Bellavista Resources (ASX:BVR) is actively planning its upcoming works program as it awaits shareholder approval regarding the acquisition of the Pickle Crow Gold Project and a parcel of exploration assets in Ontario, Canada.
Speaking to Mining.com.au on the sidelines of the RIU Explorers Conference in Fremantle this morning (17 February), Managing Director Glenn Jardine expects shareholders to approve the transaction in late March or early April.
“What we’ll be doing between now and then is a lot of planning around drilling and other exploration programmes that we’ll look to get in place in the second quarter this year, so June this year, June quarter,” Jardine tells this news service.
On 2 February the company announced it had entered into a binding share sale and purchase deed to acquire FireFly Metals’ (ASX:FFM) 70% interest in the Pickle Crow Gold Project and a parcel of highly exploration assets in Ontario, Canada.
Jardine says the deal will transform the company “into a substantial exploration company” underpinned by a 2.8Moz ‘high-grade’ gold inferred mineral resource and leveraged exposure to outstanding gold prospective tenure.
“With this asset in Ontario, historically, that’s been a high-grade underground mine…but I think surprisingly to people within that resource of 2. 8 million ounces, there’s a million ounces at over 4 grams per tonne in the top 250m,” he continues.
“I don’t think people really appreciate the near surface potential at the Ontario asset. And on top of that, you’ve got that high-grade underground potential as well.”
Under the terms of the transaction , Bellavista will acquire all of the shares in FireFly’s wholly owned subsidiary Auteco Minerals (Canada) and loans receivable, for 60 million Bellavista shares upfront, plus $37.5 million in Bellavista performance rights.
On completion of the transaction, it will acquire FireFly’s 70% interest in the Pickle Crow Project via a shareholding in PC Gold along with the option to increase its interest in Pickle Crow to 80% by paying C$3 million to First Mining Gold Corp (TSX:FF).
The company will also acquire 100% of neighboring additional Pickle Crow-related tenements and 100% of the Sioux Lookout Project.
Jardine adds that exploration has been limited at Pickle Crow and the exploration prospects since 2023, during which time the gold price has more than doubled.
“As well as a world-scale resource at an exceptional grade of more than 7g/t gold, the acquisition will give Bellavista exposure to highly prospective gold exploration tenure in two belts containing numerous prospects which have already returned outstanding drilling results,” the Managing Director says.
“The combination of our experienced exploration team and access to capital will enable us to unlock the true value of these assets by undertaking the first extensive exploration programs there for more than two years.”
The project is located 400km north of Thunder Bay and 11km east of the town of Pickle Lake. There is year-round, paved road access to the project, and grid power less than 5km away.
The property covers some 50,000 hectares of mineral tenure and hosts an NI 43-101 inferred mineral resource of 9.4Mt grading 4.1g/t gold, containing 1.23 million ounces of gold.
Bellavista says the Pickle Crow deposit is a ‘high-grade’, shear-hosted, mesothermal Archean lode gold deposit and is one of Canada’s highest-grade historical gold mines. It operated from 1935 until 1966, during which time it reportedly produced around 1.5 million ounces of gold at an average grade of 16.14g/t.
Mining.com.au is an official media partner of this year’s event being held in Fremantle, Western Australia from 17-19 February.
Write to Adam Orlando at Mining.com.au
Images: Bellavista & Mining.com.au
