Cardinal Resources Ltd (ASX:CDV)

Cardinal Resources Ltd (ASX:CDV)

Share Price
$ 0.35
0.01 (2.94 %)
Market Cap
$134.58 m
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Cardinal Resources Ltd

Cardinal Resources Ltd (ASX:CDV) a gold focused exploration company with four tenements in Ghana, West Africa.

Market: ASX:CDV
52-week High/Low: A$0.485 / A$0.295
Sector: Mining
Market Cap: $134.58 m
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Big Picture – A Deep Dive Examination of Cardinal Resources Ltd

Cardinal Resources Ltd Snapshot

Cardinal Resources Limited (ASX: CDV, TSX: CDV) is an African gold-focused exploration and development company which holds interests in tenements within Ghana, West Africa. The Company is focused on the development of the Namdini project through a resource expansion drilling programme, pre‐feasibility studies, detailed metallurgical test work and process flowsheet studies. Exploration activity is also underway on the Company’s Bolgatanga and Subranum Projects.

The Board of Directors comprises Non-Executive Chairman Kevin Tomlinson, Chief Executive Officer / Managing Director Archie Koimtsidis, Executive Director Malik Easah and Non-Executive Directors Jacques McMullen, Michele Muscillo and Robert Schafer.

Cardinal is the beneficial owner of 2 gold exploration assets, the Bolgatanga Project area and the Subranum Project comprising circa 734 km² of granted tenements.

The Bolgatanga Project is located in a Paleoproterozoic granite-greenstone belt in northeast Ghana close to the border with Burkina Faso. The Subranum Project is situated in the south western portion of the country, also within a Paleoproterozoic granite-greenstone belt. Gold mineralisation in Ghana and along strike in Burkina Faso is principally located within the greenstone belts. There is significant production from a number of gold mines in both regions, as well as from numerous small artisanal workings.

The Bolgatanga Project area is located within a series of highly prospective granite-greenstone belts, being the Bole-Nangodi belts. Similarly, the Subranum project is hosted within the Sefwi-Bibiani granite-greenstone belt. The belts are a NE extension to the Paleoproterozoic aged Birimian basins that formed during the collision between the West African and Guyana Archean Shields.


Ghana has a low sovereign risk rating and has enjoyed over 20 years of continuous democratic rule. It is one of the most developed and affluent countries in Africa, with a well-developed Mining Code, infrastructure and a population with the technical skills to support modern mining projects.

Political stability in Ghana has made the country one of the most attractive new mining investment areas in Africa. After South Africa, Ghana is Africa's second-largest gold producer. Large industry players such as Newmont Mining Corporation, AngloGold Ashanti and Kinross, have been joined by smaller companies including Randgold Resources, Keegan Resources, , Golden Star Resources, PMI Gold Corp, Perseus Mining, Azumah Resources and African Gold Group, as well as individual and local artisanal miners.

Many industry participants see potential for the discovery of further significant deposits in Ghana as large parts of the country, particularly in the NE region, remain relatively under-explored.

The Bolgatanga Project is situated within the Upper East Region of Ghana near the town of Bolgatanga. The project area covers circa 660km2 of Paleo-Proterozoic greenstone belts in the Upper East Region of Ghana.

The Project consists of the Namdini Mining License, Kungongo and Bongo Reconnaissance Licences and the Ndongo Prospecting Licence. The Kungongo and Bongo tenements cover part of the NE extensions of the Bole-Bolgatanga Fault whilst the Namdini and Ndongo tenements straddle the Nangodi Greenstone Belt.

(click here for more information on BOLGATANGA: Ghana)

The Subranum tenement is situated in the southern portion of Ghana, approximately 45km northwest of the township of Kumasi, and 240 km northwest of the capital city Accra, in the Sabranomu district.

The Subranum Project covers an area of 69km² located in southwest Ghana. The license straddles the eastern margin of the Sefwi Gold Belt. There is 9km of prospective sheared contact between Birimian phyllites and greywackes to the east and mafic to intermediate volcanics and volcaniclastics to the west.  Granitoid stocks of the Dixcove suite intrude this shear zone.  The Sefwi Belt is highly prospective and is spatially related to major discoveries including the 7Moz Bibiani Gold Mine (approximately 70km southwest), Newmont’s Ahafo 23Moz Gold Mine (approximately 53km west), Kinross’ Chirano 5Moz Gold Mine (approximately 110km southwest).

Previous exploration by Newmont (soil sampling, trenching and drilling) discovered a gold mineralised zone over 5 km to a depth of only 50m.  As the drilling was on irregular, widely spaced drill fences, Cardinal plans to systematically drill this initial target area to better define and extend gold mineralisation along strike and at depth.

Cardinal has planned a systematic diamond drilling programme to cover this 5.2 km anomalous strike length to properly evaluate the gold mineralisation contained within this anomalous zone.

A soil auger programme is planned for the remaining 3.8 km strike length in the NE portion of the tenement to initially cover a ~400m width across the strike of the Bibiani Shear Zone.

Last updated 4th October 2018

Archie Koimtsidis
Chief Executive Officer / Managing Director

Mr Archie Koimtsidis has for the last 20 years been involved in all facets of gold exploration, discovery, production, and refining in West Africa and South America.
Archie’s most recent appointment prior to joining Cardinal was as the Deputy Country Manager of Ghana for PMI Gold Limited a joint TSXV and ASX listed company. During this time he was responsible for all field operational matters including coordination of exploration, drilling programs, and human resource management relating to that Company’s projects in Ghana.

