Proactiveinvestors Australia Cardinal Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Cardinal Resources Ltd RSS feed en Wed, 17 Jul 2019 06:39:22 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Cardinal Resources drilling confirms high-grade gold from proposed starter pit area in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/223952/cardinal-resources-drilling-confirms-high-grade-gold-from-proposed-starter-pit-area-in-ghana-223952.html Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) has revealed positive drilling results from an area within the proposed starter pit that encompasses the first two to three years of production at its flagship Namdini Gold Project in Ghana.

Cross Section showing downhole mineralised intersections of infill holes

Notably, the infill drill results highlight the robustness of Cardinal’s current resource and further supports the company’s project finance plans.

Highlight results from infill drilling down to the base of the proposed starter pit to a vertical depth of 140 metres include:

• 89 metres at 2.3 g/t gold from surface;
• 83 metres at 3.5 g/t gold from surface; and
• 78 metres at 4.1 g/t gold from surface.

READ: Cardinal Resources intersects further high-grade gold within hauling distance of ore reserve at Namdini

Cardinal chief executive officer and managing director Archie Koimtsidis said: “This close spaced infill drill program, along with the previous grade control programme within our proposed starter pit, confirms the robustness of our mineral resource, thereby providing higher confidence in predicting operational outcomes. 

“The infill results are also key to underpinning the delivery of a high‐quality engineering study which will provide more informed economic data during the critical project finance payback period.

“An added benefit of these infill drill results is enhancing confidence in the first two to three years production from the proposed starter pit.

“This will assist Cardinal with project financing options for the Namdini Project with a declared open pit ore reserve of 5.1 million ounces of gold.”

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Tue, 16 Jul 2019 16:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223952/cardinal-resources-drilling-confirms-high-grade-gold-from-proposed-starter-pit-area-in-ghana-223952.html
<![CDATA[News - Cardinal Resources intersects further high-grade gold within hauling distance of ore reserve at Namdini ]]> https://www.proactiveinvestors.com.au/companies/news/223635/cardinal-resources-intersects-further-high-grade-gold-within-hauling-distance-of-ore-reserve-at-namdini-223635.html Cardinal Resources Ltd (ASX:CDV) has intersected further shallow, high-grade gold mineralisation in diamond drilling at the Ndongo East discovery, about 24 kilometres north and within hauling distance of Cardinal’s Namdini Gold Project in Ghana.

Results from the 15-hole, 883-metre program provide further confidence to potentially define high-grade satellite pits within hauling distance of Namdini’s 5.1-million-ounce ore reserve.

Geophysical surveys and auger soil drilling are now underway to identify additional drill targets within the broader target area which spans about 7 kilometres.

 

Cardinal managing director & CEO Archie Koimtsidis said the Ndongo East discovery was particularly encouraging as drilling had now delineated a well-defined mineralised zone with strike length of more than 150 metres within the initial 450-metre mineralised discovery zone.

Highlighted intersections from the recent program include:

5.3 metres at 13.9 g/t gold from 78 metres;

5.5 metre at 3.8 g/t from 31 metres;

3.7 metres at 3.3 g/t from 59 metres;

2.7 metres at 7.7 g/t from 19 metres; and

2 metres at 18.3 g/t from 59 metres.

READ: Cardinal Resources obtains positive leach recovery results showing increased gold recovery at Namdini

Koimtsidis added: “These new shallow high-grade results further increase our level of confidence to continue drilling along strike and at depth as we have only drilled down to approximately 80 metres vertically below surface.

“Along strike from this initial 450-metre discovery zone, we are enthusiastic about the additional corridor of 750 metres of gold mineralisation previously intersected, which may provide a large number of additional shallow gold targets.”

READ: Cardinal Resources to release feasibility study for Namdini Gold Project this quarter

The Ndongo East prospect is within northeast-southwest trending Birimian metavolcanics and metasediments.

Cardinal plans to steadily increase exploration at Ndongo East after evaluating further drill core and assay results to determine the strike and depth extents of the mineralised system.

Subsequent reverse circulation drilling along fence lines further to the southwest along strike and at depth has proven encouraging with further high-grade intersections.

This indicates that the mineralised system is open along a northeast-southwest strike and at depth with multiple mineralised intersections, suggesting a strike potential of up to 1.2 kilometres.  

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Tue, 09 Jul 2019 23:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223635/cardinal-resources-intersects-further-high-grade-gold-within-hauling-distance-of-ore-reserve-at-namdini-223635.html
<![CDATA[News - Cardinal Resources to talk developing 5.1 million ounce gold operation at Proactive CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/222550/cardinal-resources-to-talk-developing-51-million-ounce-gold-operation-at-proactive-ceo-sessions-222550.html Cardinal Resources Ltd (ASX:CDV) is developing its Namdini Gold Project in Ghana, which hosts a 5.1 million ounce JORC-compliant Ore Reserve.

