Bellavista Resources Ltd has agreed to acquire a majority stake in the high-grade Pickle Crow Gold Project in Ontario, Canada, boasting a 2.8 million ounce inferred resource at 7.2g/t gold. The company is also raising up to A$25 million to fund aggressive exploration and development.
- Acquisition of 70% interest in Pickle Crow Gold Project with option to increase to 80%
- Pickle Crow hosts 2.8Moz JORC Inferred Mineral Resource at 7.2g/t gold
- Significant exploration tenure in Uchi and Wabigoon belts with high-grade prospects
- Bellavista to raise up to A$25 million via two-tranche share placement
- Acquisition and capital raising subject to shareholder and regulatory approvals
Bellavista's Transformational Acquisition
Bellavista Resources Ltd (ASX, BVR) has entered into a binding agreement to acquire a 70% interest in the Pickle Crow Gold Project and associated exploration assets from FireFly Metals Ltd, with an option to increase its stake to 80%. Located in the prolific Uchi belt of Ontario, Canada, Pickle Crow boasts a substantial JORC-compliant Inferred Mineral Resource of 2.8 million ounces of gold at an impressive grade of 7.2 grams per tonne.
This acquisition marks a significant milestone for Bellavista, transforming it into a substantial gold exploration company with a high-grade resource base and a platform for further regional mergers and acquisitions. The Pickle Crow Project, historically mined between 1935 and 1966 with production of 1.5 million ounces at 16g/t gold, has seen limited exploration since 2023 despite a doubling of gold prices.
Exploration Upside and Regional Potential
Beyond the core Pickle Crow resource, Bellavista will acquire extensive exploration tenure in the Uchi and Wabigoon belts, including the Sioux Lookout Project. These areas have demonstrated numerous prospects with shallow, high-grade mineralisation, such as rock chip samples grading up to 74g/t gold at Sioux Lookout. The company plans to implement aggressive exploration campaigns targeting both near-mine extensions and regional discoveries, leveraging modern geophysical surveys and historical drilling data.
Capital Raising to Fuel Growth
To fund the acquisition and exploration programs, Bellavista is undertaking a two-tranche share placement to raise up to approximately A$25 million at an issue price of A$0.75 per share. The first tranche, raising about A$19 million, will be completed under existing placement capacity, while the second tranche, raising up to A$6 million, is subject to shareholder approval. Proceeds will support the exercise of the earn-in option to increase ownership to 80%, extensive drilling campaigns, ongoing exploration at Bellavista’s Brumby project in Western Australia, and corporate costs.
The placement is managed by Canaccord Genuity as lead manager, with Euroz Hartleys and Argonaut Securities as co-managers. Directors have committed to participate in the second tranche, signaling confidence in the transaction.
Technical and Operational Highlights
The Pickle Crow resource is characterised by high-grade quartz vein and banded iron formation-hosted mineralisation, with recent drilling expanding the inferred resource from 0.8Moz to 2.8Moz through over 157,000 metres of diamond drilling. The upper 250 metres alone contains approximately 1 million ounces at 4.1g/t gold, offering potential for open pit mining. Historical metallurgical test work indicates excellent gold recoveries exceeding 98%, consistent with the mine’s historic performance.
Bellavista’s experienced exploration team aims to unlock further value through targeted drilling and regional exploration, capitalising on the underexplored nature of the project area and the favourable geological setting within a major North American gold belt.
Next Steps and Approvals
Completion of the acquisition is subject to several conditions precedent, including Bellavista and FireFly shareholder approvals, regulatory relief, and consents from joint venture partners. An extraordinary general meeting is anticipated in late March 2026 to seek necessary approvals. The company expects to complete the acquisition and associated capital raising by early April 2026, positioning Bellavista for an active exploration and development phase.
Bottom Line?
Bellavista’s acquisition of Pickle Crow and capital raise set the stage for a new growth chapter, but execution risks and resource upgrade milestones remain key watchpoints.
Questions in the middle?
- Will Bellavista successfully secure shareholder and regulatory approvals to complete the acquisition?
- How quickly can Bellavista ramp up exploration to expand the Pickle Crow resource beyond the current 2.8Moz inferred estimate?
- What impact will the share placement and performance rights have on Bellavista’s share structure and investor returns?