Bellavista Resources Ltd has agreed to acquire up to 80% of the Pickle Crow Gold Project in Ontario, Canada, adding a 2.8 million ounce inferred gold resource at 7.2g/t to its portfolio. The company is raising A$25 million to fund aggressive exploration and development activities.
- Acquisition of 70% interest in Pickle Crow with option to increase to 80%
- 2.8 million ounces inferred gold resource at 7.2g/t grade
- Significant exploration tenure in Uchi and Wabigoon belts
- A$25 million capital raising to fund acquisition and exploration
- Completion 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% stake in the Pickle Crow Gold Project and associated exploration assets in Ontario, Canada, from FireFly Metals Ltd (ASX – FFM), with an option to increase its interest to 80%. This deal significantly expands Bellavista's footprint in the high-grade gold sector, underpinning its growth with a JORC-compliant Inferred Mineral Resource of 2.8 million ounces at an impressive 7.2 grams per tonne gold.
The Pickle Crow Project, located in the prolific Uchi sub-province of the Superior Craton, is renowned for its historical production of 1.5 million ounces at 16g/t and hosts extensive shallow, high-grade mineralisation. Bellavista will also acquire additional tenements in the Wabigoon Belt, including the Sioux Lookout Project, which has yielded rock chip samples grading up to 74g/t gold, highlighting the regional exploration upside.
Strategic Exploration and Capital Raising
Bellavista plans to launch aggressive exploration campaigns targeting near-surface mineralisation across both the Pickle Crow and Sioux Lookout projects. The company is raising approximately A$25 million through a two-tranche share placement priced at A$0.75 per share, with the first tranche expected to raise around A$19 million and the second tranche, subject to shareholder approval, up to A$6 million.
Funds raised will be allocated to exercising the PC Gold Earn-In option, advancing exploration programs including drilling, geophysics, and resource studies, as well as supporting ongoing activities at Bellavista’s Brumby project in Western Australia and covering corporate costs.
Project Infrastructure and Historical Context
The Pickle Crow Project benefits from robust infrastructure, including all-year road access, a 50-person camp, and proximity to commercial flights and power lines. The deposit extends over a 4.2-kilometre strike length and to depths of 1.8 kilometres, with mineralisation open at depth and along strike. Historical underground mining operations from 1935 to 1966 provide a strong foundation of geological continuity and mining knowledge.
Recent drilling by FireFly between 2020 and 2023 added 157,000 metres of diamond drilling, expanding the resource from 0.8 million to 2.8 million ounces. The mineralisation occurs in high-grade quartz veins and banded iron formations, with exceptional assay results including intervals exceeding 30g/t gold over several metres.
Conditions and Future Outlook
The acquisition is subject to multiple conditions precedent, including shareholder approvals from both Bellavista and FireFly, regulatory relief, and consents from First Mining Gold Corp. FireFly will distribute the Bellavista shares received as consideration to its shareholders via an in-specie distribution.
Bellavista Managing Director Glenn Jardine emphasised the transformative nature of the deal, noting the company's readiness to unlock the value of these assets with its experienced exploration team and access to capital. The acquisition positions Bellavista as a substantial exploration company with exposure to a world-class, high-grade gold resource and highly prospective regional tenure.
Bottom Line?
Bellavista’s acquisition and capital raise mark a pivotal step, but execution risks and regulatory hurdles remain ahead.
Questions in the middle?
- Will Bellavista meet the drilling and resource milestones to vest performance rights?
- How will the company prioritise exploration between Pickle Crow and Sioux Lookout?
- What impact will the acquisition have on Bellavista’s share price and investor sentiment?