All aspects of the feasibility study are on track for delivery this quarter for publication of the study in the September quarter of this year.

Cardinal also has exploration programs underway at its Bolgatanga Project in northern Ghana and Subranum Project in southern Ghana.

The company will present its story to investors at the Proactive CEO Sessions in Sydney and Melbourne next week.

Completed PFS supports valuable gold mining operation

In April 2019, Cardinal’s CEO and managing director Archie Koimtsidis said: “The pre-feasibility study has already demonstrated the robust nature of our Namdini Gold Project and provides a strong body of work which has been leveraged off for the feasibility study.

“The feasibility study will factor an optimisation study that has recently been undertaken on the Namdini Gold Ore Reserve to ensure the optimal stage 1 pit design to accelerate capital payback and maximise returns for shareholders.”

The September 2018 pre-feasibility study (PFS) was based on the 4.76 million ounce ore reserve at the time and evaluated an open pit mining operation at Namdini.

The study valued the future operation at US$586 million post-tax using a 5% discount assuming a gold price of US$1,250.

Notably, using a gold price of US$1,350 would increase the valuation by nearly 30% to US$758, or over A$1 billion.

Cardinal wins prestigious award for Namdini discovery

Notably, Cardinal won the 2019 Thayer Lindsley award from the Prospectors and Developers Association of Canada (PDAC).

The award, previously won by Barrick Gold (TSE:ABX) and Ivanhoe Australia (ASX:IVA), recognises an individual or team of explorers credited with a recent significant mineral discovery anywhere in the world - in this case, the 2014 discovery of the Namdini gold deposit in Ghana's northeast.

READ: Cardinal Resources obtains positive leach recovery results showing increased gold recovery at Namdini Gold Project

More recently, Cardinal received positive results from recovery test work that was evaluating using the Aachen processing technique.

Importantly, using this process could enhance recovery rates and result in stronger project economics.

Other companies presenting in Sydney are Legend Mining Ltd (ASX:LEG), Predictive Discovery Ltd (ASX:PDI) and Vango Mining Ltd (ASX:VAN).

The Melbourne CEO Session on Tuesday, July 16, will also feature Legend Mining, Predictive Discovery and Danakali Ltd (ASX:DNK).

Register for the CEO Sessions today

Sydney details, Monday, July 15, 2019

Melbourne details, Tuesday, July 16, 2019

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Fri, 21 Jun 2019 13:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222550/cardinal-resources-to-talk-developing-51-million-ounce-gold-operation-at-proactive-ceo-sessions-222550.html
<![CDATA[News - Cardinal Resources obtains positive leach recovery results showing increased gold recovery at Namdini Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/221436/cardinal-resources-obtains-positive-leach-recovery-results-showing-increased-gold-recovery-at-namdini-gold-project-221436.html Cardinal Resources Ltd (ASX:CDV) has obtained positive leach recovery results from Aachen pilot-scale test work showing increased gold recovery and coarser regrind size at its Namdini Gold Project north of Ghana.

The company completed the test work to consider the introduction of an Aachen system into the Namidi process flow sheet being established by Lycopodium.

Test work demonstrated the potential to increase recoveries for the life-of-mine (LOM) study and suggested an increase in the grind size from sub-10 microns into the coarser range of 20-45 microns for certain lithologies.

READ: Cardinal Resources to release feasibility study for Namdini Gold Project this quarter

Cardinal managing director & CEO Archie Koimtsidis said: “These highly encouraging results from the metallurgical optimisation program are potentially an opportunity to enhance the Namdini project financial outcomes and should be incorporated into the process flowsheet designed by Lycopodium.

“The metallurgical optimisation test results recently received and evaluated show promising recovery, capital and operating cost improvements, which can be achieved over and above current outcomes justifying incorporation into the feasibility study.”

The Aachen process has been successfully used for cyanide destruction and post leach circuit as well as analysed for further power and reagent savings (Opex) and power requirements (Capex savings).

The company has tested 4,447 kilograms comprising 7 pilot-scale composites from 47 drill holes across the entire deposit.

READ: Cardinal Resources boosts gold reserves to 5.1 million ounces at West African project

Cardinal is finalising the test-work program with a further 2,310 kilograms of samples from an additional 24 holes.

All aspects of the pre-feasibility study (PFS) are on track for delivery this quarter with the company reverting to the original quarter-three 2019 publication timeline.

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Tue, 04 Jun 2019 16:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221436/cardinal-resources-obtains-positive-leach-recovery-results-showing-increased-gold-recovery-at-namdini-gold-project-221436.html
<![CDATA[News - Cardinal Resources to release feasibility study for Namdini Gold Project this quarter ]]> https://www.proactiveinvestors.com.au/companies/news/218283/cardinal-resources-to-release-feasibility-study-for-namdini-gold-project-this-quarter-218283.html Cardinal Resources Ltd (ASX:CDV) has updated its feasibility study and project finance activities at its Namdini Gold Project in Ghana with expected delivery this quarter, one quarter ahead of schedule.

