bellevue gold project...high grade gold was mined at the project for over 100 years at the bellevue...

Bellevue Gold Mine

“A forgotten treasure”

Historically produced

800,000oz @ 15g/t gold

Unlocking the potential of

one of Australia’s historic

great high-grade gold mines

Maiden Inferred Resource 500,000oz @ 8.2g/t gold

& historically produced

800,000oz @ 15g/t gold

Significant landholding of +4,000km2 in a major gold producing district

Corporate Directory

Non-Executive Chairman

Mr Ray Shorrocks

Executive Director

Mr Steve Parsons

Executive Director

& Company Secretary

Mr Michael Naylor

Contact Details

Principal and Registered Office

Level 3, Suite 3

24 Outram Street

West Perth WA 6005

T: +61 8 6424 8077

E: [email protected]

ASX Code: BGL

www.bellevuegold.com.au

ASX Announcement 19 October 2018

30 September 2018 Quarterly Report Highlights

Bellevue Gold Project

• In August 2018, the Company announced a maiden Inferred Resource of 1.9 Mt tonnes @ 8.2 g/t gold for 500,000 ounces of gold

o The resource estimate extends from surface with >90% of the reported resource from surface & within the top 450 metres.

o A very high-grade component of 1.4 Mt @ 9.6g/t for 430,000 ounces of gold reported at a 5g/t lower cut.

o Doesn’t include the new gold discovery, the Viago lode.

• The company anticipates an updated resource in Q4 2018 for the project.

• The Company made a new high-grade gold discovery named the Viago Lode

(Viago Shear Zone) that has been defined by diamond drilling for 800 metres of

strike and remains open.

o A bonanza grade zone has now been defined in excess of 120 metres in

the central portion of the new discovery zone with results of:

▪ 3 m @ 85.9 g/t gold from 597 m including 0.5 m @ 445.0 g/t

gold from 598 m in DRDD069

▪ 6.4 m @ 27.9 g/t gold from 587.6 m including 2.8 m @ 62.8 g/t

gold from 587.6 m in DRDD073

▪ 4.3 m @ 58.8 g/t gold from 575.5 m in DRDD013

o Further significant results from the Viago Lode include:

▪ 2.8m @ 32.3 g/t gold from 606.8m in DRDD072

▪ 3.35m @ 37.4 g/t gold from 562.45 in DRDD070

▪ 6.9m @ 18.0 g/t gold from 535.9m including 0.35m @ 203.3 g/t

gold from 540.8m in DRCDW020

▪ 2.8 m @ 19.0 g/t gold from 571.65 m DRDD065

▪ 2.5 m @ 13.1 g/t gold from 560.5 m DRCD022

▪ 1.5 m @ 23.9 g/t gold from 566.3 m DRDD066

▪ 4.3 m @ 8.8 g/t gold from 575.3 m in DRDD059

• Additional high-grade results from surface drilling from the Tribune inferred resource estimate areas targeting shallow mineralisation. Results included:

o 5 m @ 17.3 g/t gold from 46 m including 2m @ 40.8 g/t gold from 44 m o 7 m @ 8.2 g/t gold from 34 m including 4m @ 13.2 g/t gold from 36 m o 3 m @ 12.4 g/t gold from 24 m o 3 m @ 6.9 g/t gold from 35 m o 4 m @ 5.1 g/t gold from surface o 7 m @ 2.8 g/t gold from 13 m o 10.1m @ 29 g/t gold from 188m

• Multiple untested Electro-Magnetic conductors indicates the potential for

multiple repeats of these high-grade zones within the overall Viago mineralised

envelope to be drill tested over the coming months.

• Strike length of this new discovery (800 metres & open) is already larger than the

Tribune Lode (550 metres at surface) & is similar in strike to the historic Bellevue

Lode at surface.

Corporate

• As at 30 September 2018, Bellevue Gold held $4.4 million in cash.

2 of 13

Bellevue Gold Project, Western Australia

The Bellevue Gold Project is located in the northern part of the Norseman-Wiluna Greenstone belt in the Yilgarn Craton, Western Australia. The project is approximately 40 kilometres north by sealed highway from the regional centre of Leinster and covers approximately 1,930km.

