The Company undertakes an annual review of its’ Mineral Resources and any Ore Reserves as required by the JORC Code 2012 Edition and ASX Listing Rules. The last review was completed on 30 September 2019. As at 30 June 2020, the Company’s mineral resources are:
During the year, the Bardoc mineral resource increased from 2.58Moz to 3.02Moz (+17%). The increase in ounces was a direct reflection of the high level of exploration activity conducted during the year as well as the purchase of 111koz of JORC compliant resources at the nearby Mayday North and North Kanowna Star Prospects
The material changes at the major deposits saw increases with the Zoroastrian Resource up 87koz Au (+20%) and the Aphrodite Resource had an increase of 118koz Au (+7.6%).
So drilling at the two major sites alone has yielded (87 + 118) koz ounces, ie 205,000 oz. At today’s Australian POG of $2,670 those ounces are worth $547.3m. ASIC and other costs could consume about half that figure leaving a future profit of approx $273m.These additional oz’s have been drilled up in just 9 months so it represents drilling success worth about $7m a week to the company further down the track
BDC Price at posting:
8.2¢ Sentiment: Buy Disclosure: Held
