Bellevue Gold Hits 62g/t at Deacon North and Lifts Exploration Budget to $30M
Key Takeaways
- Deacon North infill drilling has returned ten significant intercepts, headlined by 9.3m at 62.1g/t gold and 4.6m at 50.3g/t gold, confirming high-grade shoot continuity consistent with the proven Deacon Main mining area.
- Bellevue Gold's FY27 exploration budget has increased to $25–30 million, with a sixth underground rig now operational — representing a deliberate shift from grade control drilling to resource definition and exploration.
- A contractor transition from Develop Global to Barminco (completed 1 August 2026) is expected to cause a Q1 FY27 production shortfall of approximately 3,000–4,000oz, though full-year FY27 guidance remains unchanged.
- The updated Total Mineral Resource stands at 2.7Moz at 8.6g/t gold, with the net movement excluding production depletion assessed at approximately 6% — not considered a material change under ASX Listing Rule 5.8.
- Tribune South and Westralia represent emerging exploration frontiers, with DHEM anomalies identified at Westralia and Tribune South potentially resource-drillable within 12 months if mineralisation continues south with similar tenor.
Bellevue Gold launches FY27 exploration push with high-grade Deacon North results and updated Resource & Reserve statement
Bellevue Gold Limited (ASX: BGL) has released a dual-pronged update for its 100% owned Bellevue Gold Project in Western Australia’s Goldfields, combining a significant step-up in exploration ambition with the company’s annual Resource and Reserve statement. The FY27 exploration budget has increased to $25–30 million, a sixth underground rig has been added, and the project is increasingly displaying the characteristics of a broader mining camp rather than a single isolated orebody. Alongside this, a Q1 FY27 contractor transition is expected to produce a short-term production shortfall of approximately 3,000–4,000oz, though full-year FY27 guidance remains unchanged.
When big ASX news breaks, our subscribers know first
Q1 FY27 contractor transition: short-term disruption, unchanged full-year guidance
The transition from underground mining contractor Develop Global Limited (ASX: DVP) to Barminco Limited, a subsidiary of Perenti Limited (ASX: PRN), was completed on 1 August 2026. Key facts from the announcement:
- Contractor transition to Barminco Limited completed 1 August 2026
- Expected Q1 FY27 production shortfall: approximately 3,000–4,000oz
- Root cause: workforce availability, equipment commissioning requirements, and restricted access to certain planned high-grade stoping areas
- Quarter-to-date mined grades have performed to plan — the shortfall reflects lower mined and processed volumes, not geological underperformance
- FY27 full-year production guidance remains unchanged
- Deacon North’s high-grade contribution is expected to increase in H2 FY27, alongside the progressive benefit of all five mining areas becoming fully established
The shortfall is volume-driven and expected to be confined to the September 2026 quarter. Deferred production is expected to be recovered over subsequent quarters, and management’s decision to hold FY27 guidance signals confidence this is a transition-period issue rather than a structural production problem.
Deacon North high-grade shoots: the standout drilling results
Infill drilling at Deacon North has confirmed the continuity of high-grade mineralisation, with semi-massive pyrrhotite shoots of similar style and geometry to the proven Deacon Main mining area. Deacon North is an important contributor to the FY27 mine schedule, and additional high-grade shoots may be defined around existing intersections in areas currently supported by broader-spaced resource drilling.
The ten significant intercepts from the announcement are presented below. Investors should refer to the full Appendix 2 table in the ASX announcement for complete results.
| Hole ID | From (m) | Width (m) | Grade (g/t Au) | Classification |
|---|---|---|---|---|
| DDUG4346 | 213.6 | 9.3 | 62.1 | Significant Intercept |
| DDUG4347 | 218.3 | 4.6 | 50.3 | Significant Intercept |
| DDUG4344 | 196.5 | 5.2 | 32.1 | Significant Intercept |
| DDUG4476 | 221.3 | 8.9 | 31.0 | Significant Intercept |
| DDUG4213 | 200.3 | 5.1 | 27.4 | Significant Intercept |
| DDUG4485 | 183.3 | 4.7 | 24.0 | Significant Intercept |
| DDUG4475 | 224.6 | 6.7 | 23.5 | Significant Intercept |
| DDUG4478 | 199.7 | 5.3 | 21.9 | Significant Intercept |
| DDUG4341 | 211.5 | 6.4 | 20.0 | Significant Intercept |
| DDUG4349 | 202.6 | 4.1 | 22.3 | Significant Intercept |
Tribune South and Westralia: new frontiers opening up
Tribune South:
- Development of the Southern Belle Decline has established new underground drill platforms, enabling drilling to step south toward the Southern Belle Position
- Encouraging result of 3.5m at 44.96g/t gold previously reported from drilling to date
- If the Tribune lode system continues south with similar tenor of mineralisation, an equivalent area could be resource-drilled within approximately 12 months
Westralia:
- Approximately 13,000m of surface drilling completed since drilling recommenced at the start of Q3 FY26
- Intersection of 3.44m at 18.45g/t gold located approximately 140 metres east of existing underground development at Marceline (previously reported)
- A downhole electromagnetic (DHEM) survey — a geophysical technique used to identify conductive targets associated with sulphide mineralisation — has identified several new structures, including a strong DHEM anomaly aligning with a target below the historic Westralia workings
- These structures remain largely untested and the drilling remains pre-resource in nature
What is a mining camp, and why does it matter for Bellevue investors?
