Bardoc Gold : Updated Mineral Resource for Bardoc Gold Project

30 SEPTEMBER 2020

ASX/MEDIA RELEASE

UPDATED MINERAL RESOURCE FOR BARDOC GOLD PROJECT INCREASES CONFIDENCE IN THE 1Moz PRODUCTION TARGET*

Successful in-fill drilling across cornerstone deposits upgrades 171koz to higher resource

confidence levels, available for reserve analysis in the Definitive Feasibility Study

Key Points:

• Substantial increase in higher confidence, higher grade ounces at the cornerstone Zoroastrian Deposit:

• 1. 45% increase in Indicated ounces to 119koz Au;
  1. 36% increase in Indicated tonnes to 789kt;
  1. 6% increase in Indicated grade to 4.70g/t Au;
  1. 13% increase in global UG tonnes to 1.58Mt.
• Substantial increase in overall Indicated ounces as well as Open Pit Indicated category ounces at the cornerstone Aphrodite Deposit:
• 
  o 19% increase, or 121koz, in Indicated ounces for Open Pit accessible material; and o 67% of total resource is now in the Indicated category
• Mayday North deposit now has 66,000oz Au in the Indicated category:
• 1. 26% increase in global tonnes to 1.78Mt; and

• 1. 6% increase in global ounces to 84koz Au.
• El Dorado satellite Resource grows to 39koz, with a significant high-grade underground zone recognized and reported:
• 1. 9koz Au of Indicated material in Open Pit Resource component;

• 1. Underground zone resource grade is 6.5g/t Au.
• Updated Mineral Resource provides a strong foundation for ongoing Definitive Feasibility Study (DFS), which is on track for completion in Q1 2021:
• 1. Global Mineral Resource ounces increase to 3.03Moz Au;

1. Global Measured and Indicated tonnes increase 2% to 31.7Mt;

1. Global Measured and Indicated ounces increase by 171koz to 1.95Moz Au; and o Measured and Indicated ounces now comprise 64% of global ounces.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to report a significant increase in Measured and Indicated ounces that will support ongoing mining studies as part of a project-wide Mineral Resource update for its 100%-owned3.03Moz Bardoc Gold Project, located 40km north of Kalgoorlie- Boulder in Western Australia.

*Production Target: Full details in ASX Release "Bardoc PFS confirms potential for long-life gold project" 17th March 2020

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

As a result, 64% of total ounces are now in the higher confidence Measured and Indicated categories.

This is an important step for the Project as Measured and Indicated material is able to be reported as Ore Reserves following the completion of mining studies.

For deposits such as the cornerstone Zoroastrian Deposit, the increase in higher-confidence,higher-grade underground resources is likely to result in a positive update to Ore Reserves for the DFS after mining studies are completed - which in turn should have a positive impact on project economics and mine life.

For satellite deposits such as El Dorado and Mayday North, the upgraded Mineral Resources confirm the validity of the Company's strategy of developing prospects with the potential to have a positive impact on the mine planning strategy for the DFS.

The El Dorado deposit now has an identified high-grade shoot that requires further exploration, both for down-plunge extensions and for repeated positions. At the Mayday North deposit, in-fill drilling returned robust gold intersections in terms of both thickness and grade which will likely de-risk any future mining scenario. Both deposits also have untested upside that provides excellent near-term exploration opportunities.

MANAGEMENT COMMENTS

Bardoc Gold's Chief Executive Officer, Mr Robert Ryan, said the updated Mineral Resource provided a strong foundation to the ongoing Definitive Feasibility Study, adding further momentum to the Company's strategy of becoming one of the next +100kozpa gold producers on the ASX.

"The upgraded Mineral Resource reflects several months of highly successful in-fill drilling across our cornerstone deposits and the satellite deposits at El Dorado and Mayday North. In essence, we have been able to increase the higher confidence Measured and Indicated ounces and substantially de-risk our mine plan.

"This marks another important milestone towards the development of the 135kozpa standalone gold mining and processing operation at Bardoc, as outlined earlier this year in our PFS. The resource update drilling deliberately targeted the lower confidence material in the 1Moz Production Target and, as we progress our DFS, we are increasingly confident that we will be able to expand upon the current 790koz Ore Reserve.

"We look forward to a number of key milestones in the coming months, with the off-take agreement due before the end of 2020 and the DFS due in March Quarter 2021. Exploration efforts are also underway at several exciting targets as we look to develop a growth pipeline of development projects to ensure that the Bardoc Gold Project has a long, sustainable mine life."

NEXT STEPS

• Drilling is underway at the Aphrodite Sigma Lode targeting high-grade Inferred material to increase resource confidence to Measured or Indicated.
• Definitive Feasibility Study on track for completion in Q1 2021.
• Metallurgical testwork nearing completion with bulk samples of Aphrodite ore being pilot scale tested.
• Exploration drilling continues with four drill rigs currently on site (two Reverse Circulation, one diamond core rig and one air-core rig).
• Tailings Storage Facility design parameters nearing completion.

