Bardoc Gold Limited (ASX: BDC) has commenced the Definitive Feasibility Study (DFS) for its 100%-owned 3.02Moz Bardoc Gold Project near Kalgoorlie.
The company is targeting completion of the DFS by Q1 2021 with the aim to commence mining and construction in Q3 2021.
The recently completed Bardoc Pre-Feasibility Study (PFS) has provided further clarification around the forecast operating costs of the project.
In light of this, the company has engaged respected international mining consultants Entech Pty Ltd to re-optimise the open pit deposits using an Australian dollar gold price of A$2,000/oz, which has provided scope to contemplate larger open pits than the PFS current mine plan.
Entech will complete further optimisations of the Excelsior, Zoroastrian and Aphrodite pits.
The optimisations were conducted using the updated costs included in the recently released PFS as well as testing variances in gold prices at A$2,000/oz and A$2,500/oz.
Additional open pit and underground studies will be conducted over the coming months to increase the Ore Reserves within the current 3Moz Mineral Resource.
The Bardoc Study Team will also evaluate the outcomes of this work and conduct trade-off studies between open pit and underground mining opportunities with a view to further increasing the mining Reserves.
Bardoc Gold’s Chief Executive Officer, Robert Ryan, said the company had established a timeline for the delivery of a substantial new mid-tier Australian gold project located right on the doorstep of the world-class Kalgoorlie mining hub.
“In light of the outstanding success of the recent PFS, we have moved quickly to appoint key consultants, corporate and strategic partners to help us develop a detailed timeframe to bring the Bardoc Gold Project into production as quickly as practical.
“There are now a number of key de-risking milestones that will allow investors to track the progress of the Company over the coming months. These include a Mineral Resource update in Q3, the completion of an agreement for the sale of our gold concentrate in Q4, and the completion of final environmental permitting and the delivery of the final DFS itself in Q1 2021.
“Under this schedule, we expect to see project financing secured and mining commence in Q3 2021, paving the way for construction and full-scale development of this exciting new gold project to commence.
“DFS mining studies are underway, with recent optimisations showing promising signs that we can increase our Ore Reserves within the current 3Moz Mineral Resource. With optimisation also to be conducted on our key satellite deposits, the Bardoc Gold Project has all the ingredients to be a truly long-life mining operation.
“I encourage all shareholders to participate in the Resources Rising Stars Virtual Investor Lunch Series on Wednesday for further details on upcoming works and news flow at the Bardoc Gold Project.”