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Corporate Spotlight

Bardoc Gold Limited (ASX: BDC) is focused on building a substantial long-term gold business in Western Australia’s Eastern Goldfields through a combination of exploration, acquisition and strategic consolidation.
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~$15M CAPITAL RAISING

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LANDMARK ~$15M CAPITAL RAISING TO FAST-TRACK NEXT PHASE OF BARDOC’S AUSTRALIAN GOLD STRATEGY 

ASX Announcement 20 September 2019 


Investors back aggressive resource growth and development strategy in Kalgoorlie


Key Points: 

  • Firm commitments received to raise $12M through a share placement to strategic investors at $0.10 per share with a 1:2 free attaching $0.16 option. 
  • Bardoc to undertake a Share Purchase Plan (SPP) to raise up to an additional $3M, allowing eligible shareholders to participate in the capital raising on the same terms. 
  • Proceeds to be used to progress the Company’s Kalgoorlie gold strategy to the next level, with key planned activities including: 
    • - High-impact drilling across multiple newly-identified exploration targets at the Bardoc Gold Project with the potential to continue to rapidly grow the Company’s current 2.6Moz Resource; 
    • - Progress development studies, leveraging off the extensive feasibility work and metallurgical test work programs completed in 2018 and 2019; 
    • - Continue to target value-accretive acquisition and M&A opportunities in the Kalgoorlie region; 
    • - Aggressively explore the recently acquired Mayday, North Kanowna Star and Vettersburg (Slug Hill) projects to develop a growth pipeline for future mining studies
  • Project-wide Mineral Resource update on track for completion by the end of September, with new drilling programs set to resume.


Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to announce a capital raising of up to $15 million to underpin the next pivotal stage of its exploration, development and growth strategy based around its flagship 2.6Moz Bardoc Gold Project near Kalgoorlie in Western Australia. 


The Company has received firm commitments for a share placement comprising 120 million shares at an issue price of $0.10 per share to existing and new professional, sophisticated and other institutional investors to raise a total of $12 million (Placement). Participants in the Placement will also be issued one (1) free attaching option (exercisable at $0.16 each on or before 15th December 2020) (New Option) for every two (2) shares subscribed for in the Placement. Hartleys Limited acted as Lead Manager to the Placement.


Bardoc also intends to conduct a Share Purchase Plan (SPP or Plan) to eligible shareholders on the same terms as the placement to raise up to an additional $3 million, increasing the total raising to ~$15 million.


The Placement and SPP issue price of $0.10 per share represents: 

  • A 9.09% discount to the closing price of the Company’s shares on 17th September 2019, which was 11c; and 
  • A 15.19% discount to the volume weighted average price (VWAP) in respect of the last 5 trading days, which was 11.79c (excluding value ascribed to the New Options).


The funds raised through the Placement and SPP will be used to continue to further expand and upgrade the Mineral Resource at the Company’s flagship 2.6Moz Bardoc Gold Project, located 55km north of Kalgoorlie in Western Australia, following the Resource update scheduled for completion by the end of this month. 


With pre-feasibility studies already in progress, the Company will also conduct metallurgical test work at the cornerstone Aphrodite deposit to a Definitive Feasibility Study level, while continuing to explore and develop its pipeline of growth projects including the recently acquired Mayday, North Kanowna Star and Vettersburg (Slug Hill) Projects.


Bardoc Gold’s Chief Executive Officer, Mr Robert Ryan, said the outstanding success of the capital raising reflected the growing market recognition and confidence in the scale, potential and significance of the Bardoc Gold Project as the cornerstone of a new long-term Australian gold business in the highly-endowed Kalgoorlie district. 


“This highly successful capital raising puts Bardoc in a very strong position. With a strengthened balance sheet, we will have the financial capacity and flexibility to rapidly advance the next stage of our multi-pronged growth strategy in the Kalgoorlie district. 


