the level of $0.020 (low in December 2016) and recently rose to mark a record high of $0.735 (high in June 2019).
However, the prices tumbled slightly on ASX in July 2019 to the level of $0.570 from where the stock started recovering again to trade at the present level of $0.580 (closing price as on 04 October 2019).
As per the yesterday close, the stock delivered a massive return of 5,389.81 per cent over the last five years and a return of 168.89 per cent over the last one year.
The YTD return delivered by the stock stands at 39.08 per cent, while the last six months return stands at 8.04 per cent.
Also Read: Safe Havens Back in Demand, Look at 10 ASX Gold Stocks
Disclaimer
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