Key Highlights

  • Bellavista Resources reported initial drilling results from Pickle Crow on 22 October 2026, including 12.2 metres at 2.6 grams per tonne (g/t) gold from 116 metres.
  • Additional intersections included 3.4 metres at 4.0 g/t gold and 8.3 metres at 1.6 g/t gold, providing information about near-surface mineralisation.
  • The Pickle Crow project has a reported Inferred Mineral Resource of approximately 2.8 million ounces of gold grading 7.2 g/t.
  • Bellavista reported AUD 27.97 million in cash at 30 September 2026, supporting ongoing drilling and exploration across its project portfolio.

Bellavista Resources Ltd (ASX:BVR) is an Australian-listed mineral exploration company with gold projects in Canada and Australia. Its principal exploration focus is the Pickle Crow Gold Project in Ontario, where the company is investigating shallow gold mineralisation alongside the historically developed underground deposit. On 22 October 2026, Bellavista announced initial diamond drilling results that provided additional geological information relevant to assessing potential open-pit Mining opportunities.

Initial Pickle Crow Drilling Identifies Shallow Gold Mineralisation

Bellavista's October 2026 drilling announcement reported several gold intersections from the initial programme at Pickle Crow.

Hole BVRDD0024 returned 12.2 metres grading 2.6 g/t gold from 116 metres.

Hole BVRDD0015 intersected 3.4 metres grading 4.0 g/t gold from 43.2 metres, including 0.8 metres grading 15.0 g/t gold.

Another intersection in hole BVRDD0004 returned 8.3 metres grading 1.6 g/t gold from 30.1 metres.

These results indicate gold mineralisation within relatively shallow sections of the project area.

The reported intervals represent downhole lengths rather than confirmed true widths, meaning further geological interpretation is necessary to determine the geometry and continuity of mineralisation.

The drilling is intended to investigate material that may not have been the primary focus of historical underground mining activities.

Pickle Crow Resource and Project Ownership

Pickle Crow is located in Ontario, Canada, and forms the principal asset within Bellavista's exploration portfolio.

The company completed its Acquisition of an initial interest in the project in April 2026 and subsequently increased its ownership to 80%.

The project has a reported Inferred Mineral Resource of approximately 2.8 million ounces of gold grading 7.2 g/t.

Approximately one million ounces grading 4.1 g/t are reported within the upper 260 metres of the deposit.

The resource classification indicates that further exploration and geological assessment are required before higher-confidence resource categories can be established.

Bellavista is examining whether shallow mineralisation could support a potential open-pit development scenario.

However, an open-pit mining operation has not been established through an Ore Reserve estimate or completed economic feasibility assessment.

Exploration Activities and Corporate Developments

During 2026, Bellavista expanded its Canadian gold exploration activities following the Pickle Crow acquisition.

Two diamond drilling rigs commenced work at Pickle Crow during the September quarter, targeting mineralisation within and around the existing resource area.

The company also completed a Reverse Circulation Drilling programme of approximately 4,000 metres at its Brumby Project in Western Australia.

At the Sioux Lookout Project in Ontario, soil sampling activities were undertaken to assess prospective exploration areas.

These programmes provide additional geological information for evaluating potential mineralised targets across the company's portfolio.

Further assay results and interpretation will determine the scope of subsequent drilling activities.

Financial Position and Exploration Expenditure

Bellavista reported cash and cash equivalents of approximately AUD 27.97 million at 30 September 2026.

Its September quarterly Cash Flow report recorded operating cash outflows of approximately AUD 421,000.

Exploration and evaluation expenditure during the quarter totalled approximately AUD 2.15 million.

For the financial year ended 30 June 2026, the company reported net Assets of approximately AUD 111.76 million and a net loss after tax of AUD 6.77 million.

The company's financial position reflects its exploration-stage activities and the acquisition of additional mineral assets during 2026.

Future expenditure will depend on drilling requirements, geological assessments and potential project development studies.

Open-Pit Development Risks and Technical Considerations

Although the initial drilling results provide information about shallow gold mineralisation, further technical work is necessary to evaluate potential open-pit development.

The Pickle Crow Mineral Resource is classified as Inferred, reflecting geological uncertainty associated with the available information.

Additional drilling will be required to assess mineralisation continuity, grade distribution and resource classification.

Potential development would also depend on mining costs, metallurgical performance, environmental requirements, permitting and gold price assumptions.

Bellavista's 80% ownership interest means any future project development arrangements will also need to account for the remaining minority interest.

What to Watch at Pickle Crow

Bellavista plans to continue drilling at Pickle Crow through the remainder of 2026 and into 2027.

Further assay results will help assess whether shallow mineralisation extends across areas that could support future open-pit evaluation.

Results from the completed Brumby drilling programme and soil sampling at Sioux Lookout will provide additional information about the company's other exploration projects.

An updated Mineral Resource Estimate or future technical study would represent a subsequent stage in evaluating Pickle Crow's development potential.

Key Insights

Bellavista's initial Pickle Crow drilling results identify shallow gold mineralisation that warrants further geological assessment.

The reported intersections provide additional information about potential open-pit targets but do not establish an economically mineable reserve.

Continued drilling, resource evaluation and technical studies will determine whether the project can progress towards a defined open-pit development scenario.