“We see this next phase of activity as very much a continuation of the strategy we have been pursuing over the past two years – with the three key elements comprising aggressive exploration to grow our Resource base, selective and value-accretive acquisitions and mergers, and the completion of feasibility studies to progress the Bardoc Gold Project towards development. 


“Our objective is to rapidly build a sizeable and high-quality gold resource in the Kalgoorlie region by consolidating gold deposits located within economic haulage distance of a potential centrally located processing facility and continuing to expand our strategic exploration footprint and growth pipeline. 


“The strong support shown by current and new sophisticated investors and institutions reflects the fact that we are already well advanced towards achieving these goals as a result of the exploration success achieved this year and the value accretive acquisitions we have announced. 


“The recent acquisitions of the Mayday, North Kanowna Star and Vettersburg projects shows that there are still excellent opportunities to acquire high quality gold projects with significant exploration upside in the Kalgoorlie district. 


“With the global resource update due at the end of this month, pre-feasibility studies will continue with results expected in Q1 2020. A portion of the funds raised will also be allocated to long-lead time engineering and environmental studies required for the completion of a bankable feasibility study in preparation for the future development of the Bardoc Gold Project.” 


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ACQUISITION

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ACQUISITION OF 111,600oz JORC GOLD RESOURCE FURTHER STRENGTHENS GROWTH PIPELINE AT 2.6Moz BARDOC PROJECT

ASX Announcement 9 September 2019 


Strategic purchase of Mayday and North Kanowna Star Gold Projects, located near the Bardoc Gold Project, increases its Resource base and provides further exploration upside 


Key Points: 

  • Mayday North JORC Indicated and Inferred Mineral Resource of 1.41Mt at 1.7g/t for 79,300oz. 
  • Historic open pit production from Mayday North of 73,000t @ 3.2g/t Au for 7,500oz. 
  • North Kanowna Star JORC Indicated and Inferred Mineral Resource of 0.72Mt at 1.4g/t for 32,300oz. 
  • Consideration for the acquisition is 12M fully-paid Bardoc shares, escrowed for 9 months, plus a future production royalty of $15 per ounce for the first 50,000 ounces produced. 
  • Acquisition results in a 10% increase in the total land-holding at the Bardoc Gold Project. 
  • Bardoc believes the new areas, located ~20-50km east of the Bardoc Project, are under-explored and offer significant exploration and resource extension upside. 
  • Company’s strategy of growth through a combination of exploration and M&A will strengthen the fundamentals of the Bardoc Gold Project at an opportune time for the Australian gold sector.


Bardoc Gold Limited (ASX: BDC; Bardoc or the Company) is pleased to advise that is has further strengthened its gold resource and exploration growth pipeline in the North Kalgoorlie district of Western Australia after executing an agreement to acquire the strategic Mayday and North Kanowna Star gold projects, located immediately east of its flagship 2.6Moz Bardoc Gold Project. 


The acquisition includes three Mining Licences, four Prospecting Licenses and one Miscellaneous Licence covering a total area of 20km2 (refer Table 1). The Mayday North Project is located within easy trucking distance ~50km and the North Kanowna Star Project ~22km to the east of the Bardoc Project.


The project areas include a combined JORC compliant Indicated and Inferred Mineral Resource totalling 111,600oz, representing an important and low-cost strategic addition to the Company’s existing 2.6Moz Mineral Resource base in the district.


The tenements have had minimal modern exploration and offer numerous exploration opportunities and walk-up drill targets including immediate extensions of the currently defined JORC Mineral Resources. The acquisition is consistent with Bardoc Gold’s strategy of establishing a sizeable gold Mineral Resource base in the Kalgoorlie district though a combination of strategic exploration and M&A activity. 



