Shares in Bellevue Gold have shot higher this week after the explorer declared its Viago discovery in the northern Goldfields a “company maker”.
The Viago Lode is a new find at the Bellevue Gold mine near Leinster, which produced about 800,000 ounces at grades of up to 15g per tonne before it was shut in the late 1990s.
Broad-spaced drilling from Bellevue, formerly known as Draig Resources, hit high grades at depth at Viago, with the company hoping to add to its 500,000oz resource before the end of this year.
Bellevue struck hits such as 3m at 85.9g/t from 597m down hole, including a half-metre intersection of 445g/t, 6.4m at 27.9g/t from 587.6m and 6.9m at 18g/t from 535.9m at Viago.
A maiden resource estimate at Viago is expected to come out this quarter, adding to the 1.9 million tonnes at 8.2g/t Bellevue has already defined at the Tribune Lode.
Viago is located 150m from historic underground development, with Bellevue executive director Steve Parsons saying it was an “exciting discovery”.
“These latest drill results from the Viago discovery confirm the lode system as being of exceptional quality and grade,” he said.
“The historic Bellevue Mine was one of the stand-out high-grade gold mines of the 1980s and 1990s in Australia and the company is now increasingly confident that the Viago and Tribune lodes will continue that legacy well into the future.
“We look forward to keeping the market informed of progress at this exciting discovery as exploration progresses and we move towards an updated resource estimate this quarter.”
Bellevue shares climbed 9.1 per cent, or 2.5¢, to 30¢ yesterday, a 50 per cent rise in the past fortnight.