High grade gold was mined at the project for over 100 years at the Bellevue lode through to 1997 when the operation shut down at around 430 metres below surface. Around 800,000 ounces of gold have been produced at a reported head grade of ~ 15 g/t from a narrow vein operation. After the mine closure in 1997 very little modern exploration was completed at the project and Bellevue Gold is undertaking the first systematic exploration at the property in the last 20 years. At the time of closure, the prevailing interpretation was that mineralisation was offset by a significant shear zone termed the Highway Shear and very little exploration was conducted west of this structure.

Figure 1: Location of Projects

3 of 13

Tribune Lode Discovery ➢ Located in the Western Corridor, an area adjacent to the Bellevue Gold Mine which has seen limited modern

exploration.

➢ Central part of 2.4 kilometers of strike of high grade quartz lodes associated with Bellevue parallel shear zones. ➢ Currently defined from surface for a strike length of 550 metres and open.

➢ Similar in style and nature to the historic Bellevue Lode (historically mined 800,000oz @ 15g/t gold)

The Tribune Lode is a Bellevue parallel structure located immediately to the west of the Highway Fault and the historic Bellevue underground mine. This largely untested area is obscured by shallow transported sand cover and lake sediment to the south and is known as the ‘Western Mineralised Corridor’. The mineralisation is high grade, quartz lode style with well-defined shoot control associated with a ductile shear network. Mineralisation has currently been tested for 550 metres of strike and is open to the north and south.

Gold has a close association with semi massive to massive pyrrhotite making down hole electromagnetic (DHEM) surveys particularly useful for defining higher grade lode positions within the overall mineralised shear zone.

Previous drilling by Bellevue Gold at the Tribune discovery has focussed on locating the position of the Tribune Shear on coarse exploration centres (80m x 80m) and following up with DHEM to refine targeting. This has resulted in a number of new high-grade mineralised shoots defined.

The company continued its aggressive exploration program with 6,600m of diamond drilling during the quarter at the Tribune and Viago Lode discoveries.

Maiden Mineral Resource Estimate (MRE)2

The maiden resource estimate covers the “Western Corridor” lodes including Southern Belle and, Tribune Lodes, and the Bellevue and Hamilton lode systems in the “Bellevue Surrounds” area. Resources have been grouped as such below in Table 1. All resources are reported at a 3.5 g/t gold lower cut off which is deemed acceptable based on approximate industry costings associated with the likely mining method (narrow vein underground). All resources are classified as Inferred.

Table 1 - JORC 2012 Inferred resource estimate at selected lower cut-off grades

Cut-off Tonnes

(Mt) Grade

gold g/t Gold Ounces

2.0 g/t Au 2.9 6.3 580,000

3.5 g/t Au 1.9 8.2 500,000

5.0 g/t Au 1.4 9.6 430,000

*Totals are rounded to reflect acceptable precision, sub totals may not reflect global total resources

Bellevue Gold Limited considers the Bellevue Surrounds and Western Corridor deposits has a reasonable prospect of eventual extraction, taking into account the depth, thickness and grades of the deposits and proximity to existing infrastructure such as roads and power.

The majority of the reported gold is in the top 450 metres from surface with 92% of the gold shallower than 450 metres. There is very limited drilling below this depth included in the resource. The estimate has been produced by 3D modelling of the lode systems and grade estimation using a combination of ordinary kriging and inverse distance algorithm. A full summary of the resource methodology and validation is included in the Appendix JORC table. All project resources have

4 of 13

been classified as Inferred based on current drill spacing at the Tribune Lode and the historical drill results which will require further supporting verification drilling and assay QAQC insertion. It is anticipated that infill drilling and verification drilling will support an increase in resource classification.

Table 2 - JORC 2012 Inferred resource estimate summary

Deposit Area Tonnes

(Mt) Grade

gold g/t Gold Ounces

Bellevue Surrounds 0.9 7.7 220,000 Western Corridor 1.0 8.8 270,000

Total 1.9 8.2 500,000*

*Totals are rounded to reflect acceptable precision, sub totals may not reflect global total resources

With resources still open for expansion in the top 450 metres and almost entirely untested below this depth the company views the Bellevue Lode system as a significant mineralised system and compares favourably to a number of large long-life gold mines currently operating by major gold mining companies in Western Australia.

