In July 2019, ERA visited BGL's exploration properties at Bellevue and some of the northern prospects over 2 days, followed by 2 days in head office. [This was ERA’s fourth visit to Bellevue, previously visiting twice in 2017 and in April 2018 under Draig Resources]. This report is based on the site visits, historical info, and BGL releases and presentations.

Other Key Points: :

• Following the discovery of the Viago Lode in 2018, BGL has increased its ore resources to 1.8Moz (being 5Mt @ 11.1g/t of which Viago is 1.3Mt @ 16.1g/t for 0.7Moz) at its wholly owned Bellevue operation ~40km north of Leinster in WA, in only ~18 months. When added to the ~800koz already mined, that totals 2.6Moz, and gold orebodies are typically: 1Moz, 3Moz, 5Moz and 10Moz.
• Detailed structural geological mapping has transformed BGL’s understanding of the mineralisation controls at Bellevue. This has resulted in the host rock changing from simply “Mt Goode basalt”, into a N/S striking dolerite dyke swarm with porphyrys and ~8 different basalts (incl pillows & mag), and the mineralisation apparently enhanced by its proximity to the dolerite dykes.
• The current 1.8moz inferred ore resource is contained within an envelope ~4km long x 300m wide x 600m deep, of which to be an inferred resource the drillhole spacing has to be <80m, (for measured & indicated it is <40m, and for proven reserves it is <20m). The resource envelope remains open on strike north and south and at depth, so the 300m step out drilling is simply an extension to the mineralisation, until holes 3 holes 75m apart are drilled for it to become inferred.
• Almost all the ~12 reported drillholes we examined showed pyrrhotite (making them identifiable through EM), most of them had “activity”, bucky or smoky quartz, and laminations amongst the up to 30s, & 100s g/t intersected. As commented on site “most of the drillholes give us ‘3 bites of the cherry’ – many holes intersect 2 lodes, and we can use the hole for downhole EM (to find other targets)”.
• There are old workings west of the highway that may link up with Tribune or are another possibly parallel lode to the west. If they do link up, then potentially that’s another ~1.9km for Tribune.
• ERA expects BGL to infill during 2019 to improve the quality of the mineralisation/resources as seen by the 5 diamond drill rigs on the eastern side of the highway, and then undertake a scoping study in 2020. It should be recognised that if ~7g/t to ~10g/t is achievable, then it may only require a relatively low cost ~1 to 1.4Mtpa plant to realise ~300kozpa at AISC costs of possibly ~A1000/oz, and Tribune is exposed on surface – lending itself initially to extraction from an open-cut.
• There are numerous exploration targets both within the lease area and outside of it, yet alone regional exploration much further north such as near Jundee, or Popes Patch etc near Darlot.