Major New Drill Program Targets Growth

To me, the September 15 announcement entitled “Bardoc Launches Major New +40,000m Drilling Program Targeting Growth & New Strategies”, was very significant. Rob Ryan’s commentary, I thought, was particularly interesting, and I highlight it here:

“The Company’s two 100% owned major gold systems at Zoroastrian-Excelsior, and Aphrodite, at + 1m oz and +1.6m oz respectively, have understandably been the main focus for exploration and resource growth at the project in recent years. While these deposits are well drilled and well understood, there has been little greenfield exploration work beyond the boundaries of our current +3m oz inventory in recent decades, despite the prime location of our tenements in one of the world’s most endowed gold districts.

Rob continued, “Following extensive geological fieldwork including pXRF analysis of historical RAB drilling, GAIP surveys, field mapping and target generation, the Company has developed a well thought out exploration program designed to target new discoveries within our highly prospective 250km2 of tenure”.

“New discoveries will form part of our longer term project pipeline at the Bardoc Gold Project beyond what we define in the DFS, unless, of course we are fortunate enough to make a game changing discovery that changes the entire shape of the company and our development profile- which would be a very nice problem to have”.

I think that is a very strong statement from the CEO, and dare I say it, pretty exciting on a number of fronts.

1. Lots of near term drilling results, and given the past two years of work, you imagine the chances of success are pretty high
2. It’s not a complete punt because part of the program is clearly designed to shore up the 1m oz reserve which is important for the DFS
3. The market is white hot for gold exploration success
4. We are terribly undervalued at present, supported by recent Broker analysis and commentary from a key Director with over 40 years experience in this space- hence tremendous upside from here.

I fail to understand the sellers. Just makes no sense to me. BDC has done a lot of the hard yards and now is literally going for gold down the last 100m of the 1500m Olympic swim race. Why not give it 3 or 4 months (maybe less)??? We will have more information on this exploration upside virtually with every passing week. Tiny bit more patience required.

Anyway, for the benefit of all we frustrated longer term holders today I just thought I would state that my reading of Rob’s commentary from the September 15 announcement, gives me great hope that we will be far happier in a few months and the sellers will check themselves and realise the upside, in a market for Price of Gold increases, the likes of which we have never seen previously.