There has been strong interest received from a range of potential financiers, providing the company with confidence that it will be capable of securing the required project funding package on favourable terms.

READ: Cardinal Resources boosts gold reserves to 5.1 million ounces at West African project

Cardinal managing director and CEO Archie Koimtsidis said: “The entire feasibility study team has been performing an exceptional job of bringing together the feasibility study for Cardinal’s Namdini Gold Project well ahead of its original planned completion of quarter-three calendar year 2019.

“Finalisation of the feasibility study within this quarter will be a significant step forward for the company as it continues to substantiate the significant value inherent in the Namdini Gold Project for investors.

“The pre-feasibility study has already demonstrated the robust nature of our Namdini Gold Project and provides a strong body of work which has been leveraged off for the feasibility study.

“The feasibility study will factor an optimisation study that has recently been undertaken on the Namdini Gold Ore Reserve to ensure the optimal stage 1 pit design to accelerate capital payback and maximise returns for shareholders.”

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Tue, 09 Apr 2019 22:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218283/cardinal-resources-to-release-feasibility-study-for-namdini-gold-project-this-quarter-218283.html
<![CDATA[News - Cardinal Resources boosts gold reserves to 5.1 million ounces at West African project ]]> https://www.proactiveinvestors.com.au/companies/news/217813/cardinal-resources-boosts-gold-reserves-to-51-million-ounces-at-west-african-project-217813.html Cardinal Resources Ltd (ASX:CDV) has upgraded the ore reserve estimate for the Namdini Gold Project in Ghana, West Africa, to 5.1 million ounces, which reinforces the deposit as one of the largest undeveloped gold discoveries of the past decade.

The proved and probable ore reserve estimate is now 138.6 million tonnes at 1.13 g/t gold, an increase from the previous reserve of 4.8 million ounces.

Importantly, 80% of the 6.5-million-ounce measured and indicated mineral resource has been converted to proven and probable ore reserves.

 

Summary of Namdini’s proved and probable ore reserve estimate.

 

Cardinal’s managing director and CEO Archie Koimtsidis said the company was pleased that the optimisation of pit designs, wall angles and mining schedules had upgraded the life of mine ore reserve position to 5.1 million ounces.

"Rapid capital payback" from First Stage Pit

“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 project's large ore reserve, low strip ratio, high conversion of the resource and rapid payback from the anticipated higher grade, lower strip ratio of the First Stage Pit, it is expected the company will have access to attractive project finance to achieve the best outcome for shareholders.”

 

  READ: Cardinal Resources aims for completed gold project DFS by September quarter

 

Namdini's mineral resource estimate incorporates results from resource drilling comprising 175 HQ diamond core holes and 151 reverse circulation drill holes totalling 87,140 metres.

 

 

The mine design and ore reserve estimate is based on the revised mineral resource model.

Conventional operations

Mining of the Namdini project will use conventional open pit mining equipment while the mining process will include drill and blast as well as conventional load and haul operations. 

There is expected to be a limited amount of free-dig material with the majority of material assumed to require drilling and blasting.

Mining will be carried out using staged cutbacks with four identified stages incorporated within the LOM final pit.

READ: Cardinal Resources hits high-grade gold up to 11.3 g/t at Ndongo East in Ghana

The mining schedule incorporates movement of ore and waste on 10-metre mining benches, by year for each of the four mining stages. 

Oxide ore will be stockpiled and fed into the process plant towards the end of the mine life.

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Wed, 03 Apr 2019 13:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217813/cardinal-resources-boosts-gold-reserves-to-51-million-ounces-at-west-african-project-217813.html
<![CDATA[News - Cardinal Resources hits high-grade gold up to 11.3 g/t at Ndongo East in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/217282/cardinal-resources-hits-high-grade-gold-up-to-113-gt-at-ndongo-east-in-ghana-217282.html Cardinal Resources Ltd (ASX:CDV) has intersected further high-grade shallow gold of up to 11.3 g/t at the Ndongo East deposit within its Namdini Gold Project in Ghana, West Africa.

The company plans to steadily ramp-up exploration after evaluating further drill core and assay results which determine strike and depth extents of the system as well as the structural components of various lithological units.

High-grade intersections include:

8.3 metres at 11.3 g/t from 75.7 metres; 5.2 metres at 4.5 g/t from 60 metres; and 6.3 metres at 2.8 g/t from 58.2 metres.

Cardinal’s tenements comprising the Bolgatanga and Namdini projects.