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POTENTIAL GROWTH

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DRILLING CONFIRMS STRONG POTENTIAL FOR RESOURCE GROWTH FROM BARDOC SATELLITE DEPOSITS 

ASX Announcement 28 August 2019 


High-grade extensions confirmed at El Dorado deposit, with updated global Mineral Resource for Bardoc Gold Project scheduled for September 


Key Points: 

  • Drilling completed at the El Dorado, Talbot North, South Castlereagh and Grafters satellite deposits at the Bardoc Gold Project, with results confirming strong potential for Resource growth. 
  • El Dorado mineralisation extended down plunge outside the current Mineral Resource area, with key assay results including: 
    • - 10m @ 2.31g/t Au from 105m in KNC190062 
    • - 4m @ 6.71g/t Au from 147m in KNC190073
  • Results also received from Talbot North, with highlights including: 
    • - 4m @ 3.37g/t Au from 97m in KNC190055 
    • - 13m @ 1.17g/t Au from 43m in KNC190057 
  • Updated Mineral Resource estimate for the Bardoc Gold Project on track for delivery by the end of September 2019.


Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to advise that recent drilling targeting several of the satellite deposits within the Company’s 100%-owned 2.6Moz Bardoc Gold Project, 50km north of Kalgoorlie in WA, has extended the known mineralisation and confirmed the potential for Resource growth.


All results have now been received from recently-completed Reverse Circulation (RC) and diamond core drilling at the El Dorado, Talbot North, South Castlereagh and Grafters satellite deposits, with the program designed to improve the Company’s understanding of grade continuity, geology and mineralisation style at each prospect.


In particular, drilling at the 20koz El Dorado deposit has intersected strong mineralisation outside of the current Mineral Resource area, with further drilling required to test the extent of the mineralisation down plunge.


The results will feed into a project-wide Mineral Resource update for the Bardoc Gold Project scheduled for delivery in late September, and will also assist with ranking and prioritising targets for future exploration programmes. The geological and structural data and grade analysis will be used to improve the mineralisation and geology models for each deposit, with pXRF learning and investigation to be applied over the coming months. 


EL DORADO 

The El Dorado deposit has a current JORC Resource of 393kt @ 1.6g/t Au for 20koz Au. It is located towards the southern end of the tenement package immediately to the west of the main haul road. Gold mineralisation is hosted predominantly in a 30-40 metre wide mafic/ultramafic package with sediments and felsic volcaniclastics units of the Black Flag Beds.


The recent drilling specifically targeted the un-tested down plunge potential of the existing Mineral Resource, with results confirming the presence of high-grade gold mineralisation outside the Resource boundary. Highlights include: 


  • 10m @ 2.31g/t Au from 105m in KNC190062; 
  • 4m @ 2.53g/t Au from 104m in KNC190073; 
  • 4m @ 6.71g/t Au from 147m in KNC190073.


The success of the few holes drilled at El Dorado is very encouraging, with additional follow-up work required to quantify the widths and grades in the shallowly north-west plunging higher-grade mineralisation. 


Figure 1. Bardoc South Regional Location Plan 


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HIGH-GRADE GOLD MINERALISATION

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DEEPEST HOLE AT ZOROASTRIAN DELIVERS HIGH-GRADE GOLD MINERALISATION, OPEN AT DEPTH 

ASX Announcement 20 August 2019 


Final hole of Resource extension drilling program delivers grades of up to 78.6g/t Au, with mineralisation open down-plunge 


Key Points: 

  • Final diamond hole from Resource extension drilling at Zoroastrian deposit confirms mineralisation remains open down-plunge. 
  • Key assay results from KND190009 include: 
    • - 11.2m @ 1.84g/t Au from 121.8m; 
    • - 4.6m @ 2.90g/t Au from 392.8m including 2.8m @ 4.52g/t Au from 392.8m; and 
    • - 6.0m @ 9.34g/t Au from 489.0m including 3.0m @ 17.6g/t Au from 489m; 
    • - Also including 0.5m @ 78.6g/t Au from 489m. 
  • Down-plunge continuity of the multi-lode system at Zoroastrian confirmed by recent drilling, with the controlling structures well understood with predictable geology, orientation and location. 
  • Diamond drill core obtained from deeper within the deposit provides opportunity to study the key fractionated dolerite host rock, providing key insights to assist with ongoing exploration. 
  • Updated Mineral Resource estimate for the Bardoc Gold Project on track for the end of September 2019.


Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to announce that the final hole from Resource extension drilling at the Zoroastrian deposit, part of the Company’s 100%-owned 2.6Moz Bardoc Gold Project 50km north of Kalgoorlie in WA, has delivered exceptional high-grade gold assays and confirmed the mineralisation remains open at depth.


The intersections from Hole KND190009 confirm that the Blueys South Lode and Zoroastrian South Lode continue at depth and remain open, and are yet to be fully tested down-plunge.


Importantly, KND190009 also delivered grades of up to 78.6g/t Au, continuing the trend of spectacular gold intercepts at Zoroastrian as outlined in recent ASX announcements.


ZOROASTRIAN RESULTS 

Resource extension drilling at the 428koz Zoroastrian Gold Deposit over 2019 has delivered spectacular grades in several predictable ore positions that have extensive development in place and may be amenable to underground mining techniques.


A summary of results from this recently-completed drill program include: 

  • 19.07m @ 6.38g/t Au from 296.93m in KND190001, including 3.55m @ 17.0g/t Au from 310.30m (ASX release 12 February 2019); 
  • 3.85m @ 16.29g/t Au from 123.50m in KND190002 (ASX release 25 February 2019); 
  • 9.30m @ 4.32g/t Au from 260.70m, including 3m @ 7.34g/t Au from 265.00m (ASX release 25 February 2019); 
  • 5m @ 5.84g/t Au from 192m in KND190004, including 0.3m @ 53.5g/t Au from 193.1m (ASX release 2 July 2019); 
  • 12m @ 4.02g/t Au from 392m in KND190004 (ASX release 2 July 2019); 
  • 11.6m @ 4.6g/t Au from 111.4m in KND190005, including 0.4m @ 28.3g/t Au from 112m (ASX release 16 July 2019); 
  • 1.6m @ 91.9g/t Au from 154.4m in KND190005, including 0.3m @ 582.4g/t Au from 154.4m (ASX release 16 July 2019); 
  • 4.4m @ 9.1g/t Au from 292.9m in KND190005, including 0.3m @ 48.4g/t Au from 292.9m (ASX release 16 July 2019); 
  • 10m @ 5.52g/t Au from 304m in KND190005W1, including 4.0m @ 7.6g/t Au from 306m (ASX release 16 July 2019); 
  • 5.7m @ 22.8g/t Au from 323.3m in KND190006, including 3.1m @ 34.5g/t Au from 324.9m (ASX release 30 July 2019); - Also including 0.6m @ 79.9g/t Au from 324.9 in KND190006 (ASX release 30 July 2019). 
  • Assay Results from KND190009 include :- 
    • - 11.2m @ 1.84g/t Au from 121.8m; 
    • - 4.6m @ 2.90g/t Au from 392.8m including 2.8m @ 4.52g/t Au from 392.8m; and 
    • - 6.0m @ 9.34g/t Au from 489.0m including 3.0m @ 17.6g/t Au from 489m; - 
      • Also including 0.5m @ 78.6g/t Au from 489m.


These results have demonstrated the down-plunge continuity of multiple lodes at Zoroastrian, some of which have both a main shoot and a footwall shoot. The controlling structures are well understood, with predictable geology, orientation and location 


Importantly, the Company has now obtained drill core from much deeper in the deposit, providing the first opportunity to study the fractionated dolerite within this area. Results from these studies using the pXRF will be applicable across the Company’s broader tenement package and will assist with targeting ongoing exploration efforts.


The updated Mineral Resource Estimate for Zoroastrian is on track for completion at the end of September 2019.


