Bardoc Gold Ltd (ASX:BDC) has completed about 30,000 metres of drilling at the Aphrodite, Zoroastrian and South Castereagh deposits of its namesake project with a further 10,000-metre program targeting potential new discoveries.
In the company’s FY2019 annual report, chairman Tony Leibowitz highlighted Bardoc’s key achievements for the year, which he described as being "transformational".
He said that results and information from the drilling program would be included in an updated mineral resource due for completion by the end of this month.
The company's shares have been up almost 5% to an intra-day high of 11 cents after reaching a new 12-month high of 13 cents earlier in the month.
"High level of intensity"
"Against the backdrop of a rising gold price and buoyant conditions in the Australian gold sector, the company has maintained a high level of intensity at both the corporate and project levels and achieved substantial progress towards realising our vision of becoming a significant new mid-tier Australian gold producer.
"A key achievement during the first half of the year was the completion of the merger with Excelsior Gold, following the receipt of the required shareholder and statutory approvals in October 2018.
"This transaction resulted in the acquisition of the Kalgoorlie North Gold Project, located 30 kilometres north of Kalgoorlie, allowing the formal consolidation of the highly prospective 2.6 million-ounce Bardoc Gold Project, providing a strong foundation for our growth plans in the Australian gold sector.
"The company subsequently changed its name to Bardoc Gold Ltd in November 2018, reflecting its emerging status as a new mid-tier Australian gold company operating in the North Kalgoorlie district."
Strengthening growth pipeline
The chairman also stated in his report that the company had maintained an aggressive but selective approach to growth through acquisitions.
He said: “During the year, Bardoc further strengthened its growth pipeline by acquiring a 49 square kilometre tenement package in and around the Bardoc Gold Project, giving us 100% ownership of a contiguous tenement package.
“The company also acquired the Vettersburg prospecting licence P24/4698, located 7.5 kilometres north of its cornerstone Zoroastrian deposit and contiguous with our broader tenement package.
“At the time of finalising this report, Bardoc had just announced the acquisition of the strategic Mayday and North Kanowna Star gold projects, immediately east of the Bardoc project.
“This low-cost acquisition has increased the size of our total land-holding by 10%, expanded our resource base and provided us with substantial resource extension upside.”
He added: “The success of our strategy to grow through a combination of focused exploration and strategic merger and acquisitions has allowed us to further strengthen the company’s balance sheet with a landmark $15 million capital raising.
“This will allow us to maintain the current level of exploration, continue drilling to further expand our mineral resource inventory and complete pre-feasibility studies in a timely fashion.”
Leibowitz said the success of the past 12 months would not have been achieved without considerable activity and hard work by the Bardoc team.