Cardinal Resources managing director Archie Koimtsidis said the high-grade results had further enhanced the company’s confidence in the Ndongo East gold deposit and how it was evolving.

Koimtsidis, who is also chief financial officer, added: “The Ndongo East discovery is particularly encouraging with the strike length of 450 metres comprising higher grade, shallow gold mineralisation still open along strike and at depth.

“Beyond this initial mineralised zone, a further 750 metres of gold mineralisation has been intersected along strike towards the southwest.

“The Ndongo East prospect lies within a larger target area of about 7 kilometres in length that is yet to be fully explored.

“Planning is underway for a gradient array IP survey and auger soil drilling program which will commence in April to evaluate this larger area which could generate further drill targets.”

Infill auger drilling and geophysical surveys will take place in April over the Ndongo East deposit and its southern extension with the aim of defining the scope and scale of this structurally controlled mineralised shear system.

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Wed, 27 Mar 2019 12:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217282/cardinal-resources-hits-high-grade-gold-up-to-113-gt-at-ndongo-east-in-ghana-217282.html
<![CDATA[Media files - Cardinal Resources recognised for Namdini gold discovery with Thayer Lindsley award ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12669/cardinal-resources-recognised-for-namdini-gold-discovery-with-thayer-lindsley-award-12669.html Wed, 20 Mar 2019 21:15:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12669/cardinal-resources-recognised-for-namdini-gold-discovery-with-thayer-lindsley-award-12669.html <![CDATA[News - Cardinal Resources wins 2019 Thayer Lindsley Award for gold discovery in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/215961/cardinal-resources-wins-2019-thayer-lindsley-award-for-gold-discovery-in-ghana-215961.html Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) has been named the winner of the 2019 Thayer Lindsley Award by the Prospectors and Developers Association of Canada (PDAC) during its annual convention in Toronto.

This award recognises an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world.

WATCH: Cardinal Resources recognised for Namdini gold discovery with Thayer Lindsley award

The west African gold-focused exploration development company holds interests in tenements within Ghana, West Africa, and was awarded the prize as recognition for the 2014 discovery of the Namdini gold deposit in the country's northeast.

READ: Cardinal Resources new drill results support emerging Ndongo East discovery

Cardinal's managing director and CEO Archie Koimtsidis said that he was honoured and delighted to accept the award on behalf of the entire Cardinal Resources team.

“There had been some previous indications of gold mineralisation along the Nangodi greenstone belt in north-eastern Ghana, but until we began the reverse circulation drilling program in 2014 the area was largely unexplored.”

After Cardinal’s first successful exploration pass, encouraging results from subsequent RC holes provided the company with confidence to step out 600 metres along strike of the mineralised trend with its first diamond drill hole in 2015.

“The step-out intersected 15 metres at 0.9 g/t gold, 10 metres at 1 g/t and 41 metres at 1.2 g/t.

READ: Cardinal Resources aims for completed gold project DFS by September quarter

“This marked the beginning of a program with widely spaced drill fences designed to determine the extent of the Namdini deposit, which is currently 1,100 metres long and 350 metres wide.

“We have an ore reserve of 4.76 million ounces, and it will be mined as an open pit.

“On the strength of this and other consistently positive results, we went to Hartleys in Perth to raise $5 million to further investigate the project.”

READ: Cardinal Resources adds mining veteran to board for gold production phase

Namdini is considered one of the most significant gold discoveries in West Africa so far this century and the discovery was judged worthy of the Thayer Lindsley award for 2019 by the PDAC committee.

Koimtsidis added: “We completed the pre-feasibility study on Namdini in September 2018 and have moved to a full definitive feasibility study now which we expect to be completed in late 2019.”  

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Thu, 07 Mar 2019 13:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215961/cardinal-resources-wins-2019-thayer-lindsley-award-for-gold-discovery-in-ghana-215961.html
<![CDATA[News - Cardinal Resources new drill results support emerging Ndongo East discovery ]]> https://www.proactiveinvestors.com.au/companies/news/213108/cardinal-resources-new-drill-results-support-emerging-ndongo-east-discovery-213108.html Cardinal Resources (ASX:CDV) has received its first set of new drill results following the recent wet season at the emerging Ndongo East discovery in the Namdini Gold Project in Ghana.

Drilling has intersected further high-grade and shallow gold mineralisation including 14 metres at 7.0 g/t gold from 69 metres depth.

READ: Cardinal Resources aims for completed gold project DFS by September quarter

Cardinal’s CEO and managing director Archie Koimtsidis said: “We are increasingly encouraged at how Ndongo East is evolving.

“This new discovery has the potential to add further high‐grade gold ounces to our Maiden Probable Ore Reserve of 4.76 million ounces within the Namdini Gold Project located 24 kilometres to the south.

