The expanded program will include a substantial RAB and aircore drilling component targeting new structures along major structures.
This resource upgrade will provide the foundation for a feasibility study scheduled for release in Q4, 2019.
Bardoc had cash reserves of $1.26 million at June 30 and in its June quarterly report, it outlined an investment of $6.4 million in surplus cash with Assetline Capital.
Chief executive officer Robert Ryan said the company had achieved its key corporate and strategic objectives during the June quarter, moving quickly to capitalise on the success of its recent $12.03 million capital raising.
“Our strategy is to grow the 2.6-million-ounce resource base at the consolidated Bardoc Gold Project as quickly as possible to establish the foundations for a sustainable and profitable long-term Australian gold business.
“To do that, we need to get to a size that can both attract the interest of bigger global investors and give us the operational scale and flexibility to deliver the financial and economic returns we are seeking over the longer term.”
Resource extension and exploration drilling
The company continued an extensive program of resource extension and exploration drilling at the project during the June quarter.
The program is focusing on resource extensions at the Zorostrian deposit and the Alpha Lode at the Aphrodite deposit, whilst also targeting exploration targets at South Castlereagh, Sigma shear at Aphrodite and Lady Kelly.
Due to the success of the program and results generated to date, such as 1.6 metres at 91.9 g/t gold, the company aims to achieve growth in the resource base to underpin feasibility studies.
Ryan said: “The success and growing momentum of the campaign prompted us to significantly expand the ongoing drilling program from +10,000 metres to +40,000 metres, including a significant component of RAB and aircore drilling to target potential new discoveries along major regional structures such as
the Black Flag Fault and Bulletin North West Trend.
“The overall program has made outstanding progress with around 30,000 metres of drilling completed.
"The remaining 10,000 metres is being strategically targeted to new areas with a view to generating potential new discoveries."
Targeted nature of exploration
He said a key feature of the program worth highlighting was the extremely targeted nature of our exploration.
"By adopting a systematic and scientific approach, and utilising the latest state-of-the-art technology, we have been able to ensure that we get the best possible return on our exploration dollar.
“Good examples of this include the excellent work undertaken by our geology team in conjunction with external consultants and the CSIRO in identifying the fractionated dolerite as the key host for high-grade gold mineralisation in the region.
“Through the use of technology and good geological science, we will identify key structures to unlock new discoveries within our 247 square kilometres of tenure,” Ryan concluded.