21 JANUARY 2021

ASX/MEDIA RELEASE

WIDE GOLD INTERCEPTS POINT TO SIGNIFICANT GROWTH

POTENTIAL AT ZOROASTRIAN AND EXCELSIOR

Drilling at both cornerstone deposits returns grades and widths that exceed the PFS resource models, paving the way for growth in Resources and Reserves

Key Points:

  • New drilling results from both the Excelsior and Zoroastrian deposits have increased the confidence in the existing Mineral Resource models and demonstrated continued growth potential:
    • 12m @ 2.17g/t Au from 194min KNCD202006 (Zoroastrian)
    • 12m @ 1.25g/t Au from 171min KNC200027 (Excelsior)
    • 14m @ 1.65g/t Au from 253min KNC200027 (Excelsior)
  • Extensional drilling at the northern end of the 526koz Zoroastrian deposit has highlighted strong potential for continued growth in this multi-lode ore system, with further drilling planned.
  • Broad zones of mineralisation at the 320koz Excelsior deposit have confirmed the current gold resource and will support an updated Mineral Resource in the DFS.
  • Exploration drilling is continuing with four drill rigs onsite at Mayday North, North Kanowna Star and along key targets on the Bardoc Tectonic Zone.
  • The Definitive Feasibility Study is on schedule for delivery by the end of March 2021.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to report a number of significant assay results from in-fill and exploration drilling at its cornerstone Zoroastrian (526koz Au) and Excelsior (320koz Au) Deposits, part of its 100%-owned3.03Moz Bardoc Gold Project, located 40km north of Kalgoorlie in WA.

The drilling results from both Zoroastrian and Excelsior targeted areas of lower confidence mineralisation in their respective resource models, paving the way for the inclusion of these areas in an updated Ore Reserve as part of the upcoming Definitive Feasibility Study, while also identifying extensions to known deposits.

While the Company has experienced some delays in the receipt of assays over the festive season due to the huge upsurge in drilling activity across the gold sector, Bardoc Gold is pleased to report that the turnaround time for assays is now rapidly improving. The Company continues to work closely with its assay partners and is implementing strategies to improve assay turnaround.

Given the high level of exploration activity across the Bardoc Gold Project, the Company expects to be in a position to deliver a high frequency of news-flow over the coming weeks in the lead-up to the DFS.

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

MANAGEMENT COMMENTS

Bardoc Gold's Chief Executive Officer, Mr Robert Ryan, said the latest drilling results from two key deposits provided more strong evidence of the outstanding potential to increase both Resources and Reserves at the Bardoc Gold Project.

"The latest results from Zoroastrian continue to show the exceptional potential within the multi-lode system at the northern end of the deposit, while drilling at Excelsior has confirmed the current Resource, paving the way for the inclusion of additional reserve ounces in the upcoming DFS.

"As the laboratories continue to process the backlog of sample assays from 2020, we are continuing our exploration efforts to unlock the significant potential along the Bardoc Tectonic Zone, as well as our Mayday North and North Kanowna Star Projects. With turnaround times for assays now rapidly improving, we are looking forward to strong news-flow in the weeks ahead.

"2021 is set to be a transformational year for Bardoc as we close-in on the release of our Definitive Feasibility Study in March and move rapidly to get the project funded, make a Final Investment Decision and move into the construction of a substantial new Australian gold project later this year."

ZOROASTRIAN DRILLLING RESULTS

The 526koz Zoroastrian Deposit continues to develop into a more complex multi-lode system as new information from recent drilling is interpreted. Further drilling will be designed to extend known mineralisation - both high grade mineralisation at depth and broad, lower grade mineralisation near surface

  • as well as to test structurally generated target zones as part of a broad ongoing exploration effort.

While the Royal Mint and Blueys are the best know lodes at Zoroastrian, the recent development of the Royal Mint Lode into a much wider zone (KNC200014) has significantly enhanced the growth potential at the northern end of the deposit and adds to the longer-termopportunities yet to be discovered in the million- ounce Zoroastrian-ExcelsiorGold Camp.

Recent results at the northern end of the deposit include:

  • 89m @ 1.43g/t Au from 192m in 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
  • 11m @ 4.69g/t Au from 237m including 6m @ 6.78g/t Au from 239m in KNC202001
  • 18m @ 2.16g/t Au from 165m in KNC202002
  • 34m @ 2.51g/t Au from 81m including 12m @ 4.11g/t Au from 100m in KNC202011

The new results reported in this announcement are in line with expectations while hole KNCD202006, which intersected 12m @ 2.17g/t Au from 194m, exceeds the expectations in the current resource model.

Further drilling is being planned to follow up on KNC202017, which intersected 8m @ 2.90g/t Au from 156m, 11m @ 3.08g/t Au from 190m, 9m @ 2.12g/t Au from 207m and 4m @ 3.87g/t Au from 219m as well as targeting the projected down-plunge position of KNC200014, which returned a very strong intercept of 89m

  • 1.43g/t Au from 192m including 8m @ 3.35g/t Au from 193m and 13m @ 2.19g/t Au from 225m (see ASX announcement 20th October 2020).

Further drilling at the northern end of the deposit will be a priority for Bardoc Gold moving forward.

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Figure 1: Zoroastrian 6643070mN Cross-Section,+/-10m, looking north.

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Figure 2: Zoroastrian drill-hole location plan

EXCELSIOR DRILLLING RESULTS

The recent drilling at the cornerstone 320koz Excelsior Deposit is part of a drill program that was designed to upgrade specific areas of mineralisation in resource confidence. The results have confirmed the existing Resource and exceeded expectations in a number of areas.

Excelsior is part of the million-ounce Zoroastrian-ExcelsiorGold Camp and is a regionally significant deposit located on the Excelsior Shear which can be followed for over 5km along a north-south trend.

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Bardoc Gold Ltd. published this content on 21 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2021 23:23:02 UTC