“The Ndongo East discovery is particularly encouraging with the initial 450m strike length of strong, shallow gold mineralisation still open along strike and at depth.

“Beyond this initial mineralised zone, a further 750 metres of gold mineralisation has been intersected along strike towards the south west, which appears to be extending the overall gold mineralisation of the Ndongo East discovery to approximately 1.2 kilometres.

“The Ndongo East prospect lies within a larger target area of approximately 7 kilometres in length that has yet to be drill tested.

“We have now recommenced drilling after the 2018 wet season with further results pending.”

Ndongo East discovery offers upside for Namdini

These results follow drill results from late November 2018 that continued to confirm the significance of the Ndongo East discovery, located 24 kilometres south of Namdini.

November results included 9 metres at 23.3 g/t gold from the initial 450-metre strike length of strong, shallow gold mineralisation, which is still open along strike and at depth.

Ndongo East is evolving, with the potential to add further high‐grade gold ounces to Namdini’s maiden Probable Ore Reserve of 4.76 million ounces.

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Wed, 23 Jan 2019 10:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213108/cardinal-resources-new-drill-results-support-emerging-ndongo-east-discovery-213108.html
<![CDATA[News - Cardinal Resources aims for completed gold project DFS by September quarter ]]> https://www.proactiveinvestors.com.au/companies/news/212644/cardinal-resources-aims-for-completed-gold-project-dfs-by-september-quarter-212644.html Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) has beefed up its board as it prepares a definitive feasibility study (DFS) for its flagship Namdini Gold Project in Ghana.

The West Perth-based company produced a pre-feasibility study (PFS) for the project in September 2018, finding it could produce a pre-tax US$1.4 billion free cash flow if it opted for a 9.5 million tonnes per annum throughput model.

Cardinal’s DFS is being funded through a US$25 million facility provided by globally-renowned resource investment outfit Sprott through Sprott Private Resource Lending.

READ: Cardinal Resources completes PFS for Namdini Gold Project in Ghana

Cardinal’s study demonstrated Namdini contained 4.76 million gold ounces from a maiden probable ore reserve estimate of 129.6 million tonnes at 1.14 g/t gold with a 0.5 g/t cut-off.

Speaking at the time, Cardinal managing director & CEO Archie Koimtsidis said the company had a compelling business case to move into the DFS phase for the throughput processing facility based on the optimum return on capital employed (ROCE).

He said: “The [definitive] feasibility study is fully-funded and will form the basis for the development of our Namdini project in Ghana with completion anticipated in Q3, 2019.

“The PFS study confirms the Namdini project as one of Ghana’s and Africa’s most promising undeveloped, large gold assets.

“The financial modelling of the project shows it to be technically sound and financially viable.”

The PFS used a US$1,105 an ounce gold price to provide a life-of-mine optimised pit converting 73% of the 6.5 million ounces of indicated mineral resource to probable reserves.

It estimated an 86% metallurgical recovery for the starter pit and 84% for the life-of-mine with ongoing optimisation test work.

A 38% post-tax internal rate of return (IRR) was generated through a US$1,250 gold price financial model.

The spot gold price was US$1,289.49 an ounce on Tuesday, January 15, 2019.

READ: Cardinal Resources assays shallow high-grade gold at Ndongo East

All-in sustaining costs (AISC) of US$599 per ounce were determined for the first 2.5 years, inclusive of a 1.8-year payback period.

The capital development cost for the 9.5 million tonne per annum throughput plant was US$414 million, down from US$426 million.

Ndongo East offers upside for Namdini

Drill results released since the Namdini PFS was published have continued to confirm the significance of a Ndongo East discovery, 24 kilometres south of Namdini.

Positive results reported in November 2018 included a 9-metre intersection grading 23.3 g/t from an initial 450-metre strike length of strong, shallow gold mineralisation which is open along strike and at depth.

Ndongo East has the potential to add further high‐grade gold ounces to Namdini’s maiden probable ore reserve of 4.76 million ounces.

Key figures sit on board

Cardinal MD Koimtsidis has been joined on the board of directors by a number of new faces.

Among these are mining veteran Trevor Schultz who joined the board this month as a non-executive director.

Schultz has more than 46 years mining industry experience and was responsible for construction of a 12-million tonnes per annum processing plant for Centamin PLC (LON:CEY) (TSE:CEE) (FRA:7CT) (OTCMKTS: CELTF) in Egypt.

The Centamin plant had a similar flowsheet to Namdini’s proposed flowsheet.

In more recent times, Schultz was chief operating officer at Ashanti Goldfields Corporation, now AngloGold Ashanti Limited (ASX:AGG) (NYSE: AU) (FRA:AODC) (JSE:ANG).

Schultz was a resident of Ghana for six years.

