Bardoc Gold Limited (ASX: BDC) today announced that it has further strengthened its growth pipeline in the North Kalgoorlie district of Western Australia after executing a tenement sale and purchase agreement with Torian Resources Limited.
The company has executed this agreement with Torian to acquire a strategic package of 40 tenements covering of 49km2 in and around its 100%-owned 2.6Moz Bardoc Gold Project at a cash consideration of $150,000.
Bardoc believes the tenement package is under-explored and amenable to modern exploration techniques, building on its own recent technical breakthroughs.
The transaction gives Bardoc 100% ownership of a contiguous tenement package covering a continuous 40km strike length along the highly prospective Bardoc Tectonic Zone and Black Flag Fault, two key regional gold-hosting structures which underpin the company’s growth strategy in WA’s Eastern Goldfields.
Bardoc Gold’s Chief Executive Officer, Mr Robert Ryan, said “This acquisition is consistent with our corporate strategy, which is to build a sizeable and high-quality gold resource in the Kalgoorlie region. The new tenure expands the Bardoc Gold Project by over 20% in land area in a highly prospective mineralised corridor.”
The acquisition of the Torian tenement package will allow Bardoc Gold to expand its current +10,000m RC and diamond drill program, which is focused on expanding the current 2.6Moz Mineral Resource through a combination of exploration and strategic acquisition.
However, the completion of the agreement remains conditional on the parties obtaining all necessary governmental consents and approval including, without limitation, the consent of the Minister to the sale and purchase of the Tenements.
Mr Ryan added “Exploration to date has focused on new techniques and technology, culminating in the impressive results released in recent months. Bardoc will now apply our learnings to the new tenure and develop new exploration targets where historical exploration has been ineffective.”
As per the company’s information, the newly purchased tenements extend over the regionally important Bardoc Tectonic Zone (BTZ). The BTZ is an intensely deformed zone, up to 3km wide, that is recognised as part of the northern extension of the Boulder Lefroy Shear Zone which hosts multiple giant gold deposits. The BTZ separates two major geological domains, the Ora Banda and Boorara Domains, within the Eastern Goldfields of Western Australia.
Moreover, the knowledge that all rock types within the BTZ are capable of hosting gold mineralisation, combined with the structural geological framework established by Bardoc Gold over the past 18 months in conjunction with the CSIRO, has reportedly enabled the company to define new high-priority target areas on its tenure.
About Bardoc Gold Project: The New Bardoc Gold Project was formed in October 2018 following completion of the merger between Excelsior Gold and Spitfire Materials, bringing together significant resources and a strong growth pipeline in the Kalgoorlie district. Located 30km north of Kalgoorlie on the Goldfields Highway, the New Bardoc Gold Project runs contiguously north for 50km in the Eastern Goldfields.
BDC stock price has dipped 1.562% to trade at $0.063 on 8 May 2019 (1:04 PM AEST). Over the past 12 months, the stock has declined by 38.43% despite an attractive upside momentum of 37.56% in the past three months.
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