Archie has been instrumental in acquiring the Ghanaian projects on behalf of Cardinal and has a unique knowledge and understanding of geopolitical and operational matters relating to resource projects in West Africa.

Kevin Tomlinson
Non-Executive Chairman

Mr Tomlinson possesses over 30 years’ experience in Mining and Finance within the Toronto, Australian and London Stock markets. He was previously Managing Director of Investment Banking at Westwind Partners/Stifel Nicolaus raising equity and providing corporate advice.

Kevin has extensive experience in development and financing of mining projects internationally. Previous Directorships include Centamin Plc, an Egyptian gold producer, Orbis Gold, a Burkina Faso gold developer and Medusa Mining, a Philippines gold producer.

Malik Easah
Executive Director

Mr Malik Easah is the principal of a successful alluvial mining operation in the North West Adansi Gold Obotan concession and is currently developing additional payable gold permits within the Ashanti and Nangodi Gold belts of Ghana.

Malik specialises in the manufacture of alluvial gold wash plants and recovery equipment and is regarded as an authority in the development of alluvial mining operations in Ghana. Malik is a resident in Ghana.

Jacques McMullen
Non-Executive Director

Mr. McMullen retired in 2012 after a distinguished 35 year career in the mining industry of which the last 17 years were with Barrick Gold Corporation where he held the positions of Senior VP Special Projects and Technical Services. In his role as Senior VP of Barrick, Jacques was instrumental in the development of many mines including Goldstrike, Veladero, Lagunas Norte, Cowal and Bulyanhulu. His experience includes all phases of development including feasibility, construction, commissioning, ramp-up and operation’s optimization.

Following his retirement, Mr. McMullen joined BBA as Principal, Mines & Metals and Director. BBA is a Canadian based, global engineering firm. At BBA, Jacques focused on the Borden Lake development project which was purchased by Goldcorp. Additionally, Jacques was Chairman of Orvana Minerals Corp. (TSX: ORV) and is currently a Director at NewCastle Gold Ltd. (TSX: NCA) and a corporate advisor to Detour Gold Corporation (Detour Gold: TSX: DGC).

Michele Muscillo
Non-Executive Director

Mr. Muscillo is a Partner with HopgoodGanim Lawyers in Australia. Michele has practised exclusively in corporate law for over 15 years and has extensive experience in capital markets transactions, including the negotiation of significant commercial contracts and agreements. As part of this role, Mr. Muscillo has acted on numerous IPOs and debt and equity raisings, and advised both bidders and targets on public market control transactions. His key areas of practice include Corporate Advisory and Governance, Capital Markets, Resources and Energy.

Mr. Muscillo is currently a Non-Executive Director with Aeris Resources Limited (ASX:AIS) and Xanadu Mines Limited (ASX: XAM). Formerly, Michele was also Non-Executive Director of Orbis Gold Limited which is currently owned by TSX-Listed SEMAFO Inc. (TSX:SMF).

Robert Schafer
Non-Executive Director

Mr Robert Schafer has over 30 years of international experience as a geologist exploring for mineral deposits in more than 70 countries. As an executive, manager and field geologist with companies including Billiton, BHP, Kinross and Hunter Dickinson, Robert led teams to the discovery of several deposits in the western USA (Briggs and Griffon gold mines), as well as developing strategies that led to brownfields discoveries in western Canada, southern Africa and far east Russia (Birkachan gold mine).

Robert is the immediate Past President of the Prospectors and Developers Association of Canada (PDAC) as well as Past President of both the Canadian Institute for Mining, Metallurgy and Petroleum (CIM) and the Mining and Metallurgical Society of America (MMSA). He is a Certified Corporate Director (ICD.D), a RPGeo and is also an active member of the Society for Mining, Metallurgy and Exploration (SME) in the USA, where he served on its Board for more than a decade.

Robert serves as a member of the Board of Directors for both the Canadian Mining Hall of Fame and National Mining Hall of Fame in the USA. He is the recipient of the William Lawrence Saunders Gold Medal from the American Institute of Mining, Metallurgical and Petroleum Engineers (AIME) and the Daniel C. Jackling Award from SME for career achievements, two of the highest mining recognitions in the USA.


Last updated 4th October 2018

Suite 1, 28 Ord Street
West Perth WA 6005

+ 61 8 6558 0573
[email protected]

Durugu Residential Area, Kumbosco

PO Box 350
Bolgatanga, Ghana

+ 233 382 021 838
[email protected]

Mr Kevin Tomlinson
Mr Archie Koimtsidis
Mr Malik Easah
Mr Robert Schafer
Mr Jacques McMullen
Mr Michele Muscillo

Sarah Shipway BCom, CA

Computershare Investor Services Pty Limited
Level 2, Reserve Bank Building
45 St Georges Terrace
Perth WA 6000

Telephone: 1300 787 272

Suite 1, 28 Ord Street
West Perth WA 6872

PO Box 829
West Perth WA 6872

Telephone: (08) 6558 0573

Durugu Residential Area
Kumbosco, Bolgatanga

PO Box 350
Bolgatanga, Ghana

Telephone: + 233 382 021 838

Email:[email protected]

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