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Cardinal Resources Ltd.
Summary
| Project: | Namdini | |
|---|---|---|
| Deposit: | Namdini | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 3/5/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-3-2018: Cardinal Resources Ltd. announces a Resource Estimation report for its Namdini deposit at the Namdini project. Updated mineral resource for the project. Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to advise | |
| Resources: | (Resource): 180Mt @ 1.1g/t Au (Ind.) and 13Mt @ 1.2g/t Au (Inf.) at project | |
| CP/QP: | [Resources]: Nicolas Johnson (MPR Geological Consultants Pty Ltd.) | |
| ABSTRACT: | Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to advise that it has completed an update to the Mineral Resource estimate for its Namdini Gold Project (“Namdini”) in Ghana, West Africa. As a result of an additional 15,684m of HQ diamond drilling within 35 holes since the last Mineral Resource estimate in September 2017, the infill drilling program has been successful in delivering a substantial conversion of the Inferred category ounces into the Indicated Mineral Resource category which is now at 6.5Moz of Indicated Mineral Resources and 0.5Moz of Inferred Mineral Resources. Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: “We are extremely pleased that our intensive infill drilling campaign has significantly upgraded our confidence in the Namdini deposit with an overall lift in Indicated Mineral Resources from 4.3Moz to 6.5Moz. Further to this, we are confident that Namdini can continue to grow with more drilling given it remains open both along strike and down dip, with mineralisation intersected down to 650 vertical metres, and still open. “This upgrade to the Mineral Resource is more than a 50% increase in the Indicated category from the estimate published in the September 2017 NI 43-101 technical report and supports a long mine life as demonstrated by the results of the recently announced Preliminary Economic Assessment. “With the majority of the Indicated Mineral Resource continuous from surface to an approximate vertical depth of 400m, we anticipate a conversion of Mineral Resources to Ore Reserves within a simple, single, large-scale open pit, with a very low strip ratio of 1.2 to 1 over the life of mine as the preferred mining method. | |
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