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BGL - Belleview Gold

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System said:
Draig Resources Limited (DRG) was formerly known as C @ Limited (CEO).

Previous discussion of this company can be found in the CEO thread: https://www.aussiestockforums.com/forums/showthread.php?t=2450
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Due to return from suspension in early January 2012 for us following this stock. The small cap coal sector has been slammed and DRG with it. The cash raising fell into the problems of a decline in coal stocks with a fall in the amount raised in the placing.

Highly prospective with high grade coal in very thick seams, but like others before them needs to raise a lot of cash and a long way from being a producer.
 
DRAIG REPORTS MAIDEN JORC COAL RESOURCE FOR TEEG LICENCE, MONGOLIA
Highlights
• Maiden JORC reportable coal resource for Teeg licence of 75 million tonnes
• Teeg exploration target of up to a further 25 to 100 million tonnes1
• Evidence for a significant deposit of high grade coal with metallurgical potential
• Resource defined following initial exploration drilling program
• Target drill areas identified to further explore licence area
• New exploration program to focus on Draig’s South Gobi licences

Further Exploration Work
The JORC report identified at least 4 coal target areas to drill systematically in order to confirm the structural model proposed in the report. Draig intends carry out further exploration work on the Teeg and nearby Nariin Teeg licences in the future with the aim of increasing its coal resources in this area.

The Company is also looking to undertake a coal quality bench marking study on the Teeg coal quality to help understand its position it in the coal market.
However, the Company will now focus on its parcel of licences within the South Gobi region in order to gain a better understanding of the Company’s overall coal portfolio logistical integration and due to the better climatic and logistical access to the South Gobi in the Mongolian summer months. Draig is finalising its South Gobi exploration plans and will provide an update to the market in due course.

DRAIG COMPLETES TEEG DRILL PROGRAM WITH THICKEST COAL SEAM INTERCEPTS TO DATE
Highlights
• Coal seam intersected with apparent seam thickness of 86.28m (BT_37)
• Seam was continually intersected over range of 27m to 146m depth
• Twin cored angle hole with 30m selected intercepts at < 82m (BT_37C)
• Coal quality testing underway
• Phase 1 drill program complete with over 6000m, Phase 2 planning underway
• Mongolian Office established ‐ General Manager appointed
 

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Draig Resources have found gold at their Belleview Gold Project in Western Australia, propelling the share price north this morning. At present DRG is trading at 23c, a 100% increase on Friday's close.

Here are the highlights from today's announcement:

  • Significant drill result of extremely high grade gold mineralization intersected in first drill hole targeting mineralization west of the Highway Fault.
  • 5m @ 37.5g/t gold intersected within a broader zone of 7m @ 27.4 g/t gold from only 92 metres down hole.
  • Step out hole 80 metres to the south has intersected 7m of quartz, sulphides & visible gold from 18 metres down hole (results pending).
  • Mineralisation appears similar in style & nature to the previously mined Bellevue Lode (800,000oz @ 15g/t historically mined).
  • Structure is completely open to the south.
  • Nearest step out holes are 1.1 kilometers to the south in the 'Western Mineralized Corridor' include historical drill intercepts of 4.45m @ 22.87 g/t gold & 1.85m @ 25.88 g/t gold at the Southern Belle Lode.
  • Structure is open at depth below the shallow historic RC drilling.
  • The 'Western mineralized corridor' is a major target area with relatively little drilling across 10 kilometres of the Bellevue Project.
  • Step out drilling currently underway and down hole EM to be completed immediately to refine further drill targeting.
  • Further drill results pending.
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On July 25th, 2018, Draig Resources Limited (DRG) changed its name and ASX code to Belleview Gold Limited (BGL).
 
It's been a fantastic October so far for Belleview Gold.

It all started back on 26 September when the company announced that diamond drilling had intersected high-grade gold at the Tribune & Viago Lode discoveries at the Bellevue Gold Project.

screenshot-stocknessmonster.com-2018.10.22-10-58-38.png


Another similar announcement was released on 9 October in which the company reported further high-grade intersects from the Viago Lode.

screenshot-stocknessmonster.com-2018.10.22-11-05-26.png


Finally, today the company updated the independent Inferred resource estimate for the Bellevue Gold Project to 2.6 Mt @ 12.3 g/t gold for 1,040,000 ounces. That announcement has lifted the BGL share price 13.2% to 38.5c so far today.

The news flow in the last month has been very kind to Bellevue Gold and the share price has reflected that. I wish I had been on it.

big.chart-BGL.gif
 
Hopefully drilling can lead to many more high grade intercepts for BGL to continue it's recent momentum and increase the current inferred resource of 2.6mt @12.3 g/t for 1.04Moz.
 
What a good looking prospect they have. And close to existing infrastructure as well. Very respectable grades (11g/t, 1.8moz), good tonnes. Directors selling shares to buy options, so there is confidence still with the upper ranks. Market cap is sitting at a reasonable level - certainly I wouldn't call this one undervalued. But with 6 rigs drilling and cashed up I see there being a very good prospect for more high grade hits in the future.

I generally won't buy above the placement price. I think given a few weeks this will drift below 57 cents and hover around the mid 50cent range until the next lot of news. However since they should have 35+ million in the bank now and are drilling as we speak i think its reasonable to buy in today. Took quite a while to execute the trades!
 