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DRILLING SUCCESS

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DRILLING SUCCESS CONTINUES AT ZOROASTRIAN WITH EXCEPTIONAL NEW HIGH-GRADE GOLD HITS

ASX Announcement 30 July 2019 


Multi-lode system further extended down-plunge with high-grade Blueys South Lode expected to contribute significantly to resource update in Q3, 2019


Key Points: 

  • Blueys South Lode tested at its deepest location to date with outstanding new results: 
    • - 1.0m @ 27.9g/t Au from 218.0m in KND190006, including 0.4m @ 58.9g/t Au from 218.3m; 
    • - 5.7m @ 22.8g/t Au from 323.3m in KND190006, including 3.1m @ 34.5g/t Au from 324.9m; 
      • - Also including 0.6m @ 79.9g/t Au from 324.9 
    • - 2.0m @ 5.30g/t Au from 476.0m in KND190006. 
  • RAB drilling continuing at both the Bulletin Area and over the Black Flag Fault. 
  • Updated Mineral Resource estimate for the Bardoc Gold Project on track for Q3, 2019.


Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to announce further significant gold assay results from the Zoroastrian deposit as part of the expanded +40,000m exploration drilling program at its 100%-owned 2.6Moz Bardoc Gold Project, located 50km north of Kalgoorlie in Western Australia.


Recent diamond drilling has continued to target down-plunge extensions of the multi-lode 428koz Zoroastrian Deposit, one of the cornerstone deposits at the Bardoc Project, with the latest diamond hole returning exceptional high-grade assay results from the Blueys South Lode.


These results, and the recent geological knowledge gained from the drilling, have improved the Company’s levels of geological confidence in the deposit and will strengthen the Mineral Resource update to be completed in Q3 this year.


With maximum gold assays of 79.9g/t Au and 58.9g/t Au reported in KND190006, the recent drilling has clearly demonstrated the potential for very high grades down-plunge within the deposit, which may be amenable to underground mining techniques. As more high-grade zones are encountered, as seen in the previous Company announcement of 16 July 2019 which reported grades of up to 582g/t Au in KND190005, the Company will be able to further improve its geological targeting model for future exploration.


The latest diamond core hole at the 428koz Zoroastrian Deposit has returned significant widths and high grades for the targeted Blueys South Lode:


  • 5.7m @ 22.8g/t Au from 323.3m in KND190006, including 3.1m @ 34.5g/t Au from 324.9m 


These results will be used in the upcoming Mineral Resource estimate update and confirm that the Blueys South Lode is a significant part of the Zoroastrian multiple lode system. With multiple high-grade lodes now defined at similar depths below surface, it is anticipated that the recent drilling will underpin significant growth in the Zoroastrian Resource as part of the upcoming Q3 2019 Mineral Resource update. 


This updated Mineral Resource will form the basis of mine optimisation studies to be undertaken later this year.


As seen in the image below, spectacular high-gold grade is typically found in arsenopyrite-rich mineralisation. Treatment of this style of ore from Zoroastrian at the Lakewood Mill by Excelsior Gold in 2017 achieved gold recoveries of above 93%. 


These high recoveries from “real life” treatment of the ore gives the Company confidence in the suitability of utilising standard cyanide leach mills – which employ well-understood and widely-utilised processing methodologies from both a metallurgical and technical perspective across the Eastern Goldfields – in processing ore from Zoroastrian.


Kalgoorlie-Boulder is a well-established gold mining centre in WA. The Bardoc Gold Project is located on the sealed Goldfields Highway, just 50km north of Kalgoorlie-Boulder. As part of any mine optimisation studies to be undertaken following the Q3 Mineral Resource, this proximity is expected to provide a significant infrastructure and personnel advantage when compared to more remote sites without established/nearby mine services.


Figure 1. Annotated high-grade Blueys South Lode. Note the massive nature of the ore with even high-grade gold distribution. Quartz breccias are common for the hanging wall contact (323.3m). 


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