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Cardinal Resources Ltd.
Summary
| Project: | Namdini | |
|---|---|---|
| Deposit: | Namdini | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 7/16/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 16-7-2019: Cardinal Resources Ltd. announces an Exploration/Drilling Update report for its Namdini deposit at the Namdini project. Drilling results incl. 78m @ 4.1g/t Au from 0m. Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) | |
| Resources: | (Reserve, P+P): 138.6Mt @ 1.13g/t Au for 5.1Moz Au contained | |
| CP/QP: | [Overall Report]: Richard Bray, Ekow Taylor (Internal) | |
| ABSTRACT: | Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to report positive results from a selected area within the proposed starter pit that encompasses the first 2 to 3 years of production at its flagship Namdini Gold Project in Ghana. The infill drill programme results highlight the robustness of the Company’s current Mineral Resource and further supports the Company’s Project Finance plans. Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis said: “This close spaced infill drill programme, along with the previous Grade Control* programme within our proposed starter pit, confirms the robustness of our Mineral Resource, thereby providing higher confidence in predicting operational outcomes. “The infill results are also key to underpinning the delivery of a high‐quality engineering study which will provide more informed economic data during the critical project finance payback period. “An added benefit of these infill drill results is enhancing confidence in the first 2 to 3 years production from the proposed starter pit. This will assist Cardinal with project financing options for the Namdini Project with a declared open pit Ore Reserve of 5.1Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut‐off) inclusive of 0.4Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut‐off) and 4.7Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut‐off).” Cardinal completed a 3,640m Reverse Circulation percussion and Diamond core test infill drill programme which comprised 30 drill holes infilling earlier drilling to a grid pattern of approximately 25m (E) by 25m (N), within the proposed starter pit. The drill programme comprised three 25 metre spaced traverses with an area of approximately 300m (E) by 75m (N) to approximately 140m vertical (Figure 1). Drilling was inclined at around ‐65° to the east in the Namdini local grid, consistent with drilling undertaken for previous mineral resource (Figures 2, 3 and 4). Detailed results of the drill programme are provided in Schedule 1 to this announcement. The close spaced infill drill pattern has demonstrated continuity of mineralised zones within this infill drilling area. The results provide another layer of confidence that the spatial distribution and tenor of gold within this test area are in line with the Namdini Mineral Resource expectations. | |
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