In August 2019, ERA visited BDC’s exploration properties in the Bardoc Goldfield and Aphrodite over 2 days, followed by ~2 days in head office. A follow-up visit was later made in February 2020. [This was ERA’s first visit to Aphrodite, and second visit to Bardoc, previously visiting in 2014 and writing a report on Excelsior Gold (EXG),viz: http://www.eagleres.com.au/images/pdfs/reports/2014 /exg15jul14v1.pdf]. This report is based on site visits, historical info in the 1899 GSWA AR, and BDC releases and presentations. ERA has not visited or considered Mulwarrie for this report..

Other Key Points: :

• Bardoc Gold formed in mid-2018 from a scheme of arrangement merger between Excelsior Gold (EXG – which had parts of the Bardoc Goldfield) and Spitfire Materials Ltd (SPI - which mostly held the Aphrodite mineralised deposit). In May 2019, BDC was able to fill in many of the gaps between its tenements by the acquisition of Torian (TNR)’s Bardoc tenements for $150k, and the historical Slug Hill tenement.
• Bardoc Gold’s two main projects are Bardoc and Aphrodite (as shown in Figure 1a), and the potentially promising Mayday & NKS (North Kanowna Star) prospects were acquired in Sept 2019.
• Although there have been many owners of Aphrodite over the past 18 years or so, apparently none considered producing a saleable concentrate for treatment in Australia or China. The refractory Aphrodite mineralisation can produce a very saleable concentrate of 1% to 2%As, compared to many other refractory deposits that would produce >5%As or >10%As.
• While Aphrodite has been well-drilled by ~200km of drillholes, the main focus has been on the outer lodes of Phi and Alpha, ignoring most of the centre despite the closer to surface, stacked Epsilon lodes between Phi and Alpha, beneath the supergene zone, ~50m below surface.
• BDC undertook a structural re-interpretation of the Bardoc Goldfield which identified the main mineralogical controls and high grade ore shoot directions, especially within a fractionated dolerite unit that each lode in passing across the fractionated unit, results in enhanced gold grades.
• BDC expected to complete its PFS by the end of March 2020, applying a SQ2019 resource update, and processing in a two-stream plant that could treat Aphrodite to produce a saleable concentrate, with the rest (Zoroastrian, Excelsior, Bulletin South etc) conventionally treated.
• The subsequent DFS and DTM was expected to resolve the production order, between instantly mineable Zoroastrian and Bulletin South, etc; and Aphrodite with its pre-strip, or Excelsior with its road and rail relocation.
• The Bardoc Goldfield has significant exploration upside having been largely abandoned after 1908 (due to the attraction of Kalgoorlie etc), and despite its reputedly 100s (>600?) old workings, & extensive N/S striking structures enhanced by NE/SW striking faults such as the Black Flag Fault.