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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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DIAMOND DRILLING RESULTS

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HIGH-GRADE DIAMOND DRILLING RESULTS AT MULWARRIE CONFIRM LODE STRUCTURES AND PAVE WAY FOR RESOURCE UPGRADE

ASX Announcement 18 March 2019 


High-grade hits of up to 12.27g/t Au validate Bardoc’s exploration model and provide a clear focus for extensional drilling


KEY POINTS: 

  • Diamond drilling at the Mulwarrie satellite deposit confirms multiple high-grade lodes. Assay results include: 
    • - 4.50m @ 7.03g/t Au from 53.4m in 19MWD0001 
    • - 15.35m @ 4.08g/t Au from 61.65m in 19MWD0001, including: 
      • 4.40m @ 5.17g/t Au from 64.3m; and 
      • 2.60m @ 12.27g/t Au from 73.4m 
    • - 2.3m @ 8.90g/t Au from 119m in 19MWD0003 
  • The three diamond core holes, comprising 460m of drilling in total, have provided key insights into the orientation of the high-grade gold structures at Mulwarrie. 
  • This information will allow the Company to target the next round of drilling into the more prospective areas of the deposit, laying the foundations for an upgrade to the Inferred Resource (881,000t at 2.8g/t Au for 79,000oz). 
  • Diamond core drilling has now moved to Aphrodite, where a series of holes are underway testing for down-plunge extensions to the 1.56Moz Aphrodite deposit. 
  • RC Drilling commences this week on exploration south of the Zoroastrian deposit.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to advise that it has received highly encouraging results from a program of diamond drilling at the Mulwarrie deposit, part of its 100%-owned 2.6Moz Bardoc Gold Project, located 55km north of Kalgoorlie in Western Australia. 


The results have confirmed and improved the level of confidence in the current high-grade (2.8g/t Au) 79,000oz Mulwarrie Mineral Resource, providing critical information about the structure and orientation of the high-grade lodes. This information will be utilised to assist with planning the next round of Reverse Circulation (RC) drilling at Mulwarrie, which is due to commence later this month.


During the 1980s, a high-grade (3.88g/t Au) open pit was mined at Mulwarrie by Callion Mining Pty Ltd to a depth of 36m with 24,300 tonnes extracted for 3,037oz of gold. The results reported in this announcement are located 100m south-east of the historical open pit. Historical underground mining both at this location and more broadly across the Mulwarrie District has recorded production of 26,300 ounces of gold from 19,700 tonnes of ore grading 41.5g/t Au.


The two tenements which make up the Mulwarrie Gold Project lie within a 10km wide greenstone belt which forms the north-west extension of the Coolgardie Line. The structurally dominant, north-trending Mt Ida fault lies approximately 4km east of the Mulwarrie Mining Centre. Most of the lithologies within this greenstone belt are steeply dipping and well foliated along a NNW/SSE trend. 


RESULTS 

  • The Mulwarrie deposit contains multiple high-grade lodes. Three confirmatory diamond core holes were drilled recently to collect more detailed information on the orientation of the high-grade gold mineralisation, with the best results including:
    4.50m @ 7.03g/t Au from 53.4m in 19MWD0001 
  • 15.35m @ 4.08g/t Au from 61.65m in 19MWD0001, including: 
    • - 4.40m @ 5.17g/t Au from 64.3m, and 
    • - 2.60m @ 12.27g/t Au from 73.4m


LIFigure 1: Photograph of core from 19MWD0001 with gold grades. 

From the drill core data, it is now possible to confidently project the orientation of the high-grade mineralisation and this new information will assist with the next round of exploration targeting at Mulwarrie. The mineralisation is associated with quartz veining, pyrrhotite and pyrite within broader zones of medium to strong biotitic alteration.


The host rock is a fine-to-medium grained dolerite and further analysis of pXRF data collected from the drill core is ongoing. The term pXRF refers to a portable X-ray fluorescence analyser that is used outside the confines of a laboratory. The instrument is taken to the sample, typically in-situ rock, drill core or other geological samples, and the analytical results are available for use immediately. In simple terms, X-rays are emitted from a source within the instrument and these are reflected back as a series of secondary fluorescent X-rays that have characteristics of the elements that they were reflected by. A series of detectors records the reflected signals and these are then interpreted within the instrument to give a resultant concentration for various elements.


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$7M PLACEMENT

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BARDOC COMPLETES $7M PLACEMENT AND CONFIRMS BOARD CHANGES 

FORMER PILBARA MINERALS CHAIRMAN TONY LEIBOWITZ APPOINTED AS NON-EXECUTIVE CHAIRMAN

ASX Announcement 13 March 2019 


Further to its ASX announcement of 28 February, Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to announce that it has completed the initial part of its $11.4 million capital raising with the successful completion of the recently announced $7 million placement to fast-track its Australian gold exploration and development strategy.


The Company will issue 175,000,000 fully-paid ordinary shares to sophisticated and professional investors at a price of $0.04 per share. The placement has been conducted in accordance with the Company’s placement capacity pursuant to Listing Rules 7.1 and 7.1A. 