READ: Cardinal Resources adds mining veteran to board for gold production phase

Four months ago, Ken Thomas & Associates Inc project development and metallurgy president Dr Kenneth G Thomas joined the board as non-executive director.

The Canadian-based director has more than 46 years experience in the mining industry, with many years' involvement in project development.

READ: Cardinal Resources strengthens board with Kenneth Thomas appointment

Thomas is the immediate past president of the Canadian Institute of Mining, Metallurgy and Petroleum.

He was previously global managing director at Hatch Ltd, senior vice-president at Kinross Gold Corporation (NYSE:KGC) (TSX:K) (FRA:KIN2) (SWX:KG) and served in senior roles at Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) (ETR:ABR) (BCBA:ABX)

Thomas was also chief operating officer for Crystallex International Corporation and worked for in Africa for 10 years with Anglo American plc (LON:AAL) (JSE:AGL) (JSE:AMS) (OTCMKTS:NGLOY).

MD Archie Koimtsidis has more than 20 years' experience in gold exploration, discovery, production, and refining in West Africa and South America.

Koimtsidis has been instrumental in acquiring Ghanaian projects for Cardinal.

The MD has a strong understanding of West African and Ghanaian resource projects and was deputy country manager of Ghana for PMI Gold Limited before joining Cardinal.

PMI was snapped up by Asanko Gold Inc (TSX:AKG) (NYSE MKT:AKG) in 2014.

Cardinal's non-executive chairman Kevin Tomlinson is a mining and finance executive of more than 31 years.

Tomlinson was an equity and corporate advisor as investment banking managing director at Westwind Partners/Stifel Nicolaus.

Ghanaian resident and alluvial mining operation principal Malik Easah is an executive director of the company.

Easah is developing permits in two Ghanaian gold belts and specialises in alluvial gold wash plants and recovery equipment manufacturing.

Cardinal non-executive director Michele Muscillo is a partner with HopgoodGanim Lawyers in Australia and has more than 16 years experience in capital markets transactions.

He is also a non-executive director with Aeris Resources Limited (ASX:AIS) and Xanadu Mines Limited (ASX:XAM) (TSE:XAM) (FRA:02X).

Tight share registry

Cardinal’s top 20 shareholders held 82.83% of the company’s shares while its top 20 option holders had 77.08% of its listed options on September 28, 2018.

The company’s three substantial shareholders were Bank of Nova Scotia and associates/affiliates, holding 9.77%, Corporate International Holdings BV (collectively the Gold Fields Group) with 8.80%, and Van Eck Associates Corporation and associates with 7.49%.

September 2018 quarterly results

Cardinal held $35.8 million in cash and cash equivalents on September 30, 2018, with its total assets judged at $38.8 million.

Its total liabilities were $36.4 million, with shareholders’ equity put at $2.4 million.

The company’s total liabilities and shareholders’ equity totalled $41 million.

Revenue in the exploration and development company was $14,693, with net loss for the September 2018 quarter sitting at $5.6 million.

The comprehensive loss for the period was $5.7 million, which translated to $1.50 a share.

There were more than 374 million common shares on issue at September 30.

Cardinal brought in $34 million in financing during the quarter, spending a corresponding $6.2 million on operating and investing activities.

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Tue, 15 Jan 2019 19:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212644/cardinal-resources-aims-for-completed-gold-project-dfs-by-september-quarter-212644.html
<![CDATA[News - Cardinal Resources adds mining veteran to board for gold production phase ]]> https://www.proactiveinvestors.com.au/companies/news/211818/cardinal-resources-adds-mining-veteran-to-board-for-gold-production-phase-211818.html Cardinal Resources Ltd (ASX:CDV) has strengthened its board with the appointment of non-executive director Trevor Stanley Schultz.

Schultz’s 45 years of mining industry experience will be drawn upon as Cardinal continues to develop its flagship Namdini Gold Project in Ghana.

Notably, he was responsible for the construction of a 12-million tonnes per annum processing plant for Centamin Egypt with a similar flowsheet to Namdini’s proposed flowsheet.

Most recently, Schultz served as chief operating officer at Ashanti Goldfields Corporation, now Anglo Gold Ashanti Ltd (JSE:ANG), and was a resident of Ghana for 6 years.

READ: Cardinal Resources assays shallow high-grade gold at Ndongo East

Cardinal’s CEO and managing director Archie Koimtsidis said: “We are pleased to have Trevor join the Cardinal board where his many years of expertise in project development will be of significant value to Cardinal and its stakeholders as the company moves the Namdini Gold Project towards the next level, its definitive feasibility study (DFS) which is anticipated in Q3 ‐ 2019.

“The board and management would like to thank Mr Robert Schafer for his geological contribution.

“We appreciate Robert’s offer to provide advice as an independent consultant as we develop our district and near mine targets and wish him the best in his future endeavours.”  

