The Bellevue Gold Ltd (ASX: BGL) share price is on the charge on Wednesday morning.
In early trade, the gold explorer’s shares are up 5% to 87.5 cents.
This gain has reduced the Bellevue Gold share price year to date decline to 25%.
Why is the Bellevue Gold share price charging higher today?
Investors have been bidding the Bellevue Gold share price higher today following the release of an update on drilling at the Bellevue Gold Project in Western Australia.
According to the release, the company has reported a host of strong grade control drilling results which it believes demonstrates the continuity of the high-grade mineralisation at the project. It also feels that it reinforces the robustness of the resource within the planned open pit development.
The release notes that the grade control drilling program at the Tribune lode was conducted on a 10m x 10m grid and returned intersections grading up to 176.6g per tonne.
Bellevue Gold’s Managing Director, Steve Parsons, commented: “These results provide more firm evidence that not only is the Bellevue mineralisation exceptionally high grade, but it also exhibits strong continuity. Whilst expected, the continuity is highly valuable because it helps underpin the de-risking and the successful development of the project.”
What now?
Bellevue Gold advised that it now has two rigs exclusively drilling grade control at Tribune. One of these is dedicated to the open pit areas and the other to the early underground development areas.
At the same time, step-out and infill drilling is ongoing at both the Marceline and Deacon North lodes.
The company will continue to maintain its strategy of de-risking the project through underground development, underground drilling, and grade control drilling. It will also continue resource growth drilling from both surface and underground to seek to grow the global resources and reserves.
But as things stand, it currently estimates that it has a total mineral resource of 8.55Mt at a grade of 9.9g per tonne.
The post Here’s why the Bellevue Gold (ASX:BGL) share price is charging 5% higher appeared first on The Motley Fool Australia.
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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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