The Company has also issued 4,000,000 share options exercisable into ordinary shares at 5c per share (expiry 28 February 2021) to consultants and advisers for their assistance with the placement.


As advised recently, Bardoc will also undertake a non-renounceable pro-rata entitlements issue to raise up to $4.4 million under which it will offer eligible shareholders the opportunity to subscribe for 1 new fully-paid ordinary share (New Shares) for every 10 existing fully-paid ordinary shares currently held (Existing Shares) at an issue price of $0.04 per New Share (Entitlements Issue).


Bardoc’s Managing Director, John Young said “The combined proceeds of the placement and entitlements puts us in a very strong position, allowing us to continue progressing a multi-pronged exploration and growth strategy aimed at rapidly growing our existing 2.6Moz million ounce Resource base while simultaneously pursuing sensible and value-accretive acquisition and M&A opportunities in the North Kalgoorlie district. 


“With drilling currently in progress at Zoroastrian and Aphrodite, and set to ramp-up across the broader project area, investors can look forward to a period of very strong news-flow as we deliver results, update our Resource inventory and progress feasibility and development studies.


“This is a fantastic result for Bardoc against the backdrop of what continues to be a very challenging equity market environment. This is testament to the quality of our projects and the calibre of the investors who have supported us. In this regard, I would also like to take the opportunity to welcome the appointment of highly experienced executive Tony Leibowitz to our board as non-executive Chairman. We are looking forward to his strong leadership as we embark on this next chapter of our journey as an Australian gold developer.” 


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UP TO $11.3M

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BARDOC TO RAISE UP TO $11.3M VIA PLACEMENT AND RIGHTS ISSUE TO FAST-TRACK AUSTRALIAN GOLD STRATEGY

ASX Announcement 28 February 2019 


Plus, highly experienced executive and founding Pilbara Minerals Chairman Tony Leibowitz to join the Bardoc Gold Board as non-executive Chairman


Key Points: 

  • $7m raised through share placement to strategic investors at 4c per share. 
  • Bardoc to launch a 1-for-10 non-renounceable pro rata entitlements issue to raise up to a further $4.3m. 
  • Eligible shareholders will have the ability to apply for additional shares in excess of their entitlement. 
  • Proceeds to be used to advance the Company’s Australian 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 rapidly grow the Company’s Resource inventory; 
    • Progress development studies, leveraging off the extensive feasibility work and metallurgical testwork programs completed in 2018; 
    • Target value-accretive acquisition and M&A opportunities in the North Kalgoorlie region.


Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to announce a capital raising of up to $11.3 million to fast-track its Australian gold exploration and development strategy.


The Company has received commitments for a share placement comprising 175 million shares at an issue price of 4c per share to existing and new strategic investors to raise a total of $7.0 million (Placement).


Bardoc will also undertake a non-renounceable pro-rata entitlements issue which will offer eligible shareholders the opportunity to subscribe for 1 new fully-paid ordinary share (New Shares) for every 10 existing fully-paid ordinary shares currently held (Existing Shares) at an issue price of $0.04 per New Share. (Entitlements Issue)


As part of the Entitlements Issue, Bardoc is also offering eligible shareholders the right to increase their shareholding in the Company (Share Top-Up Facility) should there be any shortfall under the rights issue.


The Placement is underpinned by a new international strategic investor group associated with prominent Sydney-based business executive Mr Tony Leibowitz, who has participated in the Placement and agreed to join the Bardoc Board as non-executive Chairman.


Mr Leibowitz, together with existing Bardoc directors Mr Neil Biddle and Mr John Young, were the founding directors of the Australian lithium producer Pilbara Minerals (ASX: PLS) and oversaw the corporate strategy which resulted in Pilbara’s transformation from a junior micro-cap explorer into a substantial new ASX-200 mining company with a market capitalisation of over $1.1 billion.


The funds raised through the Placement and Entitlements Issue will be used to rapidly expand the current resource expansion drilling program at the Company’s flagship 2.6Moz Bardoc Gold Project (refer ASX Release 13 November 2018), located 55km north of Kalgoorlie in Western Australia, to progress development studies, pursue strategic acquisition opportunities, and for general working capital.


Bardoc Gold Managing Director, Mr John Young, said the Company was very pleased with the outstanding response to this milestone capital raising, which would allow it to fast-track its Australian gold strategy and advance rapidly to the next level as a substantial new Australian gold developer operating in the highly endowed North Kalgoorlie district.


“We are delighted with the support we have received from existing shareholders and also pleased to welcome a group of international high-net worth investors associated with Tony Leibowitz, who is also participating in the Placement and has agreed to join the Bardoc Gold Board as non-executive Chairman


“This is essentially the same corporate team and investor group that got Pilbara Minerals off the ground in 2014 at a time when risk capital for junior explorers was extremely hard to come by. Thanks to their support, we were able to implement a clear growth strategy at the time in the lithium space and back that up with a sustained drilling program that ultimately delivered in spades for shareholders. 


