Bellevue Gold has price target upgraded to $1.10 per share by Canaccord Genuity

Bellevue Gold Ltds (ASX:BGL) recent discovery of a new gold resource surrounding the historical Bellevue underground gold mine is making the company an ASX success story.

The resource upgrade in July to 1.8 million ounces grading 11.1 g/t gold was a 25% increase in global tonnes and a 17% increase in contained metal.

The capital markets division of Canaccord Genuity Group Inc (TSE:CF) has retained its speculative buy recommendation for Bellevue and has increased its price target from $1 to $1.10 per share.

Following is an extract from Canaccords research update:

Key project milestones in the SepQ19 include:

Deacon and Mavis: As outlined in our recent note Deacon growing and Mavis emerging, drilling completed during the quarter indicated the presence of high grade shoots at the newly discovered Deacon Lode confirmed the new parallel Mavis lode. Mavis is located 60m from the Deacon footwall and can conceptually reduce capex (shared U/G development & infrastructure). Both lodes are located ~400m east and to depth of the historic mine which houses existing infrastructure (mine development, ventilation shaft).

Infill drilling progressing: A total of 21 holes of infill drilling in the Tribune lode were completed during the SepQ, on 40m x 20m centres. BGL have reported that drilling has consistently intercepted the Tribune Mineralised Shear Zone at the anticipated horizon.

Board updates: Mr Kevin Tomlinson was appointed as the Non-Executive Chairman following the resignation of Mr Ray Sharrocks as the company moves to its next phase of growth. Mr Tomlinson has over 35 years experience in mining and finance in the Toronto, Australian and London stock markets. Mr Tomlinson was previously Managing Director of Investment Banking at Westwind Partners and Stifel Nicolas raising equity and providing corporate advice. He graduated as a structural geologist and completed a MSc on narrow high-grade goRead More – Source

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