Bardoc Gold Limited (ASX:BDC) - Western Australia,

CONSOLIDATION CONTINUES TO DELIVER
Since the October 2018 merger with Excelsior Gold, Bardoc Gold Limited (“Bardoc”, or the
Company) has continued to make major progress on the 100% owned Bardoc Gold Project
(“BGP”), located north of Kalgoorlie in Western Australia.
The current Project area, located within the highly prolific Eastern Goldfields of the Yilgarn
Craton (one of the world’s premier mining districts), is the result of the ground consolidation
undertaken since 2017, with the Company now working towards a Pre-Feasibility Study (“PFS”),
targeting a standalone operation with a central mill - this is due for completion in Q4, 2019.
A key component is the recently updated Mineral Resource Estimate (“MRE”) which has
incorporated the results of ~40,000 m of post merger infill and extensional drilling that has
continued to provide strong results from the various deposits. The upgraded MRE of 49.4 Mt
@ 1.9 g/t for 3.02 Moz (with 60% in the Measured and Indicated categories) represents a 17%
increase on contained ounces from the November 2018 MRE, itself an increase of 23% on
the combined Resources of the pre-merger projects. The large, robust Resource base is key to
underpinning Bardoc’s plans of developing a standalone gold mining and processing operation
- although there are a number of mills that could provide toll treatment in the region, such
arrangements tend to favour the mill owner rather than the miner.
The three cornerstone deposits, Aphrodite (1.68 Moz), Zoroastrian (0.515 Moz) and Excelsior
(0.320 Moz), which all have increased Resources, are located 30 km apart within the Bardoc
Tectonic Zone (“BTZ”), and within 100 km of and to the north of Kalgoorlie in Western Australia
- the Company is looking at both open cut and underground operations at these deposits which
will form the backbone of planned operations.
The Project also includes a number of satellite deposits, particularly around Zoroastrian, in
what was termed the Kalgoorlie North Gold Project (“KNGP”) by Excelsior, and centred over
the historic Bardoc Mining Centre - one recently acquired tenement hosts the Slug Hill deposit,
which was reportedly, at 23.5 g/t, the highest grade producer in the field. We will refer to this
area as Kalgoorlie North to differentiate it from other areas, although this is not a name used
by the Company.
Also in the mix is Bardoc’s 79 koz open pit Mulwarrie deposit, located some 65 km west
of Aphrodite near the Davyhurst Mining Field. Most recently the Company has acquired the
Mayday North and North Kanowna Star prospects - these are located to the east of the main
BGP area, which added 111,600 oz of JORC compliant Resources to the BGP.
Ongoing activities will provide good newsflow over coming months in a time of high appetite
for gold stocks and historically high Australian denominated gold prices, and should result in
value appreciation. News will include progress on the PFS, and in addition ongoing drilling,
particularly in regional exploration and evaluation of satellite deposits, should continue to
deliver results.
KEY POINTS
Successful consolidation: The mergers and acquisitions have consolidated the highly
prospective BTZ, resulting in a large mineral inventory that should be sufficient to support a
long term, robust standalone operation.
Cashed up: Having just raised A$15.2 million through a placement and oversubscribed SPP at
A$0.10/share, the Company is well cashed up to fund ongoing activities.
High quality Resources with upside: The Resources of the individual deposits appear to be
of a quality to support the planned mining styles, be it open cut or underground; in addition
a number of these are open along strike and/or down dip hence there is the potential for
Resource expansion.
Ready access to infrastructure: The Western Australian projects have ready access to power
and transport infrastructure, and a resident workforce and services in Kalgoorlie.
Stable, well respected mining jurisdiction: Western Australia is a well regarded mining
destination, ranking 1st in Australia and 2nd globally in the 2018 Fraser Institute Survey of
Mining Companies.
Positive outlook for gold: Our view, given global economic conditions and geopolitical factors
is that the Australian denominated gold price will remain at around current historically high
levels or higher for the foreseeable future.
Strong management and technical team: The Company has management and technical
personnel with extensive experience in the junior resources sector, and a proven history of
technical success and delivering value to shareholders; in addition key personnel currently hold
~11% of the Company, thus aligning their interests with those of other shareholders.