Importantly when considering exploration potential at depth, the Bellevue Lode which was mined historically to a depth of 450 metres below surface, produced 800,000 ounces at ~15 g/t gold. The total gold endowment for the Bellevue Project, including the historically mined ore now exceeds 1.3 million ounces of gold in the top 450 metres from surface which is around ~3,000 ounces per vertical metre.

The company views the current Resource as an interim estimate and further resource growth is targeted in Q4 2018.

In the “Western Mineralised Corridor” a new discovery was recently made in the Tribune footwall, called the Viago lode (refer below). Significantly, the new discovery IS NOT INCLUDED in the current Mineral Resource Estimate.

The company anticipates it will provide an updated resource in Q4 2018 for the project.

Tribune Lode – Shallow Infill Drilling

Results were received for a small program of Reverse Circulation (RC) drilling conducted over the shallow Tribune Lode discovery on 40 metre centres. A total of 25 holes for 1450 metres of drilling was completed. Drilling was designed to infill the oxide and shallow broken zone over the JORC resource estimate area to assist in determining the best development option for accessing underground ore sources at Tribune Lode and beyond.

Results received were in line with expectations from the diamond drilling completed by Bellevue Gold and the limited amount of historic RC holes and support the interpretation of gently southerly plunging oreshoots within the overall north-west trending Tribune Mineralised Zone.

Drill results include (ASX 28 August 2018)1:

o 5 m @ 17.3 g/t gold from 46 m including 2m @ 40.8 g/t gold from 44 m

o 7 m @ 8.2 g/t gold from 34 m including 4m @ 13.2 g/t gold from 36 m

o 3 m @ 12.4 g/t gold from 24 m


o 4 m @ 5.1 g/t gold from surface


o 10.1m @ 29 g/t gold from 188m (refer asx 26/09/18)

5 of 13

Figure 2- Long Section of Tribune Lode Showing Recent RC drill piercements

Figure 3- Long Section of Bellevue Gold Project Mineralised Lodes

Viago Lode - Bonanza Gold Discovery

The Company made a new high-grade gold discovery during the quarter named the Viago Lode (Viago Shear Zone) that has currently been defined for 800 metres of strike and remains open.

A total of 21 holes have now been drilled into the Viago Lode by diamond core drilling centred on 80 metre x 40 metre and 80 metre x 80 metre drill centres.

6 of 13

Recently derived drill results from the Viago Lode include:

• 3 m @ 85.9 g/t gold from 597 m including 0.5 m @ 445.0 g/t gold from 598 m in DRDD069 (refer ASX 9/10/18)1

• 6.4 m @ 27.9 g/t gold from 587.6 m including 2.8 m @ 62.8 g/t gold from 587.6 m in DRDD073 (refer ASX 9/10/18)1

• 4.3 m @ 58.8 g/t gold from 575.5 m in DRDD013 (refer ASX 06/08/18)1

• 2.4m @ 36.3 g/t gold from 606.8m in DRDD072 (refer ASX 09/10/18)1

• 3.35m @ 37.4 g/t gold from 562.45 in DRDD070 (refer ASX 26/09/18) 1

• 6.9m @ 18.0 g/t gold from 535.9m including 0.6m @ 203.3 g/t gold from 540.8m in DRCDW020 (refer ASX

09/10/18)1

• 2.8 m @ 19.0 g/t gold from 571.65 m DRDD065 (refer ASX 26/09/18) 1

• 2.5 m @ 13.1 g/t gold from 560.5 m DRCD022 (refer ASX 17/07/18) 1

• 1.5 m @ 23.9 g/t gold from 566.3 m DRDD066 (refer ASX 26/09/18) 1

• 4.3 m @ 8.8 g/t gold from 575.3 m in DRDD059 (refer ASX 30/05/181)

A bonanza grade zone has now been defined in excess of 120 metres in the central portion of the new discovery and is characterised by massive to semi-massive pyrrhotite mineralisation with visible disseminated gold over widths up to several metres.

Down Hole Electro-Magnetic (DHEM) surveying indicates the potential for multiple repeats of these high-grade ore zones within the overall mineralised envelope. These high-grade ore zones are analogous to the high-grade ore zones at Bellevue mined historically which produced 800,000 ounces @ 15 g/t gold from 1986 to 1996.

