One of the best performers on the All Ordinaries on Thursday has been the Bellevue Gold Ltd (ASX: BGL) share price.
In late trade the gold miner's shares are up 7% to 60 cents. This latest gain means the Bellevue Gold share price has now risen an incredible 224% since this time last year.
Why has the Bellevue Gold share price tripled in value in 12 months?
Investors have been buying Bellevue Gold's shares due to the enormous promise of its Bellevue Gold Project which is based 400 kilometres north west of Kalgoorlie in Western Australia.
The project sits within a high-grade gold and nickel district on the prolific Wiluna-Norsman gold belt and is in close proximity to world-class nickel mines.
According to management, the project is one of the highest grade new gold discoveries in recent years in Australia.
It is for this reason that there has been speculation that one of the bigger players might be interested in acquiring the company.
Whilst nothing has been revealed as of yet, the company did confirm that it has appointed a financial advisor to deal with potential interest.
In response to takeover speculation in the Australian, the company said: "Bellevue confirms it has appointed Canaccord Genuity (Australia) Limited as its financial advisor to deal with any interest expressed by third parties in relation to Bellevue or the Company's Bellevue Gold Project. At this time, Bellevue does not otherwise have anything to disclose in relation to the speculation in this article."
What now?
Given the quality of the asset, I wouldn't be surprised if a large gold miner such as Newcrest Mining Limited (ASX: NCM) or Northern Star Resources Ltd (ASX: NST) were interested in acquiring the company.
However, with no takeover offer guaranteed, I think the prudent thing to do is to watch on from the safety of the sidelines for the time being.
