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Cardinal Resources Ltd.
Summary
| Project: | Namdini | |
|---|---|---|
| Deposit: | Namdini | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 10/28/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-10-2019: Cardinal Resources Ltd. announces a Feasibility Study report for its Namdini deposit at the Namdini project. Feasibility study results incl. post-tax NPV of US$590M, IRR of 33.2%. The principal activity of the Company (and its subsidiaries) is | |
| Resources: | (Reserve, P+P): 138.6Mt @ 1.13g/t Au at project | |
| CP/QP: | [Overall Report]: David Gordon (Lycopodium Minerals Ltd.) | |
| ABSTRACT: | The principal activity of the Company (and its subsidiaries) is gold exploration and development in Ghana, West Africa. The Company holds interests in five tenements prospective for gold mineralisation covering portions of two NE-SW trending Paleo-Proterozoic granite-greenstone belts: the Bolgatanga Project and the Namdini Gold Project (“Namdini Gold Project” or “Namdini”), which are, located within the Nangodi and Bole-Bolgatanga Greenstone Belts respectively of northeast Ghana. The Subranum Project is located within the Sefwi Greenstone Belt of southwest Ghana. The main focus of activity is the Namdini Gold Project where a Measured and Indicated Mineral Resource of 182 Mt grading 1.1 g/t Au for 6.5 Moz Au and an Inferred Mineral Resource of 12 Mt grading 1.2 g/t Au for 0.5 Moz Au, reported at a 0.5 g/t Au cut-off grade, have been established as announced to the ASX and TSX on 3 April 2019 (Cardinal, 2019a). Contained within this, the Ore Reserve estimate forming the basis of the Namdini Gold Project Feasibility Study (the “2019 Namdini FS”) is 7.4 Mt at 1.31 g/t Au for 0.4 Moz Au of Proved Ore Reserve and 131 Mt at 1.12 g/t Au for 4.7 Moz of Probable Ore Reserve, as previously announced to the ASX and TSX on 3 April 2019 and 18 April 2019 (Cardinal, 2019b). This Technical Summary presents the result of the Feasibility Study (“FS”) carried out by Cardinal on the Namdini Gold Project. This FS updates and supersedes the Pre-feasibility Study ("PFS”) released to the TSX and ASX on 18 September 2018. | |
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