Bellavista Resources Launches 15,000m Drill Program at Pickle Crow Gold Project

Bellavista Resources Fires Up the Drills at Pickle Crow: 1Moz Near-Surface Gold Target Now in Crosshairs

Bellavista Resources (ASX: BVR, OTCQX: BVRXF) has launched the first phase of its project development strategy at the Pickle Crow Gold Project in Ontario, Canada, kicking off a 15,000-metre diamond drilling program this month. The Bellavista Resources Pickle Crow gold drilling program in Ontario Canada zeros in on one of the most compelling near-surface gold opportunities in the Uchi Sub-Province — a 1Moz gold target at 4.1g/t Au sitting within the top 260 metres of an already substantial 2.8Moz Inferred Mineral Resource at 7.2g/t Au.

With gold prices now hovering around US$4,500/oz — more than double the US$1,850/oz used when the current Mineral Resource was estimated in 2023 — and the company holding approximately $31 million in cash, Bellavista is entering the field in a position of financial strength and with a clear, multi-phase exploration roadmap ahead.

A High-Grade Foundation Built on a Century of History

Pickle Crow is not a greenfield prospect. The project carries a rich operational pedigree that few exploration-stage assets can match. Historical mining at Pickle Crow ran from 1935 to 1966, producing approximately 1.5Moz of gold at an extraordinary average grade of 16g/t Au — placing it among the highest-grade and most prolific production centres in the entire Uchi Sub-Province of Ontario.

Modern exploration between 2020 and 2023, conducted by previous project owner FireFly Metals (ASX/TSX: FFM), dramatically expanded the known resource through approximately 160,000 metres of drilling, growing the Mineral Resource from 0.8Moz to 2.8Moz.

Furthermore, FireFly completed detailed aeromagnetic and LiDAR surveys in 2022, generating a suite of conceptual exploration targets — many of which remain untested and now sit squarely within Bellavista's sights.

Phase One: Unlocking Open Pit Potential

The immediate focus of the Bellavista Resources Pickle Crow gold drilling program in Ontario Canada is to assess the open pit potential of the near-surface Inferred Mineral Resource. This is a strategically important distinction — open pit mining typically carries significantly lower capital and operating costs than underground extraction, making it a priority pathway to economic viability for many gold projects.

Critically, gold mineralisation at Pickle Crow starts at surface. The top 260 metres of the resource contains 1Moz at 4.1g/t Au on an unconstrained basis — meaning this figure has not yet been shaped or adjusted for a mining scenario. The drilling program is designed to provide the data needed to better understand how much of this resource may be recoverable via open pit methods.

Who Is Executing the Program?

Bellavista has assembled an experienced team of Ontario-based contractors to execute the program:

• Orbit Garant Drilling Services INC. — drilling contractor
• Bayside Geosciences INC. — geological consulting
• Horizon North (part of Dexterra Group) — camp and infrastructure services

The site itself is well-equipped, with an on-site office, core processing facility, 50-bed camp, satellite communications, local diesel power and water supply. The nearby Pickle Lake township, just 7km west of the mine, offers an all-weather airstrip, hydro-powered substation, fuel hub, and essential services — a logistical advantage that reduces operational complexity and cost.

"The initial phase of drilling will focus on assessing the open pit potential of the near-surface Inferred Mineral Resource of 1Moz gold @ 4.1g/t Au and potential extensions to it." — Glenn Jardine, Managing Director, Bellavista Resources

Understanding Unconstrained Mineral Resources: A Technical Guide

When geologists estimate a Mineral Resource, the raw figures can be presented either "unconstrained" or within a defined mining shape, such as an open pit shell or underground stope outline.

An unconstrained resource represents the total gold inventory within a given volume of rock, without applying the geometric boundaries of any particular mining method. It gives investors a sense of the raw geological endowment, but it does not account for what would actually be economically mineable under realistic operating conditions.

The constrained version — shaped by a pit shell or underground design — typically results in a lower but more commercially relevant figure, as it reflects only the gold that can be practically extracted under assumed cost and price parameters.

For Bellavista, the 1Moz @ 4.1g/t Au in the top 260 metres is presented on an unconstrained basis. The purpose of the current drill program is to gather the data necessary to model a constrained, open-pittable resource — a critical step toward any future economic assessment.

Key Technical Terms

• Cut-off Grade: The minimum gold grade at which mineralised rock is considered economic to mine
• Open Pit Shell: A computer-generated 3D model showing the optimal pit boundary based on grade, costs, and gold price assumptions
• g/t Au: Grams of gold per tonne of rock — the standard measure of gold grade

A Three-Phase Exploration Strategy

The Bellavista Resources Pickle Crow gold drilling program in Ontario Canada is not a single campaign — it represents a sequenced, multi-phase strategy designed to progressively unlock value across the entire Pickle Crow tenement package.

Phase 1 — Open Pit Resource Drilling (Starting June 2026)

• 15,000m diamond drilling program targeting the top 260m of the Mineral Resource
• Objective: assess and define open pit potential of the 1Moz near-surface gold endowment
• Test for potential extensions to the near-surface resource

Phase 2 — Near-Mine Exploration (Expected January 2027)

• Drilling pivots to near-surface targets in close proximity to the Pickle Crow mine
• Targets include the North East Powderhouse and Talia prospects
• These prospects are characterised by strong historical gold anomalism and favourable structural and geological settings such as folding

Phase 3 — Regional Exploration

• Detailed review of historical geophysical, aeromagnetic, geochemical, and structural interpretation data acquired from FireFly Metals
• Targets include Metcalf, Tarp Lake, and East Pat — prospects identified by FireFly but not yet drill-tested
• A helicopter aeromagnetic survey and LiDAR dataset from 2022 provides a strong foundation for generating, refining, and prioritising new regional targets

The Resource Revaluation Opportunity

One of the more underappreciated dimensions of this story is the gold price context in which the existing Mineral Resource was estimated.

