Bellevue Gold de-risking flagship project through discovery, according to Macquarie Research

Bellevue Gold Ltd (ASX:BGL) (OTCMKTS:BELGF) has secured a target price of A$1.20 per share from Macquarie Research analysts Andrew Bowler, Hayden Bairstow and Jon Scholtz.

In a recent report, the analysts detailed a recent site visit to the company's Bellevue Gold Project, with highlights including good ground conditions underground and the potential or continued resource/reserve growth.

"In our view, mineral inventory growth is likely to continue at Bellevue as drilling efficiency improves from additional underground drill positions

"We subsequentially lift our mining inventory assumption by 22% ahead of the Stage Two feasibility study, which is expected in mid-CY21."*Continued resource growth potential*

The report highlighted the potential for discovery at Bellevue, be it extensions to known lodes or the following up of numerous highly prospective targets that are generated by BGL's proven exploration methods.

"BGL continues to use downhole electromagnetic surveys to generate targets with good rates of success.

"As BGL continues its resource infill and extensional drilling, the company notes that, as drill rigs move underground, the cost and speed of drilling activity will improve."