Bardoc buys Zoroastrian regional neighbour Vettersburg
Bardoc Gold is adding a historical high-grade mine into its mix of assets north of Kalgoorlie
6th September 2019
Resources Rising Stars
Bardoc Gold is adding a historical high-grade mine into its mix of assets north of Kalgoorlie with the inexpensive acquisition of a tenement called Vettersburg (reports MiningNews).
The tenement is 7.5km from Bardoc's cornerstone Zoroastrian deposit and contains the Slug Hill gold mine that yielded 20,008 ounces in dirt grading 23.5 grams per tonne when worked for a few years either side of 1900 and then again from 1905-1908.
Consideration is A$60,000 cash and three million 20c options for vendors' Kevin Iles, Brett Scott and Geofrey Bloomfield.
Bardoc currently has resources of 2.6 million ounces including a sizeable component of refractory mineralisation.
A resource upgrade is due this quarter, with feasibility work underway.
Bardoc started the current quarter with $1.2 million cash on hand, with another $6.4 million invested in the June period with Assetline Capital, a firm that provides short-term funding for high quality property-backed transactions.
"The investment of $6.4 million attracts an interest rate of 6.5% payable monthly in arrears … (the) company plans to withdraw the capital as required to meet its ongoing exploration and working capital commitments," Bardoc said.
Bardoc raised $12.3 million in April/May when it issued new shares priced at 4c each.
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