Bellevue Gold’s resources have grown to 8.55mt at 9.9g/t for 2.7moz following a maiden resource estimate from the newly discovered Marceline lode.
In Macquarie’s view, additional ounces from Marceline and Deacon North in the stage two mine plan will be at a low rate of capital intensity.
Also, extensions of Marceline and other lodes in the upper levels present a key opportunity for Bellevue Gold to add low capital ounces, in the broker’s view.
Target price rises to $1.05 from $1. Outperform rating retained.
Target price is $1.05.Current Price is $0.89. Difference: $0.16 – (brackets indicate current price is over target). If BGL meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).