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Table 1: September 2020 Mineral Resource Table

			BARDOC GOLD PROJECT: RESOURCES
		Cut-Off	MEASURED	INDICATED		INFERRED		TOTAL RESOURCES
Deposit	Type
(g/t Au)
		Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
			(,000t)	(g/t Au)	(,000oz)	(,000t)	(g/t Au)	(,000oz)	(,000t)	(g/t Au)	(,000oz)	(,000t)	(g/t Au)	(,000oz)
Aphrodite	OP	0.4	-	-	-	12,770	1.8	740	4,741	1.4	208	17,511	1.7	948
Aphrodite	UG	2.0	-	-	-	3,072	3.9	366	2,313	4.3	322	5,385	4.1	710
Aphrodite	TOTAL		-	-	-	15,842	2.2	1,106	7,054	2.3	530	22,896	2.3	1,658
Zoroastrian	OP	0.4	-	-	-	3,862	1.8	229	1,835	1.5	89	5,698	1.7	318
Zoroastrian	UG	1.8	-	-	-	789	4.7	119	790	3.5	88	1,579	4.1	208
Zoroastrian	TOTAL		-	-	-	4,651	2.3	348	2,625	2.1	177	7,277	2.2	526
Excelsior	OP	0.4	-	-	-	6,729	1.2	266	1,749	1.0	54	8,478	1.2	320
Mayday North	OP	0.5	-	-	-	1,325	1.6	66	430	1.3	18	1,778	1.5	84
Talbot North	OP	0.4	-	-	-	698	1.8	40	123	1.8	7	820	1.8	47
Bulletin South	OP	0.4	152	2.2	11	546	2.1	36	150	2.1	10	849	2.1	57
Duke North	OP	0.4	-	-	-	851	1.0	28	795	1.0	25	1,646	1.0	53
Lochinvar	OP	0.4	-	-	-	423	1.8	24	57	1.6	3	480	1.7	27
El Dorado	OP	0.5	-	-	-	203	1.4	9	383	1.5	18	586	1.5	28
El Dorado	UG	2.0	-	-	-	-	-	-	51	6.5	11	51	6.5	11
El Dorado	TOTAL		-	-	-	203	1.4	9	434	2.1	29	637	1.9	39
North Kanowna Star	OP	0.5	-	-	-	157	1.6	8	559	1.3	24	716	1.4	32
South Castlereagh	OP	0.5	-	-	-	111	1.6	6	369	1.3	15	481	1.4	21
Mulwarrie	OP	0.5	-	-	-	-	-	-	881	2.8	79	881	2.8	79
Nerrin Nerrin	OP	0.5	-	-	-	-	-	-	651	1.3	26	651	1.3	26
Vettersburg South	OP	0.6	-	-	-	-	-	-	552	1.5	26	552	1.5	26
Windanya	OP	0.6	-	-	-	-	-	-	360	1.5	17	360	1.5	17
Grafters	OP	0.5	-	-	-	-	-	-	319	1.3	14	319	1.3	14
Ophir	OP	0.6	-	-	-	-	-	-	75	1.9	5	75	1.9	5
TOTAL RESOURCES		152	2.3	11	31,536	1.9	1,937	17,183	1.9	1,059	48,896	1.9	3,031

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MATERIAL INFORMATION SUMMARY

ZOROASTRIAN

The Zoroastrian deposit has a current JORC Resource of 7.28Mt @ 2.25g/t Au for 526koz of contained Au.

Table 2: Zoroastrian >=0.40g/t Au above 200mbs - OP resource

						Measured				Indicated	Inferred				Total
Class			Tonnes		g/t		Tonnes	g/t	Tonnes		g/t		Tonnes		g/t			Ounces
Oxide									432,533	1.41		53,900		1.20		486,433		1.39		21,676
Transitional									708,346	1.76		111,875		1.57		820,218		1.74		45,782
Fresh									2,721,519	1.94		1,669,430		1.51		4,390,949		1.78		250,944
Total									3,862,000	1.85		1,835,000		1.50		5,698,000		1.74		318,000
Note: Appropriate rounding applied
				Table 3: Zoroastrian >=1.75g/t Au below 200mbs - UG resource
						Measured				Indicated	Inferred				Total
Class			Tonnes		g/t		Tonnes	g/t	Tonnes		g/t		Tonnes		g/t			Ounces
Oxide																									-
Transitional																									-
Fresh									789,003	4.70		789,668		3.48		1,578,671		4.09		207,572
Total									789,000	4.70		790,000		3.48		1,579,000		4.09		208,000
Note: Appropriate rounding applied
									Table 4: Zoroastrian combined resource
Domain		Measured				Indicated				Inferred							Total
Tonnes			g/t		Ounces		Tonnes		g/t	Ounces		Tonnes		g/t	Ounces	Tonnes			g/t	Ounces
OP									3,862,000		1.85	229,000		1,835,000	1.50	89,000	5,698,000		1.74		318,000
UG									789,003		4.70	119,000		790,000	3.48	88,000	1,579,000		4.09		208,000
Total									4,651,000		2.33	348,000		2,625,000	2.10	203,000	7,277,000		2.25		526,000
Resource

GEOLOGY AND GEOLOGICAL INTERPRETATION

The local stratigraphy comprises a package of sediments, mafics and ultramafics deformed and thinned between two granite domes resulting in a formation of a narrow syncline. The Zoroastrian deposit occurs within this syncline. A dolerite has intruded the greenstone rocks and is the host-rock of the Zoroastrian gold deposit. The gold mineralisation at Zoroastrian is associated with steep west dipping lodes, oriented approximately north-south, and shallow dipping lodes predominantly in the footwall to the steep lodes. The steep lodes occur within zones of shearing that present as foliation of varying intensity. The shallow lodes are extensional in nature and foliation is absent. The presence or absence of foliation has allowed the classification and interpretation of mineralised drill intercepts as either "steeps" or "flats".

The interpretation of mineralised lodes for the open pit resource was completed at a 0.3g/t Au cut-off grade guided by presence and intensity of quartz veining. The 0.3g/t Au value is indicative of mineralisation on the periphery of a high grade zone and is typically characterised by pyrite and pyrrhotite sulphides as opposed to arsenopyrite in the high grade zones. Wireframes for the underground resource were at a nominal 1g/t Au cut-off which represents the material in the material in core of the mineralised structures.

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