A mining camp is a district-scale system of multiple orebodies mined progressively over an extended operating life. Rather than a single deposit that is mined out and closed, a mining camp comprises several distinct mineralised positions that are discovered, developed, and extracted in sequence using shared infrastructure. This model is common across the Eastern Goldfields of Western Australia.
The distinction matters for investors because mining camps typically support longer mine lives, greater capital efficiency from shared underground access and processing infrastructure, and the ongoing potential for Resource growth as exploration unlocks new mineralised positions.
Brownfields exploration is central to this model. It means drilling within or near an existing mining area using established underground infrastructure, which lowers discovery cost compared to greenfields exploration (drilling in a completely new area with no existing access).
At Bellevue, this camp-scale picture is taking shape. Three main mineralised lodes (Bellevue, Deacon, and Tribune) are already in production. Secondary areas including Viago, Vlad, and Marceline are advancing. New search areas — Westralia is being tested from surface, and the western search area is an additional exploration priority. The company’s own framing is explicit: the project is “increasingly displaying the characteristics of a broader mining camp rather than a single isolated orebody.”
Updated Resource & Reserve: what the numbers show
The FY27 Resource and Reserve update reflects 193,000m of underground drilling completed between March 2025 and March 2026. Importantly, that drilling was predominantly production and grade control drilling rather than expansion drilling — this is the key context for understanding why figures have moved from FY26, alongside approximately 154,000oz of mined depletion during the period.
Table 1: Updated Mineral Resource Statement — Bellevue Gold Project (as at 1 March 2026)
| Category | Tonnes (Mt) | Grade (g/t Au) | Contained Ounces (Moz) |
|---|---|---|---|
| Indicated Mineral Resource | 5.5 | 9.3 | 1.6 |
| Inferred Mineral Resource | 4.3 | 7.8 | 1.1 |
| Total Mineral Resource | 9.8 | 8.6 | 2.7 |
Table 2: Updated Ore Reserve Statement — Bellevue Gold Project (as at 1 March 2026)
| Category | Tonnes (Mt) | Grade (g/t Au) | Contained Ounces (Moz) |
|---|---|---|---|
| Proved UG Ore Reserve | – | – | – |
| Probable UG Ore Reserve | 6.8 | 4.5 | 1.0 |
| Stockpiles & GIC (Probable) | <0.1 | 6.3 | <0.1 |
| Total Ore Reserve | 6.8 | 4.5 | 1.0 |
The Total Mineral Resource of 2.7Moz at 8.6g/t gold compares to 3.1Moz at 8.9g/t gold in FY26, and the Total Ore Reserve of 1.0Moz at 4.5g/t gold compares to 1.3Moz at 4.7g/t gold in FY26. The Ore Reserve cut-off gold price basis has been updated from A$2,750/oz to A$3,250/oz, reflecting the gold price environment observed over the past 12 months.
The Board has assessed that the net movement, excluding production depletion, is approximately 6% for the Mineral Resource and approximately 8% for the Ore Reserve — neither of which is considered a material change under ASX Listing Rule 5.8. With extensional drilling now recommencing and a $25–30 million annual exploration budget committed, future Resource and Reserve updates are expected to reflect expansion drilling outcomes.
The next major ASX story will hit our subscribers first
FY27 exploration roadmap: $25–30M budget and six rigs targeting camp-scale growth
The FY27 exploration programme represents a genuine shift in drilling purpose — away from an almost exclusively grade control focus and toward resource definition and exploration. The company aims to direct approximately 30% of total underground drilling metres in FY27 to resource definition and exploration, up from near-zero through most of FY26. The key priorities are:
- An additional underground drill rig secured and operational in Q1 FY27, targeting resource definition and exploration targets, supplemented by the equivalent of at least one additional rig from the existing five-rig fleet
- Deacon North infill and extensional drilling continuing to define new high-grade shoots
- Tribune South extensional drilling advancing south from Southern Belle Decline platforms
- Westralia surface and underground drilling targeting DHEM anomalies in FY27
- Longer-term down-plunge targets beneath Lake Miranda across all three main lodes — all three lodes remain open down-plunge, with the Bellevue and Deacon lodes hosting untested DHEM anomalies in these positions
- Flat-lying lode systems (Viago, Lucien, and Vlad) at the base of the steeply dipping lode systems to be further defined
For investors tracking Bellevue Gold, the shift from a production-drilling-dominated programme to a genuine exploration and resource definition push in FY27 is the key forward-looking signal. It is the mechanism through which mine life extension and Resource growth become possible — and the $25–30 million annual budget committed to that objective is the clearest indication yet of management’s intent to develop the Bellevue Gold Project as a long-life mining camp.
Don’t Miss the Next ASX Gold Breakout
Get FREE breaking ASX gold news delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Join 30,000+ investors who rely on Big News Blast to stay ahead of the market. Click the “Free Alerts” button to start receiving alerts the moment high-impact gold sector news hits the ASX.