The 2023 Mineral Resource estimate was calculated using a gold price of US$1,850/oz. As of this announcement, gold is trading at approximately US$4,500/oz — representing a ~143% increase relative to the price assumption baked into the current resource.

This matters for several reasons. Mineral Resource estimates are sensitive to the cut-off grade applied, which in turn is influenced by assumed gold prices. At higher gold prices, lower-grade material that was previously sub-economic can cross the threshold into resource territory.

This means the current resource figures may be conservative relative to today's price environment, and any future resource update could potentially incorporate additional lower-grade tonnes. The near-surface focus of Phase 1 drilling is directly aligned with this opportunity — open pit mining of shallower material becomes significantly more attractive when gold is trading at multi-year highs.

Strategic Position Within a Tier-1 Gold Belt

Pickle Crow sits in the eastern Uchi Sub-Province greenstone belt of Ontario, one of Canada's most historically productive gold-bearing geological regions. The combined historical production of 1.5Moz at 16.1g/t Au plus the current Inferred Resource of 2.8Moz at 7.2g/t Au makes Pickle Crow one of the largest and highest-grade gold projects in the Uchi Sub-Province.

The project is held under granted Patents for the mine and near-mine areas, allowing planned exploration activities to proceed. Regional areas are covered by exploration claims, and the company intends to leverage permits previously issued to FireFly for its planned drilling activities.

In addition, Bellavista has an Exploration Agreement in place with the Mishkeegogamang First Nations group, covering the company's entire tenement package — an important social licence element for any Canadian exploration project.

"There is clearly a major gold system at Pickle Crow when you look at the previous production of 1.5Moz plus the current 2.8Moz Resource. Gold mineralisation also occurs widely across the tenement package, particularly along numerous favourable structures and geological settings, pointing to the Project's exceptional exploration potential for further discoveries." — Glenn Jardine, Managing Director, Bellavista Resources

Why Investors Should Watch Bellavista Closely

The commencement of the Bellavista Resources Pickle Crow gold drilling program in Ontario Canada represents a meaningful transition for Bellavista — from project acquisition and planning into active value creation. Several factors combine to make this a compelling story for investors tracking the gold exploration space:

1. Scale and grade. A combined historical and current gold endowment exceeding 4.3Moz in a proven mining jurisdiction is rare at any stage of development, let alone at the exploration phase.

2. Near-surface entry point. The focus on the top 260 metres, where 1Moz sits at open pit-compatible grades, lowers the technical and economic bar for demonstrating project viability.

3. Gold price leverage. The existing resource was estimated at less than half the current gold price — meaning today's economics are materially more favourable than those embedded in existing studies.

4. Extensive untested upside. Numerous regional targets identified by FireFly have never been drill-tested, providing a long runway for new discoveries beyond the known resource.

5. Strong cash position. With approximately $31 million in cash, Bellavista has the funding to execute its multi-phase program without near-term capital pressure.

6. Experienced team on the ground. The engagement of proven Ontario-based drilling and geological contractors signals operational readiness.

Infrastructure and Operational Advantages

The Pickle Crow project benefits from substantial existing infrastructure that reduces operational complexity and costs. On-site facilities include an office, core processing facility, 50-bed camp, satellite communications, local diesel power and water supply.

The proximity to Pickle Lake township — just 7km west of the mine — provides access to an all-weather airstrip, hydro-powered substation, fuel hub, and essential services including police, ambulance, and fire services. This infrastructure advantage is significant for exploration companies, as it reduces the logistical burden and associated costs of remote drilling programs.

Technical Foundation and Data Legacy

The work undertaken at Pickle Crow builds upon an extensive technical foundation established by FireFly Metals. Between 2020 and 2023, FireFly completed approximately 160,000 metres of drilling, growing the Mineral Resource from 0.8Moz to 2.8Moz.

FireFly's technical work also included:

• Detailed helicopter aeromagnetic survey in 2022
• LiDAR survey and aerial photography
• Comprehensive structural interpretation
• Extensive drill hole and surface geochemical database

This data legacy provides Bellavista with a strong foundation for targeting and prioritising exploration activities across the broader tenement package. Many conceptual targets generated by this work remain untested, providing substantial upside potential beyond the current resource.

Technical Glossary

• Inferred Mineral Resource: The lowest confidence category of Mineral Resource under the JORC Code, based on limited geological evidence. Sufficient to support project-level planning but not yet classified as Indicated or Measured.
• Cut-off Grade: The minimum gold grade at which mineralised rock is considered economic to mine. Material below this grade is excluded from the resource estimate.
• Open Pit Mining: A surface mining method where material is extracted from an open excavation. Generally lower cost than underground mining and typically suited to shallower, broader mineralisation.
• Unconstrained Resource: A Mineral Resource estimate not yet shaped by an open pit shell or underground mining geometry — representing raw geological endowment rather than what is practically mineable.
• g/t Au: Grams of gold per tonne of rock — the standard measure of gold grade. Higher g/t indicates richer mineralisation.
• Greenstone Belt: An ancient belt of volcanic and sedimentary rocks, typically found in Precambrian cratons, that commonly host significant gold and base metal deposits.

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