Bellavista launches 15,000m drilling program to test 1Moz open pit potential at Pickle Crow

Drilling Targets Shallow 1Moz Open Pit Potential

Bellavista Resources Ltd (ASX:BVR) has launched a significant 15,000-metre diamond drilling program at its Pickle Crow Gold Project in Ontario, Canada, targeting the near-surface portion of its inferred mineral resource. The initial phase focuses on the top 260 metres of the deposit, which contains approximately 1 million ounces of gold at a grade of 4.1 grams per tonne, defined on an unconstrained basis at a low cut-off grade of 0.5g/t Au. This segment is part of a broader 2.8 million ounce resource grading 7.2g/t Au.

The resource estimate, completed in 2023, was based on a gold price of US$1,850 per ounce; less than half of the current market price hovering around US$4,500 per ounce. This disparity highlights potential upside in project economics if the resource is converted to a mineable reserve under prevailing prices.

Experienced Contractors and Infrastructure in Place

Bellavista has secured reputable Ontario-based contractors including Orbit Garant Drilling Services, Bayside Geosciences, and Horizon North to execute drilling and geological services. The company benefits from existing onsite infrastructure such as an office, core processing facility, a 50-bed camp, and reliable power and water supply. Proximity to Pickle Lake township, just 7 kilometres away, provides access to an all-weather airstrip, hydro-powered substation, fuel hub, and regional transport and communications services.

Follow-Up Near-Mine and Regional Exploration Planned

Following the initial delineation program, Bellavista plans to drill near-surface targets adjacent to the Pickle Crow mine, focusing on prospects with strong historical gold anomalism and favourable geological structures such as the North East Powderhouse and Talia prospects. The company is also undertaking a comprehensive review of regional targets identified by previous owner Fire Fly Metals Ltd, who conducted extensive geophysical surveys and structural interpretations but left many targets untested.

This regional work will leverage Fire Fly’s detailed aeromagnetic, LiDAR, geochemical, and drill hole data, aiming to refine and prioritise new exploration targets across the project’s extensive tenement package.

Strategic Asset with Strong Historical Production

Pickle Crow is a standout asset in the Uchi Sub-Province greenstone belt, one of Canada’s premier gold regions. Historically, the mine produced around 1.5 million ounces of gold at an impressive average grade of 16.1g/t between 1935 and 1966, underscoring the project’s high-grade credentials. The current inferred resource of 2.8 million ounces at 7.2g/t further cements its status as a major gold deposit.

Bellavista holds an 80% interest in Pickle Crow following a recent acquisition backed by a A$35 million capital raise, leaving it well funded with about $31 million in cash as of April. The company also has an Exploration Agreement with the Mishkeegogamang First Nations, covering all tenements, facilitating smooth progress on exploration activities.

Balancing Resource Potential and Market Timing

Managing Director Glenn Jardine emphasised the strength of the gold system at Pickle Crow and the exceptional exploration upside across the tenement package. The focus on shallow, open pit potential aligns with current market conditions where high gold prices can materially enhance project value. However, the drilling results and subsequent resource upgrades remain forward-looking and subject to exploration risk.

With drilling underway and regional exploration poised to follow, Bellavista is positioning Pickle Crow for a potential re-rating as new data emerges. Investors will be watching closely for assay results and any indications that the near-surface resource can be economically extracted, which would mark a significant step towards development.