The Bellevue Gold Ltd (ASX: BGL) share price is currently trading higher as the company released mining results that will pave the way for future drilling. At the time of writing, the Bellevue share price is trading 4.9% higher at $1.07.
What Bellevue does
Bellevue is an ASX listed company which boasts one of the highest-grade, under-developed gold discoveries in the world at the historic Bellevue Gold Mine in Western Australia.
Prior to its reopening, the mine was in operation from 1986 to 1997 and was, in its day, one of Australia’s highest-grade gold mines. Bellevue is rapidly expanding the current gold resource, with further exploration and step out and infill drilling ongoing at the property.
Bellevue Gold posts impressive results
This morning, Bellevue announced that extensional and infill exploration drilling at the Bellevue Gold Project in Western Australia has intersected high-grade mineralisation both outside and within the existing known resource boundary.
Drilling has been continuing on site despite impacts of the global pandemic.
Bellevue’s share price has been rising as the company’s investment in exploration drilling continues to create significant value for Bellevue stakeholders.
Managing Director, Steve Parsons commented that:
“This all points to a larger overall mineralised envelope with more gold in the high-confidence indicated category, which in turn gives us even greater scale while continuing to de-risk the project.”
Furthermore, drilling is on track to deliver a further increase in the indicated resource in the December quarter, with stage two infill drilling to upgrade more of the resource, which currently stands at 2.3Moz at 10g/t gold.
What now for the Bellevue share price?
The Bellevue share price has been on an amazing run in 2020, soaring 98% since the start of the year. This is largely thanks to the strong tailwinds that a rising gold price has provided. Gold is largely being tipped as a new standard in portfolios.
However, investors should be just as wary of a pullback in the gold price, with gold recently witnessing a slight fall from its highs.
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Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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