“We are intending to apply a similar philosophy at Bardoc Gold by pursuing a multi-pronged exploration and growth strategy aimed at rapidly growing our existing 2.6 million ounce Resource base while simultaneously pursuing sensible and value-accretive acquisition and M&A opportunities.


“In order to be successful as an Australian gold developer, we are aiming to build a Resource inventory of scale and relevance as quickly as we can, to give ourselves the best opportunity of creating a sustainable gold business that will appeal to global investors.


“Shareholders can look forward to a very busy few months as we get going on what should be a very exciting drill campaign at Bardoc Gold project aimed at extending and increase the existing resource position by focusing on newly-identified exploration opportunities such as the Zoroastrian deposit, where we recently announced exciting results from resource extension drilling. 


This is a pivotal capital raising for the Company, and we are pleased to be able to offer all of our shareholders the opportunity to participate on the same terms as the Placement.” 


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ZOROASTRIAN OPENS

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MULTIPLE HIGH-GRADE INTERCEPTS IN LATEST EXTENSIONAL HOLE AS ZOROASTRIAN OPENS UP AT DEPTH 

ASX Announcement 25 February 2019 


More thick, high-grade intercepts of up to 16.2g/t in KND190002 confirm down-plunge continuity of lodes, reinforce geological model and underpin new Exploration Target


Key points

  • Further significant results received from extensional drilling at the Zoroastrian deposit from drillhole KND190002, with assay results including: 
    • - 3.85m @ 16.29g/t Au from 123.50m 
    • - 9.30m @ 4.32g/t Au from 260.70m including 3m @ 7.34g/t Au from 265.00m 
    • - 1.40m @ 11.34g/t Au from 271.3m 
  • These results are 55m up-dip from the successful hole KND190001 which returned a key intercept of 19.07m @ 6.38g/t Au from 296.93m including 3.55m @ 17.0g/t Au from 310.30m (see ASX Release, 12 February 2019). 
  • The results have confirmed the continuity of the Zoroastrian deposit, the second largest deposit in the consolidated Bardoc Gold Project, highlighting the opportunity for significant additions to the Resource inventory at Bardoc. 
  • An additional diamond core hole is planned to commence next week to test for extensions of these lodes.
  • A three hole Diamond core drilling program at the satellite Mulwarrie deposit has been completed and the diamond rig has moved to Aphrodite to target areas for possible Resource extension.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to advise that it has received further highly encouraging results from a program of extensional drilling at the Zoroastrian deposit, part of its 100%-owned 2.6Moz Bardoc Gold Project, located 55km north of Kalgoorlie in Western Australia. 


The latest results follow the high-grade intercepts reported earlier this month from diamond hole KND190001 (see ASX release, 19 February 2019) and show that the Company’s extensional exploration program at Zoroastrian is rapidly gathering momentum. 


With an Indicated and Inferred Resource of 6.2Mt at 2.1g/t Au for 428,000oz, Zoroastrian is the second largest deposit within the consolidated Bardoc Gold Project after the 1.6Moz Aphrodite deposit and expected to become a key high-grade long-term ore source for the project.


Recently completed diamond drill-hole KND190002 targeted multiple lodes within the fractionated dolerite unit at Zoroastrian. Results confirm the extension of the fractionated unit southwards as predicted by the exploration model, based on a structural interpretation of core, logging of alteration and machine learning using pXRF results to identify sub-units within the dolerite.


Bardoc Gold Managing Director, Mr John Young, said the latest outstanding drilling results from Zoroastrian were highly significant and laid the foundations for a substantial new Exploration Target which would be a key focus of upcoming drilling programs.


“The latest drilling has confirmed our new geological model for Zoroastrian and reinforced the important breakthrough we have made in recent months as a result of analysing historical datasets and applying new state-of-the-art computer modelling,” he said. 


“The latest results have confirmed the continuity of the multiple high-grade zones intersected in the previous diamond hole, reported earlier this month. This has confirmed the up-plunge extensions of the known mineralisation within the Blueys South and Zoroastrian South lodes, each of which consists of multiple high-grade gold shoots. “ 


“This deposit is clearly opening up at depth and our new geological interpretation allows us to target extensions of the known high-grade mineralisation with far greater accuracy. A third diamond hole will be collared this week to target shallower or up-plunge extensions of the deposit.“ 


“At the same time, we now have sufficient data to estimate a new Exploration Target for Zoroastrian under the JORC Code. This will give investors a sense of the growth opportunity at Zoroastrian, which we intend to target with further drilling this year in order to convert this mineralisation into JORC compliant Resources for inclusion in our development and production plans.”


ZOROASTRIAN EXTENSIONAL DRILLING 

Diamond drilling has been completed to target potential up and down-plunge extensions for two of the multiple high-grade lodes at the Zoroastrian deposit (see ASX release, 12 February 2019). The original program of four diamond drill holes for 1,800m was extended in January to include an additional hole, KND190002. 


KND190002 was collared 55m to the south-east of KND190001, as shown in Figure 1 which is an oblique view of the two drill holes and their orientation within the differentiated dolerite unit. Figure 1 is the oblique section 55°S of grid east (145°S).


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