Bellevue completes $20m raising
BELLEVUE Gold has raised $20 million in funding to put towards its namesake gold project in WA.
Funds obtained through the 37 million share placement would be used for ongoing exploration and general working capital purposes.
On 5 February the company revealed a 47 per cent increase in its inferred resource estimate to 1.53 million ounces at 11.8 grams per tonne of gold.
Another resource expansion upgrade was due in the second quarter of 2019.
“We are now fully funded to undertake drilling activities at Bellevue for the next 12 months,” Bellevue Gold managing director Steve Parsons said.
The company’s share price had tripled since September 2018 and, with a market capitalisation of $274 million, it was already larger than some active gold producers.
The Bellevue project was one of Australia’s highest grade gold discoveries, comprising the Viago Lode, Western Corridor and Bellevue Surrounds targets.
“The company is delighted to announce a further substantial resource upgrade at the Bellevue gold project,” Mr Parsons said.
“The exploration team had discovered and delineated in excess of 1.5 million ounces of high-grade gold in just over 12 months since resource drilling commenced.
“The company believes there is significant scope for expansion of Bellevue shear hosted lodes as well as previously untested hanging wall lodes identified in recent drilling.
“Drilling is currently underway to test these targets with approximately 10,000 metres of drilling planned into the Bellevue min surrounds in the next three months.”