I’ve picked BGL for the March stock picking competition
The company announced a large increase to high to high grade gold resources recently which was followed with buying from the largest shareholder 1832 asset management

caught up in the recent Coronavirus market meltdown I’m hoping the recent pullback is a short pause and momentum returns in March

928CD46B-DFF3-4FB8-93D2-692BA2B2797B.jpeg
 
Padowan said:
I’ve picked BGL for the March stock picking competition
The company announced a large increase to high to high grade gold resources recently which was followed with buying from the largest shareholder 1832 asset management

caught up in the recent Coronavirus market meltdown I’m hoping the recent pullback is a short pause and momentum returns in March

View attachment 100924
Click to expand...
Hopefully this is the worse pick I make in the monthly competition.

I see now in a trading halt pending a capital raise. I don’t understand if there is an ulterior motive but why would you raise cash in this market if you don’t need it? Am I overly optimistic about surviving CV19 and BGL isn’t?

it will be interesting to see how much BGL go for in this market I’m sure we will be flooded with capital raising from all listed entities that have had their revenue stream destroyed by CV19 and legislated controls in coming weeks

5A7C1448-2DFB-49D2-A0DC-4C23C40039DF.jpeg
 
Well by good fortune the M.D doesn't have to worry about dilution from yet another capital raising, having just exercised 20 million freely acquired options @ 4c. He's tripled his holding to enter the top five for a measly $775,000.

If you have a look at the latest appendix 3B you'll see a long ribbon of options and performance shares they've awarded themselves. Every time I come back to look at BGL because I've forgotten why I rejected them the answer is right there, quickly found.

The other thing is a geologist running a company with mining plans, usually a disaster, the most recent being DCN.

How many shares have they issued over their existence? Unless they started off at $2.50, then I assume there's been a 1 for 10 share consolidation in its history. If so, their real share issuance is now over 5 billion in terms of the original shares. But then, that needn't bother management. Definitely not a turn- off.
 
Have stuck with BGL for April competition.

company has raised 26 million in a tough market at 8% discount to last close

now funded to mid 2021

time to deliver at A$2716/oz gold
 
Padowan said:
Have stuck with BGL for April competition.

company has raised 26 million in a tough market at 8% discount to last close

now funded to mid 2021

time to deliver at A$2716/oz gold
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Been a surprising up and down and up again period. A lot of buzz now with Blackrock being promoted as having 10%. More cash injected, more drilling, more ounces added.

In the recent quarterly it does not look like they are drilling that deep. I would like to see some deep drilling results. At this stage surely only a WA gold miner would be interested in BGL assets, but if they show the potential at depth for this to be 5 million+ ounces then the larger players get interested. I'm only holding because I'm banking on a takeover offer.
 
Only regret I have is not buying more! BGL is the gift that keeps giving. New announcement shows continued excellent results. 2-4 meters here and there with 20-60 g/t. They are de-watering the underground workings - which hopefully should lead to some deeper drilling and finding larger better grades. Maiden resource expected very shortly.

The best part of BGL is that being high grade and reasonably near surface they can start mining on their own for early cash-flow and limit dilution. If this was a massive low grade deposit they would probably be looking for a partner to help fund development. Certainly not a cheap undervalued gold stock at the moment, but very promising.
 
The Triangle said:
Only regret I have is not buying more! BGL is the gift that keeps giving. New announcement shows continued excellent results. 2-4 meters here and there with 20-60 g/t. They are de-watering the underground workings - which hopefully should lead to some deeper drilling and finding larger better grades. Maiden resource expected very shortly.

The best part of BGL is that being high grade and reasonably near surface they can start mining on their own for early cash-flow and limit dilution. If this was a massive low grade deposit they would probably be looking for a partner to help fund development. Certainly not a cheap undervalued gold stock at the moment, but very promising.
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How things change. I think BGL was about 72 cents when I wrote this. I sold out this morning first thing at 93.5. Probably a caffeinated impulse sell, but I told myself this morning that if It reached over 10% today that I would dump. I didn't actually think it would reach this high.

At a market cap of $520M and limited way to take advantage of the current gold price, BGL has jumped up too quickly for my comfort vs. producers. Would rather hold more cash at the moment.
 
@Joe Blow was going to add this as my entry for the august competition, but too late?
BGL is going this month to distribute its SPP once this is over (7/08) and early exit after, I expect this gold miner to jump toward the end of the month, maybe a bit early but who knows if gold soars
 
BGL has been trending downward over the last month. Can anyone speculate why? Dilution after the SPP, or something more fundamental?

I'm in at average price $1.031. I'm happy to take a long term view as long as the fundamentals are still solid.
 
Linus van Pelt said:
BGL has been trending downward over the last month. Can anyone speculate why? Dilution after the SPP, or something more fundamental?

I'm in at average price $1.031. I'm happy to take a long term view as long as the fundamentals are still solid.
Click to expand...
Screenshot_20201107-222104.png

BGLChart above shows it was trading in a range from late June to recently.
Currently seems to be breaking out of consolidation range to new highs.
It may provide an exit and re-entry trade, if one is still happy with FA.

XGD indicie chart below (which did drop over August) shows BGL was fairly stable during August period. Indicie also showing similar ranging characteristics and a breakout from current ranges to the upside could be expected after recent sell off.
Screenshot_20201107-222236.png

Am considering an entry for a short term trade.
Cheers & regards.
 
Yeah I'm glad I've been patient and held on to BGL, and didn't act on my previous mini-panic :)

I thought I was seeing a pennant pattern, but it's broken out from that pattern. The pink line is my entry point.

My broker usually lists announcements, and singles out price sensitive announcements. It doesn't list any public announcements for BGL. Could this be insider trading?

Regardless, here's hoping the breakout continues!

P.S.: I'm an amateur at chart patterns, so if you see anything stupid in this limited snapshot please educate me! The two newest bars weren't part of my pattern analysis.

1604903991541.png
 

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