The majority of the funds raised is earmarked for progressing exploration and feasibility work at Bardoc, which hosts 2.58 million ounces across four main deposits.
READ: Bardoc Gold intersects high-grade gold up to 16.2 g/t in extensional hole at Zoroastrian deposit near Kalgoorlie
Bardoc’s CEO Robert Ryan said: “We are delighted with the response to the entitlement issue and the previous $7 million placement, which allows us to fast-track our Australian gold strategy and puts us in an outstanding position as an emerging WA gold explorer and developer.
“We have already commenced a +10,000-metre RC and diamond drilling program aimed at discovering new deposits which will add to the 2.6Moz Resource inventory at the Bardoc Gold Project,
“This busy program should generate consistent news-flow over the coming months with the aim to build a Resource inventory of scale and relevance as quickly as we can, to give ourselves the best opportunity of creating a sustainable gold business that will appeal to global investors.”