Bardoc Gold : New high grade shoot discovered at Zoroastrian deposit

6 OCTOBER 2020

ASX/MEDIA RELEASE

NEW HIGH-GRADE SHOOT DISCOVERED 600m BEYOND

PLANNED UNDERGROUND DEVELOPMENT AT ZOROASTRIAN

New high-grade position identified at northern end of cornerstone deposit as in-fill drilling

delivers grades above current resource

Key Points:

• Outstanding results from exploration drilling at the Blueys Lode to test the potential for high-grade shoots outside the current Resource envelope at the northern end of the deposit, with the first hole intersecting:
• • 11m @ 4.69g/t Au from 237m including 6m @ 6.78g/t Au from 239m in KNC202001
• Other key results from in-fill drilling at Zoroastrian include:
• • 14m @ 1.73g/t Au from 146m in KNC202002
  • 18m @ 2.16g/t Au from 165m in KNC202002
  • 22m @ 1.61g/t Au from 144m in KNC202004
  • 34m @ 2.51g/t Au from 81m including 12m @ 4.11g/t Au from 100m in KNC202011
• Exploration drilling is continuing at the Aphrodite Sigma Lode, North Kanowna Star and within the Zoroastrian-Excelsior corridor with geotechnical drilling also underway at the Aphrodite Alpha Pit.
• Bardoc Gold is pleased to be presenting at the Diggers & Dealers Mining Forum on Monday, 13 October.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to report significant new results from recent exploration and in-fill drilling at the cornerstone 526koz Zoroastrian Deposit, part of its 100%-owned3.03Moz Bardoc Gold Project located 40km north of Kalgoorlie in WA.

The Company's decision to expand its ongoing exploration drilling program at Bardoc to +40,000m has immediately been rewarded with success at the Blueys Lode, part of the multi-lodeZoroastrian Deposit with identification of a new high-gradeextension some 600m north of the planned underground mine

development.

The discovery clearly demonstrates the potential to expand the Zoroastrian Deposit to the north and provides further evidence of the significant exploration potential within the +1Moz Zoroastrian-Excelsiorcorridor1.

Results from ongoing in-fill drilling at Zoroastrian have also exceeded expectations with significant results returned outside of current Resource areas and grades generally above the Resource grade.

Bardoc Gold Limited | ABN 40 125 578 743

130 Stirling Highway, North Fremantle WA 6159 | Locked Bag 4, North Fremantle WA 6159 | Australia Tel [phone] | Fax [phone]

www.bardocgold.com

MANAGEMENT COMMENTS

Bardoc Gold's Chief Executive Officer, Mr Robert Ryan, said the latest results demonstrated the potential to growth both Resources and Reserves in the near-mine environment at Zoroastrian:

"The previously announced optimisation work at Zoroastrian has already highlighted the strong potential for increased open pit mining Reserves and the in-fill drilling program within the planned open pit designs also provided an exploration opportunity to test extensions to the Blueys lode to the north.

"We extended a number of the holes into the Blueys lode target zone, and the early results have been outstanding with a highly significant intercept some 600m north of the planned underground development. Assays are still pending on the other half of this program.

"The Blueys and Blueys South lodes contain around 170koz of the total Mineral Resource at Zoroastrian and extensions of this lode to the north highlight the potential for underground mining in the future just 600m from the proposed underground infrastructure. Further drilling is now planned to target the Blueys lode at depth and along strike.

"As we rapidly progress our Definitive Feasibility Study, which is on track for release in the March 2021 Quarter, we will continue our +40,000m drilling program targeting brownfield and greenfield opportunities aimed at growing our 3Moz Resource and 790koz mining Reserve."

ZOROASTRIAN NORTHERN EXTENSIONS

Recent Reverse Circulation (RC) drilling at the northern end of the Zoroastrian Deposit has highlighted the significant exploration potential of the multi-lode gold system. While recent drilling has successfully been focused on targeting the southern areas of the Deposit within the underground Ore Reserves of 80koz Au, there has been virtually no drilling at the northern end of Zoroastrian since 2016.

The current round of drilling initially targeted areas of the Blueys Lode for the presence of additional high- grade shoots. The target area is located some 600m north of the main underground mining Reserve areas, demonstrating the scale of the Zoroastrian system.

The first hole targeting this area had great success, intersecting an extension of the Blueys Lode at depth and returning a highly significant intercept of:

• 11m @ 4.69g/t Au from 237m including 6m @ 6.78g/t Au from 239m in KNC202001

Other drilling at Zoroastrian concentrated on in-fill drilling to underpin a potential upgrade in Resource classification to bring material, after mining studies, into Reserves. This drilling has exceeded expectations and mineralisation has been intersected outside of current Resource envelope. The key results are:

•

•

•

•

•

8m @ 1.91g/t Au from 83m in KNC202001

14m @ 1.73g/t Au from 146m in KNC202002

18m @ 2.16g/t Au from 165m in KNC202002

22m @ 1.61g/t Au from 144m in KNC202004

34m @ 2.51g/t Au from 81m including 12m @ 4.11g/t Au from 100m in KNC202011

This drilling has been undertaken as part of the step-up in the exploration drilling programs to 40,000m and has highlighted that the +1Moz Au Zoroastrian-Excelsior gold camp1 has potential to deliver exploration and mining success over the longer term as mines are developed and the mineralisation is better understood.

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Figure 1: Zoroastrian 6643020mN Cross-Section, looking north.

1Zoroastrian current JORC resource 526koz, ~1900 underground mining 8koz, ~1990 open pit mining 16koz Au, ~2016 open pit 53koz Au, for total gold of 603koz Au.

Excelsior current JORC resource 320koz, ~1900 underground mining 4koz, ~1990 open pit mining 97koz Au, for total gold of 421koz Au

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Figure 2: Zoroastrian drill-hole location plan

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