Broad widths and high-grade results have been returned in multiple holes outside the current El Dorado resource model, highlighting potential to grow the 23,000-ounce inferred resource.
Best results from reverse circulation (RC) drilling completed before Christmas are 11 metres at 11.38 g/t from 196 metres including 5 metres at 23.34 g/t from 200 metres, and 28 metres at 13.59 g/t from 176 metres including 6 metres at 57.7 g/t from 176 metres
Other highlights are 9 metres at 4.71 g/t from 173 metres, including 5 metres at 7.63 g/t from 175 metres, and 10 metres at 5.77 g/t from 164 metres, including 6 metres at 8.03 g/t from 166 metres.
Bardoc Gold’s CEO Robert Ryan said the results being generated by deeper drilling at El Dorado were another reminder of the exploration upside across the 3.02 million-ounce Bardoc project and reflected the success of the company’s targeted exploration approach.
“The latest results from El Dorado show there is a high-grade core to the mineralisation outside the current resource model.
“We have also seen grades improving with depth, which has given us the confidence to remobilise the RC drill rig to target further extensions while we await assays from the remainder of the 2019 drill program.”
Shares have been up almost 4% to an intra-day high of 8.4 cents, up from 6.8 cents on December 20.
Bardoc South regional location plan.
Results have defined a high-grade core of mineralisation around 170 metres below surface and which is interpreted as an extension to higher grade zones observed in the recently updated resource.
The new results suggest that the grade profile is improving at depth, providing a series of high-quality targets for additional follow-up drilling.
A number of assay results from diamond drilling completed in late 2019 are expected shortly.
RC drilling resumed this week targeting extensions of mineralisation to the south and once this is completed in the next few days, the RC rig will move to the Mayday North deposit.
Diamond drilling at Mayday North, which hosts a 79,000-ounce resource, is scheduled to resume this week and will operate in parallel with the RC rig.
The success at El Dorado highlights the opportunity to increase gold resources at previously underexplored satellite deposits within the Bardoc project.
The global resource at Bardoc Gold Project.
Assay results from the under-explored North Kanowna Star prospect are expected shortly while WA State Government EIS co-funded drilling at the Black Flag Fault is being logged and interpreted.
Bardoc Gold’s multi-targeted exploration and drilling program is targeting further resource growth and discovery opportunities across the project area to support a project-wide resource update later this year.
In the meantime, work is well advanced on a pre-feasibility study (PFS) based on the current resource and is on track to be finalised and reported to the market later this quarter.
Ryan said: “As gold reaches new record highs in Australian dollar terms of over $2,300 per ounce, Bardoc’s strategy of building a sizeable, high-quality resource in Australia’s premier gold mining district has positioned the company well to become a sustainable gold producer.
“PFS studies are progressing well with results expected later this quarter and, while our cornerstone deposits at Aphrodite, Zoroastrian and Excelsior are the focus of this study, our recent exploration successes show there is still significant upside to our plan.”
Project location plan.
The project runs contiguously north for 40 kilometres in the Eastern Goldfields and there are four main deposits and a multitude of smaller projects within the 250 square kilometre landholding.
This provides a large resource base and excellent exploration potential within the prolific Norseman-Wiluna greenstone belt and the junction of the Bardoc Tectonic Zone and the Black Flag Fault.
These two deep-seated crustal structures host many multi-million-ounce deposits, including the world-renowned Golden Mile in Kalgoorlie.