The Belltopper Gold Project has reported an Inferred Mineral Resource estimate for the Leven Star Reef, comprising 760,000 tonnes at 3.6 grams per tonne gold, totaling 87,000 ounces of contained gold. This resource estimate is based on relatively shallow drilling from 44 holes, with mineralization remaining open in multiple directions, offering significant potential for resource expansion.
Resource Details and Mining Parameters
The Leven Star Reef Mineral Resource has been assessed exclusively for underground mining operations. The resource estimate uses a cut-off grade of 1.9 g/t Au and represents only one of eight high-grade gold-bearing reefs identified within the Belltopper Gold Project's recently upgraded Exploration Target. The remaining seven reefs provide substantial opportunities for additional resource growth from diverse sources, complementing the Leven Star Resource.
Exploration Potential
Other known prospective historic gold reefs at the Belltopper Gold Project, currently not included in the Exploration Target, remain underexplored and present near-term opportunities to expand the target. Advanced planning is underway for drilling in the second half of 2026 to further define the current Exploration Target Reefs and test additional historic reefs. High-priority, drill-ready targets within the important "Belltopper Anticline Corridor" will also be tested as part of the upcoming drilling program.
Economic Parameters
The optimized stope shapes were estimated using indicative parameters including a gold price of A$5,250 per ounce, bulk density values varying by mineralization type (oxide, transitional, fresh), mining costs of AU$162 per tonne, processing costs of AU$119 per tonne (including G&A and surface haulage), and a metallurgical recovery rate of 88%. Mining is based on sub-level open stoping with 15-meter level separation, mining recovery of 90%, minimum mining width of 1.5 meters, and 0.2 meters of hanging wall and footwall dilution. A Victorian State Royalty of 2.75% and a discount factor of 8% were applied. A period of 5 to 10 years is considered appropriate for eventual economic extraction, subject to changes in gold price, operating expenditure, and regulatory conditions. It is assumed that mineralization would be processed at a plant within reasonable haulage distance.
