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Bardoc Gold raises $12.03 million to fast-track gold focused strategy

The capital raising was in the form of a placement and 1-for-10 rights issue.

Map with project locations
The capital raising surpassed the original target of $11.3 million

Bardoc Gold Ltd (ASX:BDC) has raised a total of $12.03 million in funding via a rights issue to fund exploration and development centred around its Bardoc Gold Project in Western Australia.

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.”

Quick facts: Bardoc Gold Ltd

Price: 0.086 AUD

ASX:BDC
Market: ASX
Market Cap: $120.03 m
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Bardoc Gold Ltd 'has potential to be Australia's next mid-tier gold producer'

Bardoc Gold Ltd's (ASX:BDC) CEO Robert Ryan speaks to Proactive London's Andrew Scott soon after announcing the pre-feasibility study results on its Bardoc Gold Project in Western Australia. The PFS returned a forecast average production of 135,000 ounces per annum at an AISC of $1,220 per...

on 17/3/20

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