Bellevue Gold’s strong Marceline discovery gold results to underpin stage two feasibility study for Bellevue Project

Bellevue Gold Ltd’s (ASX:BGL) (OTCMKTS:BELGF) has received further strong drilling results from the recent Marceline discovery at its Bellevue Gold Project in WA, extending the known strike length to 500 metres and this remains open.  The results are considered particularly important because they pave the way, with ongoing drilling, for inclusion in a maiden mineral resource at Marceline, which is expected to be included in the stage two feasibility study for the project that is on track for completion next quarter.  Including the Marceline lode in the study will benefit from $10 million of pre-production capital and 2 kilometres of development, as this has already been included and costed in the stage one feasibility study. As a result, any future resource at the Marceline lode would lead to a lower level of capital intensity on a per ounce basis.  ‘Significant discovery in its own right’ Bellevue managing director Steve Parsons said Marceline has substantial potential in several respects. “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. “Our view of Marceline’s potential is shown by ongoing step-out and infill drilling.” Drill results Marceline mineralisation is hosted in multiple shear zones characterised by abundant visible gold. Results include: 4.8 metres at 20.1 g/t including 0.9 metres at 102.7 g/t gold from 489.4 metres; 2.1 metres at 45.5 g/t from 503.4 metres; 4.2 metres at 21.0 g/t from 459 metres; 4.0 metres at 16.7 g/t from 455.7 metres; 4.9 metres at 13.0 g/t from 462.1 metres; 1.2 metres at 45.1 g/t from 479.4 metres; 8.2 metres at 6.0 g/t from 379.8 metres; and 3.5 metres at 12.1 g/t from 459.9 metres. Bellevue Gold Project The company recently released the stage 1 feasibility study at the Bellevue Gold Project, outlining a 750,000 tonnes per annum mining and processing scenario producing an average annual production of 160,000 ounces in years 1 to 5 and a life of mine (LOM) average of 151,000 ounces per annum over a 7.4-year mine life. With the delivery of the stage 1 feasibility study, BGL is continuing to target immediate LOM and reserve growth opportunities in high margin or early mine life areas, increases to the mine life and optimisation of free cashflow. Specifically: New zones of mineralisation near to the currently planned development that have the potential to benefit from the already fully costed access development, such as the Marceline Discovery; Geotech drilling has been completed with the intention of including small open pits in the project Ore Reserves at the Tribune, Vanguard and Hamilton areas. Testwork is currently being completed by the geotechnical engineers to allow for potential inclusion in the planned Stage 2 Feasibility Study; and Conversion of further inferred resources to indicated resources will be ongoing during the project development period. The Marceline discovery is an area that benefits from already planned and costed access development with the lode located near the northern end of the refurbished decline and the take-off to the Armand Lode. Drilling at this discovery has shown an excellent hit rate, with multiple lode positions defined and the strike length of significant drill intersections extended to in excess of 500 metres at the target. The central 350 metres of strike has now been infilled to 40 metres x 40 metres centres. New assays have been received for a further 35 surface and underground diamond drill holes.