SEPTEMBER 2020 QUARTERLY ACTIVITIES REPORT

Bardoc closing-in on development of new long-life gold project near Kalgoorlie following strong progress with development studies, upgraded Mineral Resource and drilling success

BARDOC GOLD PROJECT, WA (BDC: 100%)

  • Key De-risking milestones achieved for Definitive Feasibility Study including:
    • Re-optimisedMine Plan highlighting additional reserve potential at all deposits;
    • Indicative term sheets received for concentrate off-take and prefer off-taker shortlisting has commenced;
    • Mineral Resource Update upgraded 171koz to higher resource confidence available for reserve analysis in the Definitive Feasibility Study.
  • New +40,000m drilling program underway targeting new exploration breakthroughs outside the current 3.03Moz Resource inventory to add further value to the Company's long-term development.
  • Outstanding results delivered from Zoroastrian subsequent to the end of the Quarter, extending the mineralisation further north outside of the existing 526koz Mineral Resource. Assay results include:
    • 89m @ 1.43g/t Au from 192mincluding 8m @ 3.35g/t Au from 193mand 13m @ 2.19g/t Au from 252min KNC202014
    • 11m @ 3.08g/t Au from 190mand 8m @ 2.90g/t Au from 156m in KNC202017
    • 11m @ 4.69g/t Au from 237m including 6m @ 6.78g/t Au from 239m in KNC202001
    • 34m @ 2.51g/t Au from 81m including 12m @ 4.11g/t Au from 100m in KNC202011
  • Broad, high-grade gold intercepts from untested locations within the Omega Lode, at the 1.7Moz Aphrodite deposit:
    • 37m @ 6.21g/t Au from 90m including 13m @ 10.94g/t Au from 90m in 20APRC0006
    • 7m @ 8.95g/t Au including 4m @ 15.07g/t Au from 132m in 20APRC0001
  • Reverse Circulation drilling at the 320koz Excelsior deposit highlights potential growth opportunities for possible future mining assessment:
    • 19m @ 2.00g/t Au from 160m in KNC200023
    • 24m @ 1.44g/t Au from 80m in KNC200022 including 10m @ 2.14g/t Au from 87m
    • 76m @ 0.89g/t Au from 173m in KNC200019 including 11m @ 1.20g/t Au from 197m, 10m @ 1.98g/t Au from 215m and 6m @ 1.93g/t Au from 232m

CORPORATE

  • Transformational $24m institutional capital raising completed in early July, substantially de-risking
    Bardoc's pathway to production, underpinning DFS completion, final engineering and accelerated development and exploration
  • Cash reserves of A$29.4 million at Quarter-end.

Bardoc Gold Limited | ABN 40 125 578 743

130 Stirling Highway, North Fremantle WA 6159 | Locked Bag 4, North Fremantle WA 6159 | Australia Tel +61 (0)8 6215 0090 | Fax +61 (0)8 6215 0091

www.bardocgold.com

OVERVIEW

Bardoc Gold CEO Robert Ryan said the continued de-risking of the Bardoc Gold Project over the September Quarter coupled with the latest drilling and optimisation results put the Bardoc Gold Project on a road map to production.

"This has been a very active Quarter for Bardoc Gold, with the completion of a number of key de- risking activities for the project, culminating in the updated resource statement. The updated resource statement will underpin the DFS as we look to build upon the current 790koz Ore Reserve.

"In parallel with the completion of this Study, we have also kicked off a major 40,000 metre drilling program at the Bardoc Gold Project aimed at delivering new discoveries outside of the known zones of mineralisation. Also, the recent exploration success at Zoroastrian shows there is immense opportunity to continue to expand on the current resource and provide mine-life well beyond the current mine plan.

"As we move into the final stages of the metallurgical test work, we look forward to negotiating the final off-take agreement for the gold concentrate throughout November and December. This will enable the company to update the final DFS in the March Quarter 2021.

"We have also made strong progress during the Quarter towards the completion of the Definitive Feasibility Study, with indicative term sheets received for product off-take, mine optimisation and design work well advanced, and extensive progress made on our metallurgical testwork programs.

"Bardoc holds a large tenement portfolio within the North Kalgoorlie region, with significant areas remaining largely untested. We are very much looking forward to progressively testing these areas over the coming months as we continue to build a large-scale,long-life mining operation."