The remainder of the high-grade drill intercepts at Viago Lode are derived from more quartz dominant intersections characteristic of the proximal ore zone locations at the historical Bellevue mine.

It is apparent that the high-grade mineralisation at Viago has significant scale, having been defined over 800 metres of

strike and around 200 metres across strike and remains completely open. The mineralised shear zone has been

intersected for a further 100 metres of potential strike with narrow high-grade intervals intercepted in scout holes testing

the northern and southern extremities. Step out drilling north, south, east and west will be carried out over the coming

months to define the limits of the Viago Lode.

The current geological interpretation is that the high-grade mineralisation forms gently plunging ore shoots consistent with the high-grade plunges identified at the Tribune Lode and the Bellevue Mine.

The company believes recent drilling has now demonstrated that the Viago lode is a significant high-grade lode style

gold discovery.

Drilling is ongoing at the Viago discovery and DHEM surveys are ongoing at the Viago discovery. Numerous new significant

conductors have been modelled within the mineralised envelope and the Company intends to update the market on the

results of the down hole surveys and ongoing drilling as results become available.

7 of 13

Figure 4: DRDD073 Viago Lode drill intercept 2.8m @ 62.8 g/t gold at 587.6 m of the high grade core

All drill results to date from the Viago discovery are summarised below in table 1, intersection widths are approximate

to true widths:

Table 4: All reported drill intersections from the Viago Discovery

Hole ID MGA East

MGA North

EOH Azi Dip

From To interval Grade Gram x Metres

DRDD064 258762 6939422 799 90 -60 357.8 358 0.2 45.6 9

DRDD068 258695 6939319 601 90 -60 NSR 0

DRDD065 258643 6939240 619 90 -60 571.65 574.45 2.8 19 53

DRDD066 258732 6939219 601 90 -60 566.3 567.8 1.5 23.9 36

DRDD024 258779 6939241 619 90 -60 551 552 1 11.3 11

90 -60 AND 557.4 558 0.6 28.8 17

DRCD022 258768 6939160 598 90 -60 560.5 563 2.5 13.1 33

90 -60 including 540.8 541.8 1 28.5 29

DRCDW020* 90 -60 535.9 542.8 6.9 18 124

90 -60 including 540.8 541.15 0.35 203.3 71

DRDD059 258735 6939102 721 90 -60 575.3 579.6 4.3 8.8 38

90 -60 AND 584.3 584.6 0.3 44.4 13

90 -60 0 0

DRDD051 258831 6939119 694 90 -60 565.5 566 0.5 16.2 8

DRCD030 258766 6939060 638 90 -60 586.25 589 2.75 1.2 3

DRDD071 258834 6939019 652 90 -60 585 585.4 0.4 15.8 6

DRDD013 258861 6938980 640 90 -60 575.5 579.8 4.3 58.8 253

DRDD057 258766 6938978 655 90 -60 613.5 614 0.5 3.2 2

DRDD073 258842 6938937 650 90 -63 587.6 594 6.4 27.9 179

90 -60 including 587.6 590.4 2.8 62.8 176

DRDD045 258813 6938899 651 90 -60 pending

8 of 13

Hole ID MGA East

MGA North

EOH Azi Dip

From To interval Grade Gram x Metres

DRDD069 258850 6938899 649 90 -60 597 600 3 87.6 263

DRDD060 258871 6938860 691 90 -60 597.8 599.2 1.4 9.7 14

90 -60 including 598.6 599.1 0.5 20.7 10

DRDD070 259010 6938786 625 90 -60 562.45 565.8 3.35 37.4 125

90 -60 including 565.15 565.65 0.5 159 80

DRDD067 259017 6938783 619 90 -60 575.4 576.5 1.1 7.3 8

90 -60 including 576 576.5 0.5 14 7

DRDD072 259019 6938782 679 132 -68 606.8 609.6 2.8 32.3 90

DRDD055 259013 6938784 751 140 -60 627.2 627.5 0.3 35.8 11 *subinterval corrected from original release

9 of 13

Figure 5: Plan View of Viago Lode 800 metres x 200 metres strike so far and open. Viago discovery is OUTSIDE of the current resource estimate.

