Bellevue Gold Limited has announced that stoping is now underway as part of its goal to produce its first gold from the Bellevue processing plant in the coming quarter.
The Bellevue Gold Project has begun underground stoping. The first stope was shot at the Upper Armand mining region last week. This panel is now finished, with the stope pulling to the full height of 24 metres and planned minimum width.
Development ore drives have now accessed three of the four production regions, Armand, Marcelline, and Bellevue South. During the pre-production period, each of these mining sites will stop, resulting in stockpiled tonnes ready for processing plant commissioning.
Deacon, the fourth producing area, will be developed this quarter, with grade control drilling already begun.
Bellevue also reported that the processing and commissioning team has arrived on site and is collaborating with the construction team to facilitate the completion and start-up of the Bellevue processing plant.
This was accomplished when the first toll treating campaign of Bellevue material began at Genesis Minerals Limited‘s Gwalia gold mine. The successful commencement of toll treating, which will produce early cashflow for Bellevue, has culminated in pouring the first gold bar. More initiatives are planned for September and October 2023.
The processing plant’s construction is progressing ahead of schedule, with all structural work, CIL tanks, painting, and mechanical installations completed, while mill installation is 90% complete with just alignment work remaining. The remaining critical route of electrical and pipe installation is developing well (both are 50% complete), with all electrical cable pulls completed and both construction teams fully resourced through the project’s completion.
Construction of the crushing circuit is complete, and commissioning procedures have begun, with equipment energisation and bump testing beginning. Commissioning staff have been mobilised, both from the EPC contractor GR Engineering Services Limited and from inside Bellevue, with the commissioning plan finalised and the commissioning team meeting regularly.
The Bellevue processing team has been assembled, and all personnel are either on-site or in the process of being onboarded. This team is on target to have more than 35% female participation, with a mix of greenfields and brownfields project expertise in gold processing plant commissioning. This team will work with GRES for the construction phase, including commissioning and production.
Macquarie Bank Limited has granted Bellevue a $25 million loan facility limit, distinct from its existing Project Loan Facility. This facility provides contingent funds and balance-sheet flexibility, and it will expire on 31 March 2024 or sooner if voluntarily cancelled.
Bellevue’s total proforma liquidity is A$133 million as of 31 July 2023, excluding cashflow from the toll treatment campaign and projected novation or sale of power-related assets up to June 2023, with about $7 million already novated/sold.
“The project ramp-up is proceeding to plan as we continue to meet key project milestones such as first stoping and the start of commissioning. We are also pleased to have the ongoing support from our bankers Macquarie, which reflects the strength of the project. While we don’t currently intend to draw down the Facility, it provides us with a further liquidity buffer and balance sheet flexibility,” Bellevue Managing Director and CEO Darren Stralow said.
