viewBardoc Gold Ltd

Bardoc Gold expands resource and begins pre-feasibility study during productive September quarter

Backed by a robust cash balance of about $12 million, Bardoc is well placed to pursue its exploration, development and growth strategy.

Bardoc Gold Ltd - Bardoc Gold expands resource and begins pre-feasibility study during productive September quarter
The company is raising a further $3 million from a share purchase plan which is now open to shareholders.

Bardoc Gold Ltd (ASX:BDC) has achieved outstanding results from ongoing exploration programs across its Bardoc Project in WA during the September 2019 quarter.

The company expanded its gold resource base and started a pre-feasibility study during the quarter.

Bardoc CEO Robert Ryan said the September quarter marked one of the busiest and most productive periods in the company’s recent history, with a combination of successful exploration and strategic low cost tenement acquisitions culminating in a major resource upgrade at the Bardoc Gold Project to just over 3 million ounces of gold.

Pre-feasibility study underway

Ryan added: “We are continuing to rapidly build critical mass at the Bardoc Gold Project, with the outstanding exploration results being generated from across the project area – supported by a prudent and focused acquisition strategy – culminating in a strong uplift in our mineral resource base.

“Our total resource now stands at 3.02 million ounces – a 17% increase in contained ounces since November last year – with the updated Resource also seeing a strong increase in geological confidence, converting nearly 200,000 ounces of inferred resources to indicated status.

“We are particularly encouraged by the strong growth at our flagship Zoroastrian deposit, which has increased by more than 80,000 ounces.

“Zoroastrian is expected to form the cornerstone of our future underground mining operations, and represents an important source of free-milling ore. The Zoroastrian deposit has not been closed off and remains open at depth.

“We now have a pre-feasibility study underway based on the updated mineral resource, which is scheduled for delivery in the first quarter of 2020.

Active drilling programs

“In addition, we are also continuing to forge ahead with our drilling programs, with the El Dorado satellite deposit recently emerging as a particularly compelling target. Exploration at El Dorado during the September wuarter returned broad, high-grade intercepts including 28 metres grading 13.59 g/t gold.

“We are looking forward to upcoming drilling programs across the newly-acquired North Kanowna Star and Mayday Projects, which also have compelling potential to contribute to our ongoing resource growth.

“In the meantime, diamond drilling is currently underway at Aphrodite, one of our cornerstone deposits, to provide sufficient drill core for detailed metallurgical test-work purposes.

Definitive feasibility study planned

“We expect to deliver a further mineral resource update next year, which will then form the basis of a planned definitive feasibility study for the Bardoc Gold Project.

“I would also like to take this opportunity to thank our shareholders who participated in our recent $12 million placement and those participating in the share purchase plan and welcome new shareholders to the register.

“Backed by this robust cash balance, Bardoc is exceptionally well placed to pursue our exploration, development and growth strategy.”

Quick facts: Bardoc Gold Ltd

Price: 0.09 AUD

Market: ASX
Market Cap: $125.61 m

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