Regional – 4,000km2

Regional exploration has been focused on the identification and ranking of regional targets throughout BGL tenure to allow for prioritisation or work and for future ground rationalisation. Work has included desk-top data reviews, field mapping, rock chipping and the collection of bottom of hole samples from historical drilling. The aim of the bottom of hole sampling is to create a coherent multi-element and hyperspectral dataset to build into regional target ranking. In addition to this work soil sampling geochemical surveys have been initiated over target areas proximal to the Bellevue Mine (including Kathleen Valley and Government Well) where datasets are missing.

EIS applications have also been submitted for government co-funded drilling of the Popes Patch target area in Yandal South area Bellevue deep diamond drilling.

10 of 13

Corporate

Cash

As at 30 September 2018, Bellevue Gold held $4.4 million (30 June 2018: $8.6 million) in cash. Refer to the Appendix 5B (ASX website) for principal movements in cash for the quarter.

Section 18 consent

The Company received ministerial approval through Section 18 consent to undertake exploration drilling on an island within Lake Miranda. The current drilling at Tribune Lode is not affected by the Section 18 as all drilling undertaken to date is located on the mainland and away from the lake. The approval however will allow drill testing within the Western Corridor to the south.

The Company has been advised that the Native Title Party have submitted a Section 9 and 10 application of the Aboriginal & Torres Strait Islanders Heritage Protection Act 1984 (cth) over the area of Section 18 consent. The Minister will review and make a decision over the coming months as to the validity of the Section 9 and 10 applications.

Change of Company Name

The Company received shareholder approval to change the Company Name to Bellevue Gold Limited. The name become effective with ASIC on 18 July 2018. The Company commenced trading under the ASX code of BGL on 25 July 2018.

Change of Board Member

Mr Michael Naylor was appointed as a Director of the Company and Guy Robertson resigned as a Director, both effective 24 July 2018.

Further information

Please visit the ASX platform (ASX: DRG) or the Company’s website www.bellevuegold.com.au

End Notes

1 For full details of these Exploration results, refer to the said Announcement or Release on the said date. Bellevue Gold is not aware of any new information or data that materially affects the information included in the said announcement

2 All material assumptions and technical parameters underpinning the Mineral Resource estimate in the ASX announcement dated 1 August 2018 continue to apply and have not materially changed since last reported.

http://www.bellevuegold.com/

11 of 13

Appendix 1 The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 30 September 2018.

Tenement Location Registered Owner Structure and Ownership

Bellevue Gold Project

M36/24 Western Australia Golden Spur Resources Pty Ltd 100%



E36/535 Western Australia Golden Spur Resources Pty Ltd 100%

P36/1867 Western Australia Golden Spur Resources Pty Ltd 100%

M36/660 Western Australia Bellevue Gold Limited 100%







E36/919 Western Australia Giard Pty Ltd 100%

P36/1873 Western Australia Giard Pty Ltd 100%









E36/857 Western Australia Weebo Exploration Pty Ltd 100%





12 of 13










E36/906 Western Australia Green Empire Pty Ltd 100%



















Mining Tenements disposed: Nil Mining Tenements acquired: Nil Beneficial percentage interests held in farm in or farm-out agreements: Nil Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil

13 of 13

Competent Persons’ Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Shane Hibbird who is a member of the AusIMM, Australian Institute of Geoscientists (AIG) and the Society of Exploration Geologists (SEG). Mr Hibbird has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hibbird is a full-time employee of Bellevue Gold and has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears.

Disclaimer

This report has been prepared by Bellevue Gold Limited (the Company) based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this report, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this announcement. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (Affiliates) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this announcement, its accuracy, completeness, currency or reliability. This report is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This announcement does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company (Shares). The Company has made reference to historic drilling and exploration results from a variety of exploration companies over the past 30 years that had previously explored the Project.

Forward Looking Information

This report contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, The Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company’s public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this presentation, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This presentation may contain certain forward-looking statements and projections regarding:

- estimated, resources and reserves; - planned production and operating costs profiles; - planned capital requirements; and - planned strategies and corporate objectives.

Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

bellevue gold project...high grade gold was mined at the project for over 100 years at the bellevue...

Documents