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Bellevue goes back-to-back

by Dominic Piper

Bellevue Gold Ltd has pulled away from
a wide field to retain its GMJ Explorer
of the Year title for 2019.

ellevue didn’t have quite the standout year on the market
Bit did in 2018 but GMJ’s expert panel still felt compelled
to recognise the company’s achievements, which saw it
add 800,000oz to its namesake gold project, increasing the
global resource to 5mt @ 11.1 g/t for 1.8 moz.
Bellevue’s continued success came amid another generally
tough year for explorers who are still waiting on the
anticipated trickle down of investment from the sector’s high
Steve Parsons
performing producers.
Bellevue was among six contenders for the award but with
over it is still a big concern and will hold them back.”
several yet to post maiden resources after impressive early
success (Apollo Consolidated Ltd, Exore Resources Ltd) and Breaker is another explorer which has performed well
others still overcoming market setbacks (Breaker Resources but is yet to shake off doubts. The global resource at the
NL), the judges’ choice was eventually unanimous. company’s Lake Roe project is now touching 1 moz gold but
it is still playing catch up after disappointing the market with
“If we are looking at proven ounces then it has to be Bellevue.
its maiden resources figures.
What they have done is phenomenal, although it is not a
new discovery,” Lynda Burnett said. “I think Breaker still has to overcome the credibility issue
in the market,” Burnett said. “I was very impressed by their
Allan Kelly agreed: “It is brownfields, but they have done
presentation at NewGenGold but it has taken them a long
everything – from exploration to promotion – well.”
time to understand what they have.”
The GMJ judges found encouraging stories among the other
Perhaps conscious of the backlash Breaker encountered,
contenders but all had question marks of some sort in front
Apollo has taken longer to release a maiden resource for its
of them.
Rebecca project, also in WA.
Kelly pointed to Spectrum Metals Ltd’s remarkable nine-
Liam Twigger felt it was a deliberate move on behalf of
month journey at the Penny West discovery in WA. The
management.
company went from discovery hole to a maiden resource
of 355,000oz @ 13.8 g/t during the year but a legal cloud “Nick Castleden [managing director] is a great guy and he
hangs over the future of company and project. has done a tremendous job,” he said. “I think they were
conscious about coming out with a resource which would
In October, Venus Metals Corporation Ltd launched legal
affect expectations so they’ve just been holding back until
proceedings against Spectrum, alleging breaches of fiduciary
they can produce something sizeable.”
duty, breaches of confidence and misuse of information that
it provided to Spectrum directors Davide Bosio and Paul Castleden told GMJ the company planned to release a
Adams while they were with stockbroker DJ Carmichael. maiden resource for its Rebecca project in the Eastern
Goldfields this year.
Kelly said the project itself was a “fantastic discovery”.
A lack of any resource ultimately put paid to Apollo’s chances
“I’ve been comparing the Penny West discovery to the Andy
of winning the Explorer of the Year race and it was a similar
Well discovery we made during my time at Doray because it
scenario for West African upstart Exore.
is so high grade,” he said. “It is a great brownfields discovery
and I think it will be a nice little mine, whether as a standalone “For them to turnaround a reject like it has and be close
operation or being trucked. But the corporate issues hanging to a maiden resource in 12 months is remarkable but it is
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