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.