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Cardinal Resources Ltd.
Summary
| Project: | Namdini | |
|---|---|---|
| Deposit: | Namdini | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 11/7/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 7-11-2016: Cardinal Resources Ltd. announces a Resource Estimation report for its Namdini deposit at the Namdini project. Initial Resource estimate for the project. Cardinal Resources Limited (ASX: CDV) (“Cardinal” or “the Company”) is pleased to announce | |
| Resources: | (Maiden Resource, I+I): 110.0Mt @ 1.2g/t Au for 4.1Moz contained | |
| CP/QP: | [Resources]: Brett Gossage (EGRM Consulting Pty. Ltd.) | |
| ABSTRACT: | Cardinal Resources Limited (ASX: CDV) (“Cardinal” or “the Company”) is pleased to announce the maiden resource estimate for Namdini and results of the Phase 1, single hole, metallurgical testwork programme. Commenting on the resource, Cardinal Resources Managing Director Archie Koimtsidis: “The Namdini maiden resource and the initial metallurgical results represent a major milestone for Cardinal and highlights the outstanding potential of the Namdini deposit, which remains open at depth and along strike. "With the first 4Moz now defined our aggressive drilling efforts will continue, with exploration around the existing resource already underway. Furthermore, we have four drill rigs onsite operating 24/7 to increase the size and confidence within the current resource. "Namdini is well located for future development and the project receives strong government and local landowner support.” The internal pit optimisation has demonstrated that the reported resource has reasonable prospects for economic extraction. Figure 1 shows a perspective view of the 0.4g/t block model grade shell and the ‘reasonable prospects of economic extraction’ pit optimisation pit shell. Figure 2 (Section L) and Figure 3 (Section N) display representative cross sections through the MIK block model, along with 10 metre drill hole composites of the gold assay data, while Figure 4 displays a ‘long section’, looking East, through the MIK block model. The figures show the ‘reasonable prospects of economic extraction’ pit shell. Figures 2 to 4 indicate that the deposit is open at depth and along strike. As a result, a multi-rig drill programme has been developed and initiated to carry out ‘extension’ drilling, both ‘up dip’, ‘down dip’ and to the North and South of the currently defined deposit. Further details of the planned programme will be included in a forthcoming release to the ASX. | |
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