- Bardoc Gold has acquired Vettersburg Prospecting Licence P24/4698 for $60,000 and 3 million shares
- The tenement hosts the historical Slug Hill Gold Mine
- The mine was closed in 1908 due to the high cost of mining and no further mining has been conducted on the tenements
Bardoc Gold has acquired Vettersburg Prospecting Licence P24/4698 for $60,000 and 3 million shares.
The Vettersburg tenement is located between 30 – 50 kilometres north of Kalgoorlie, Western Australia and 7.5 kilometres north of its cornerstone Zoroastrian Deposit.
The tenement hosts the historical Slug Hill Gold Mine, which was mined between 1897 and 1908 and produced 26,535 tonnes of ore.
Records show Slug Hill was the highest gold production mine in the Bardoc Mining Centre.
The mine was closed in 1908 due to the high cost of mining and no further mining has been conducted on the tenements.
Under the agreement, Bardoc has agreed to purchase the Vettersburg tenement from Kevin Iles, Brett Scott and Geofrey Bloomfield for $60,000 cash and 3 million share options at a price of 20¢ per share.
CEO Robert Ryan said the acquisition adds a strategic addition to its portfolio.
“With minimal exploration undertaken around the old workings and not a single drill hole targeting the southern plunge of the mineralisation, this is an outstanding walk-up drilling target,” he said.
Bardoc is a gold explorer in Western Australia with focus on building a long-term gold business in the Eastern Goldfields.
The company’s other assets include the South Woodie Woodie Manganese Project in the Pilbara and the England Gold Project in Laverton.
Bardoc will now review the area by digitisation of the old mine plans, the establishment of previous drilling and explore the area for future targets.
“This is consistent with our strategy of consolidating attractive resource development opportunities and strengthening our footprint and growth pipeline in the North Kalgoorlie region,” Robert concluded.