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Cardinal Resources Ltd.
Summary
| Project: | Namdini | |
|---|---|---|
| Deposit: | Namdini | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 4/3/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 3-4-2019: Cardinal Resources Ltd. announces a Resource Estimation report for its Namdini deposit at the Namdini project. Updated mineral resource and ore reserve. Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to an | |
| Resources: | (Reserve, P+P): 138.6Mt @ 1.13g/t Au for 5.1Moz Au contained | |
| CP/QP: | [Resources]: Nicolas Johnson (MPR Geological Consultants Pty Ltd.) | |
| ABSTRACT: | Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to announce an optimised Ore Reserve estimate for the Namdini Gold Project (“Namdini”) in Ghana, West Africa. Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: “We are extremely pleased that our optimisation of pit designs, wall angles and mining schedules, has upgraded the company’s Life of Mine Ore Reserve position to 5.1 Moz, up from 4.8 Moz, reinforcing the Namdini gold deposit as of one of the largest undeveloped gold discoveries of the past decade. “We’re very fortunate to have a significant higher grade portion within the Life of Mine Ore Reserve starting essentially at surface. This allows for a rapid capital payback during production of the First Stage Pit. It is anticipated that the First Stage Pit will see approximately 1 Million ounces of gold produced over an approximate three‐year period at an expected lower strip ratio and a higher average head grade of approximately 1.3 g/t gold based on a process plant throughput of 9.5 Million tonnes per annum. “We are confident that this optimised Life of Mine Ore Reserve, can deliver strengthened financial results within the Feasibility Study which is rapidly advancing to completion. Given the projects large Ore Reserve, low strip ratio, high conversion of the Mineral Resource and rapid payback from the anticipated higher grade, lower strip ratio of the First Stage Pit, it is expected that the company will have access to attractive project finance to achieve the best outcome for shareholders.” | |
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