Despite BGL having initiated development (mining) works, the company is still solidly in an exploration phase.
So then, why is it that the last exploration and resource centric announcement was made on the 10th June: "Bellevue hits high-grade gold 7km from existing 2.2Moz at 11.3 g/t Inferred Resource" ? This was from the Government Well prospect.
This 'exciting' exploration news somehow found its way into the Macquarie Mining and Energy Forum 2020 presentation released on the 11th June. WOW that was a quick transformation from 'news' to a stand up professional public domain document - some mid night oil spent there!
But wait: in that presentation it was disclosed that holes DRRC215, 216 and 217 had "Assays Pending". That was 3 months ago!!
Also on the 10th June it was stated that:
"...attention will now turn to continued exploration drilling a number of high priority targets at the project within the 20km corridor and also as extensional drilling at the Deacon and Bellevue Peripheral Lodes..."
Again, no news about this 'activity' for 3 months!! I am excluding the last Quarterly Report which looks backward, not forward.
Compare this dearth of news to other very active explorers - such as DEG. I was living in hope that BGL would be included in the leading explorers group. But not so.
Surely the sophisticated investors - not to mention the faithful SPP investors - who have coughed up about $130M, deserve better than this.
For explorers, NO NEWS IS BAD NEWS.
In my opinion, BGL is now solidly behind the game.
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