Bellevue Gold (BGL) has released metallurgical (met) test results and an update on the underground re-entry progress at its 100% owned Bellevue Gold Project in Western Australia. Met results showed excellent gold recoveries of 97.8% from combined gravity and leaching (CIL). Of particular note was the exceptionally high gravity recoveries of 73.6-91.7%. Dewatering of the historic underground mine is down to 250m below surface. Visual inspections and a Light Detection and Ranging (LIDAR) survey indicate that geotechnically, the underground is in a suitable condition for mechanised re-entry. BGL is due to release a Resource update next month and Argonaut estimates that 600-800koz of the current 2.2Moz Inferred Resource will be converted into Indicated Resources. SPEC BUY recommendation maintained with a revised target price or $1.42ps (from $1.15ps).
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