RESOURCE EXTENSION AND EXPLORATION DRILLING

Figure 1. Bardoc Gold Project, tenement location plan.

Page 2 of 15

ZOROASTRIAN DEPOSIT

The Zoroastrian Deposit has a current Resource of 526koz Au and is open at depth down the northerly plunge on multiple lodes.

Diamond core drilling commenced at the cornerstone Zoroastrian Deposit in September to expand the Company's geotechnical knowledge away from the 2016 open pit into areas to be included in the 2021 DFS. Detailed assessment of the core is underway with final geotechnical parameters expected in October.

Subsequent to the end of the Quarter, the Company reported outstanding new 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 assays including:

  • 11m @ 4.69g/t Au from 237m including 6m @ 6.78g/t Au from 239m in KNC202001
  • 89m @ 1.43g/t Au from 192m including 8m @ 3.35g/t Au from 193m and 13m @ 2.19g/t Au from 252m in KNC202014
  • 11m @ 3.08g/t Au from 190m in KNC202017
  • 8m @ 2.90g/t Au from 156m in KNC202017
  • 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

These new results from the northern end of the Zoroastrian Deposit have extended the mineralisation further to the north outside of the current Mineral Resource model and have provided the impetus to expedite a diamond core rig to site to further evaluate this emerging area.

Figure 2: Zoroastrian 6643020mN Cross-Section,+/-15m, looking north.

Page 3 of 15

The drilling has identified a significant zone with a standout intercept of 89m @ 1.43g/t Au from 192m in KNC202014, which is interpreted as the development of multiple footwall lodes within the Royal Mint Lode.

This intersection is the broadest zone of mineralisation recorded at Zoroastrian and highlights that the cornerstone deposit still has areas that can yield significant widths of strong gold mineralisation, providing considerable upside for future mining and exploration activities.

APHRODITE DEPOSIT

The Aphrodite Deposit has total Ore Reserves of 500,000oz, comprising Open Pit Reserves of 2.83Mt @ 2.3g/t Au for 210,000oz and Underground Reserves of 2.38Mt @ 3.7g/t Au for 290,000oz.

The Aphrodite Deposit consists of multiple lodes - Alpha, Phi, Epsilon, Sigma and Omega, with Alpha and Phi being the two main lodes.

During the Quarter, results were reported from the Omega Lode. Omega is a generally thought to be narrow, high-grade lode located some 20-40m west of the Phi Lode. The Omega Lode broadly follows a contact between a basalt and sediment with fine grained arsenopyrite carrying the gold mineralisation. These recent results are much wider than the average intercepts.

There are large untested areas at Aphrodite and these results confirm there are still discoveries to be made that will positively impact the Company's Definitive Feasibility Study (DFS) plans. Results reported during the Quarter included:

  • 37m @ 6.21g/t Au including 13m @ 10.94g/t Au from 90m in 20APRC0006
  • 7m @ 8.95g/t Au including 4m @ 15.07g/t Au from 132m in 20APRC0001
  • 4m @ 5.24g/t Au from 158m in 20APRC0003

Follow-up drilling is being planned to fully test the lateral extents of this mineralisation and will be undertaken in coming months.

EXCELSIOR

The Excelsior Deposit is one of the three cornerstone deposits of the Bardoc Gold Project. The RC in-fill drilling program during the quarter was designed to upgrade areas of the Mineral Resource from Inferred to Indicated status, to make them available for conversion to Ore Reserves.

Key results during the Quarter included:

  • 19m @ 2.00g/t Au from 160m in KNC200023
  • 24m @ 1.44g/t Au from 80m in KNC200022, including 10m @ 2.14g/t Au from 87m
  • 76m @ 0.89g/t Au from 173m in KNC200019 including 11m @ 1.20g/t Au from 197m, 10m @ 1.98g/t Au from 215m and 6m @ 1.93g/t Au from 232m
  • 23m @ 0.75g/t Au from 260m in KNC200019 including 9m @ 1.48g/t Au from 272m
  • 15m @ 0.97g/t Au from 163m in KNC200020 including 9m @ 1.16g/t Au from 163m

Page 4 of 15

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Bardoc Gold Ltd. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 22:54:03 UTC