Bardoc Gold Limited (ASX:BDC) (FRA:4SF) has achieved or exceeded all of its targeted milestones and is taking further major strides towards its goal of becoming a mid-tier gold producer.
The company said the coming 12 months were set to be pivotal with multiple workstreams progressing to move the company towards first gold production by the end of the next calendar year.
Despite the wild fluctuations in global markets and the onset of the COVID-19 pandemic, the pre-feasibility study has cemented the status of its flagship asset as one of the best-undeveloped gold projects in Australia.
Chairman Tony Leibowitz said: “This timeline suggests that the coming 12 months are set to be a pivotal period in Bardoc Gold’s development, with multiple workstreams progressing to move the company towards first gold production by the end of next calendar year.”
The company is in a very strong position with cash reserves of more than $35 million as it transitions from an explorer to developer to producer.
Bardoc Gold recently successfully undertook a $24 million capital raising, and together with the $15 million capital raise in October 2019, has welcomed a number of Tier-1 institutional and strategic investors to its share register.
Leibowitz added: “I am pleased to say that Bardoc sits in the enviable position of having a large-scale, near-term gold development opportunity in a Tier-1 mining district, with a robust cash balance to support our ongoing growth and development initiatives.”
Bardoc Gold Project
As a result of the significant achievements of the past 12 months, Bardoc is on the cusp of completing a definitive feasibility study (DFS) on its namesake project north of Kalgoorlie, Western Australia, one of the few new gold projects of this scale anywhere in Australia.
It is also making a final investment decision on the more than 100,000-ounces per annum gold project.
The DFS is well underway and is targeted to be completed by the March 2021 quarter and the aim is to begin mining and construction in the September 2021 quarter.
Bardoc's 100%-owned project runs contiguously north for 50 kilometres in the Eastern Goldfields of Western Australia.
There are four main deposits and a multitude of smaller projects within the 247 square kilometres landholding, providing 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
Mineral resource update
Following the drilling and exploration programs and a number of strategic tenement acquisitions completed, the company has an updated measured, indicated and inferred mineral resource of 49.4 million tonnes at 1.9 g/t gold for 3.02 million ounces of contained gold.
Clear potential to increase resources in close proximity to designed mining operations has been identified.
At satellite deposits such as Mayday North, recent exploration has highlighted the potential to either expand existing resources or establish new deposits.
The company said results from ongoing exploration programs were set to underpin an updated project-wide mineral resource update for the Bardoc project.
This updated mineral resource will in turn feed into the DFS for the Bardoc project development.
Bardoc strengthened its gold resource and exploration growth pipeline in the North Kalgoorlie district by acquiring the strategic Mayday North and North Kanowna Star gold projects.
These projects are immediately east of its flagship project, as well as the Vettersburg (Slug Hill) Prospecting Licence P24/4698, just 7.5 kilometres north of the Zoroastrian deposit.