Ndongo East discovery offers upside for Namdini

Drill results from late November 2018 continued to confirm the significance of the Ndongo East discovery, located 24 kilometres south of Namdini.

Results included 9 metres at 23.3 g/t gold from the initial 450-metre strike length of strong, shallow gold mineralisation, which is still open along strike and at depth.

Ndongo East is evolving, with the potential to add further high‐grade gold ounces to Namdini’s maiden Probable Ore Reserve of 4.76 million ounces.

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Wed, 02 Jan 2019 11:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211818/cardinal-resources-adds-mining-veteran-to-board-for-gold-production-phase-211818.html
<![CDATA[News - Cardinal Resources assays shallow high-grade gold at Ndongo East ]]> https://www.proactiveinvestors.com.au/companies/news/210085/cardinal-resources-assays-shallow-high-grade-gold-at-ndongo-east-210085.html Cardinal Resources Ltd (ASX:CDV) has received new drill results from the Ndongo East discovery made earlier this year.

Significant new high‐grade gold intersections from Ndongo East include 3 metres at 29.3 g/t gold from 45 metres and 3 metres at 4.1 g/t gold from 122 metres.

These results follow up the high-grade gold drilled mid-year which featured 9 metres at 23.3 g/t gold from 60 metres.

Diamond drilling at Ndongo is ongoing and further assays are expected.

READ:  Cardinal Resources completes PFS for Namdini Gold Project in Ghana

Cardinal’s CEO and managing director Archie Koimtsidis said: “The Ndongo East discovery is particularly encouraging with the initial 450-metre strike length of strong, shallow gold mineralisation still open along strike and at depth (Figure 3).

“Beyond this initial mineralised zone, a further 750 metres of gold mineralisation has been intersected along strike, which currently extends overall gold mineralisation of the Ndongo East discovery to approximately 1.2 kilometres (Figure 2).

“We are increasingly encouraged at how Ndongo East is evolving, with the potential to add further high‐grade gold ounces to our Maiden Probable Ore Reserve of 4.76 million ounce within the Namdini Gold Project located 24 kilometres to the south.

“The Ndongo East prospect lies within a larger target area of approximately 7 kilometres in length that has yet to be drill tested.

“We have now recommenced drilling after the 2018 wet season with further results pending”.

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Wed, 28 Nov 2018 15:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210085/cardinal-resources-assays-shallow-high-grade-gold-at-ndongo-east-210085.html
<![CDATA[News - Cardinal Resources strengthens board with Kenneth Thomas appointment ]]> https://www.proactiveinvestors.com.au/companies/news/208187/cardinal-resources-strengthens-board-with-kenneth-thomas-appointment-208187.html Cardinal Resources Ltd (ASX:CDV) has appointed Kenneth G Thomas to its board as non-executive director as the company develops its Namdini Gold Project in Ghana.

Thomas has over 45 years’ experience in the mining industry, serving as senior vice president at Kinross Gold Corporation (TSX:K) until July 2012 and as global managing director and board director at Hatch Ltd for six years.

READ: Cardinal Resources completes PFS for Namdini Gold Project in Ghana

Cardinal managing director & CEO Archie Koimtsidis said the company was pleased to have Thomas join the Cardinal board.

“His many years of expertise in project development will be of significant value to Cardinal and its stakeholders as the company moves the Namdini Gold Project towards the next level, its definitive feasibility study which is anticipated [in] quarter three 2019.

“The board, management and study managers would like to sincerely thank Jacque McMullan for his invaluable technical contribution to the completion of the Namdini Gold Project PFS.

“We all appreciate Jacques’ offer to provide advice as an independent consultant and wish him the best in his future endeavours.”

  READ: Cardinal Resources eyes further upside to 6.5 million ounces of gold resource in Ghana

Between 1987 and 2001 Thomas worked in progressively senior roles at Barrick Gold Corporation (TSX:ABX) to senior vice president, technical services.

Prior to Barrick, Thomas worked for 10 years in Zambia and South Africa for Anglo American plc (LON:AAL)

Thomas has a doctorate in technical sciences (project implementation) from Delft University of Technology and in 2001 he was awarded the Selwyn G Blaylock Medal by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) for advancements in mining internationally.

He is also a fellow and past president of CIM and an experienced public company director, including his current appointment as a director of Continental Gold Ltd (TSX:CNL).

READ: Cardinal Resources drilling continues to extend Ndongo East gold discovery in Ghana

Cardinal recently completed the pre-feasibility study (PFS) for Namdini, demonstrating the project contains 4.76 million gold ounces from a maiden probable ore reserve estimate of 129.6 million tonnes at 1.14 g/t gold.

The PFS used a US$1,105 per ounce gold price to provide a life-of-mine optimised pit converting 73% of the 6.5 million ounces of indicated mineral resource to probable reserves.

