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Bardoc Gold prepares to drill after completing acquisition of gold projects near Kalgoorlie

The settlement of project acquisitions has been completed with the issue of 12 million fully paid Bardoc shares escrowed for 9 months.

Bardoc Gold Ltd - Bardoc Gold completes acquisition of Mayday and North Kanowna Star gold projects in WA
Drill site preparation is underway with more than 10,000 metres of RC and diamond drilling planned

Bardoc Gold Ltd (ASX:BDC) has completed purchasing the Mayday and North Kanowna Star gold projects near Kalgoorlie from Strategic Projects Mining Pty Ltd.

The project areas include a combined JORC compliant indicated and inferred mineral resource totalling 111,600 ounces which Bardoc aims to expand over the coming months through a reverse circulation and diamond drilling program of at least 10,000 metres.

Both projects lie to the north of Kalgoorlie and southeast of the flagship namesake Bardoc project that hosts a resource of 2.911 million ounces.

Minimal exploration

These tenements have had minimal modern exploration and offer numerous exploration opportunities and walk-up drill targets, including immediate extensions of the defined JORC-compliant mineral resources.

The acquisition is consistent with Bardoc Gold’s strategy of establishing a sizeable gold mineral resource base in the Kalgoorlie district through a combination of strategic exploration as well as merger and acquisition activity.

Drilling set to begin shortly

Chief executive officer Robert Ryan said: “With the acquisition of the Mayday and North Kanowna Star projects now complete, we have begun access preparations to mobilise drill rigs to site and drilling is set to begin as soon as we complete the current round of follow-up drilling at El Dorado.

“With samples from that drilling already going into the laboratory and a major new phase of drilling set to begin shortly, investors can look forward to a steadily increasing flow of news over the coming weeks as we work to increase the confidence in the current resource and expand it through step-out drilling.”

Mayday and North Kanowna Star location plan 

Last month the company raised $3.178 million in a share purchase plan (SPP) that helped to underpin the next phase of exploration, development and growth strategy of the Bardoc project.

The SPP was undertaken on the same terms as the placement at 10 cents per share with a 1:2 free attaching option exercisable at 16 cents each on or before December 15, 2020.

Ryan said at the time the company was very pleased with the level of support shown by shareholders with applications received in excess of the targeted amount.

Shares have been up as much as 6% to an intra-day high of 10.5 cents after a new 12-month high of 13 cents was reached on September 9.

Quick facts: Bardoc Gold Ltd

Price: 0.071 AUD

ASX:BDC
Market: ASX
Market Cap: $98.7 m
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Full interview: Bardoc Gold announces $12 million capital raising and...

Bardoc Gold Ltd (ASX:BDC) chief executive officer Robert Ryan updates Proactive on a $12 million capital raising supplemented by a targeted share purchase plan (SPP) for an additional $3 million. Funds will be used for exploration on the company’s recent acquisitions near its 2.6 million...

on 20/9/19

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