The Bellevue Gold Ltd (ASX: BGL) share price defied the broader market today to close 8.48% higher at $0.64. This rise was on the back of two market announcements and a strong performance from ASX gold miners in general today, as the S&P/ASX 200 Index (INDEXASX: XJO) plunged 2.25%.
Why did Bellevue Gold shares surge today?
Gold miners are often seen as a safe haven when share markets hit troubled times. Other ASX gold miners have also done well today: Saracen Mineral Holdings Limited (ASX: SAR) finished 7.4% higher, Newcrest Mining Ltd (ASX: NCM) was up 5.05%, while St Barbara Ltd (ASX: SBM) closed the day up by 4.9%.
Bellevue Gold appears to have trumped them all with its massive 8.5% gain. This share price rise appears to be driven by two major announcements today.
This morning, Bellevue Gold announced that its total Resources at the Bellevue Gold Project in Western Australia had increased by 23% to 6.1 million tonnes at 11.3 grams per tonne of milled ore (g/t) for 2.2 million ounces.
The company noted that the increase came from its declaration of the maiden Resource of 1.0 metric tonne (Mt) at 12.3 g/t for 400,000 ounces at the Deacon Lode.
Bellevue Gold also pointed out that importantly, the Deacon Resource came from the 900m-long central portion of the 1.8km-long mineralised strike located at Deacon.
Conference update in North America
In a separate market announcement today, Bellevue Gold provided the slides for its presentation at the BMO conference in North America. The presentation appeared to be well-received by the market, showing Bellevue Gold's sound overall progress.
In the presentation, the gold miner highlighted that there are major gold deposits and producing gold mines within proximity to Bellevue's Projects. These include Jundee (operated by Northern Star Resources Ltd (ASX: NST)), Bronzewing (Northern Star/Echo), Thunderbox (Saracen) and Sons of Gwalia (St Barbara).
With regards to the projects Bellevue has on hand for the rest of 2020, the company commented that it has a 40-person camp, drill core shed on site and over 140,000 metres of diamond drill core laydown in area field vehicles.
Foolish takeaway
In a day in which the ASX has fallen and gold miners have been seen as a safe haven, Bellevue Gold has performed particularly well.
This was on the back of these two major announcements, confirming the company's strong progress to date. As a result, Bellevue appears to be well-positioned for strong growth throughout the rest of 2020.