A 38% post-tax internal rate of return (IRR) was generated through a US$1,250 gold price financial model.

All-in sustaining costs of US$599 per ounce were determined for the first 2.5 years, inclusive of a 1.8-year payback period.

The capital development cost for the 9.5 million tonne per annum throughput plant is US$414 million, down from US$426 million.

Cardinal is focused on advancing its feasibility for Namdini and is supporting its work with additional multi-disciplinary engineering activities.

Exploration programs are also underway at the company’s Bolgatanga and Subranum projects, in northern and southern Ghana, respectively.

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Wed, 31 Oct 2018 00:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208187/cardinal-resources-strengthens-board-with-kenneth-thomas-appointment-208187.html
<![CDATA[News - Cardinal Resources completes PFS for Namdini Gold Project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/205082/cardinal-resources-completes-pfs-for-namdini-gold-project-in-ghana-205082.html Cardinal Resources Ltd (ASX:CDV) has completed the preliminary feasibility study (PFS) for its Namdini Gold Project in Ghana, West Africa.

The study demonstrates that Namdini contains 4.76 million gold ounces from a maiden probable ore reserve estimate of 129.6 million tonnes at 1.14 g/t gold with a 0.5 g/t cut-off.

READ: Cardinal Resources eyes further upside to 65 million ounces of gold resource in Ghana

Cardinal managing director & CEO Archie Koimtsidis said the company now has a compelling business case to move into the definitive feasibility study (DFS) phase for the throughput processing facility based on the optimum return on capital employed (ROCE).

He said: “The [definitive] feasibility study is fully-funded and will form the basis for the development of our Namdini project in Ghana with completion anticipated in Q3, 2019.

“The PFS study confirms the Namdini Project as one of Ghana’s and Africa’s most promising undeveloped, large gold assets.

“The financial modelling of the project shows it to be technically sound and financially viable and could generate US$1.4 billion free cash flow (pre-tax) utilising the 9.5 million tonnes per annum throughput model.”

 

READ: Cardinal Resources’ drilling continues to extend Ndongo East gold discovery in Ghana

The PFS used a US$1,105 per ounce gold price to provide a life-of-mine optimised pit converting 73% of the 6.5 million ounces of indicated mineral resource to probable reserves.

It estimated an 86% metallurgical recovery for the starter pit and 84% for the life-of-mine with ongoing optimisation test work.

A 38% post-tax internal rate of return (IRR) was generated through a US$1,250 gold price financial model.

All-in sustaining costs of US$599 per ounce were determined for the first 2.5 years, inclusive of a 1.8-year payback period.

The capital development cost for the 9.5 million tonne per annum throughput plant is US$414 million, down from US$426 million.

READ: Cardinal Resources finalises $US25 million credit facility with Sprott

Cardinal is focused on advancing its feasibility for Namdini and is supporting its work with additional multi-disciplinary engineering activities.

Exploration programs are also underway at the company’s Bolgatanga and Subranum projects, in northern and southern Ghana, respectively.

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Tue, 18 Sep 2018 00:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205082/cardinal-resources-completes-pfs-for-namdini-gold-project-in-ghana-205082.html
<![CDATA[News - Cardinal Resources eyes further upside to 6.5 million ounces of gold resource in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/204888/cardinal-resources-eyes-further-upside-to-65-million-ounces-of-gold-resource-in-ghana-204888.html Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) is making steady progress on the preliminary feasibility study (PFS) for its flagship Namdini Gold Project in Ghana.

Namdini hosts a JORC indicated resource of 6.5 million ounces of gold grading 1.1 g/t gold and an inferred resource of 0.5 million ounces of gold grading 1.2 g/t gold.

Namdini is located within the Birimian terrane of Northeastern Ghana which is 2.1-2.2 billion years old

The project has a large-scale single open pit with a low strip ratio of 1.2:1 (life of mine) and an anticipated pit depth of 300 - 400 metres.

Notably, the resource is open at depth and along strike.

Preliminary Economic Assessment (PEA)

READ: Cardinal Resources continues to make progress at Namdini Gold Project

Cardinal recently demonstrated an overall increased gold recovery rate of 86% utilising standard gold recovery techniques at the Namdini Gold Project in Ghana.

The results were from phase two of Cardinal’s metallurgical test program.

The phase two metallurgical test program is focused on determining resource variability of the main lithology domains being metavolcanics, granite and diorite.

Conceptual process flowsheet

The test results thus far are demonstrating good lithological consistency, which will allow for predictable metallurgical performance in a production scenario.

A conventional grind‐flotation‐regrind carbon-in-leach flowsheet continues to be the preferred process option.

READ: Cardinal Resources’ drilling continues to extend Ndongo East gold discovery in Ghana

Cardinal is also drilling at the new Ndongo East discovery about 20 kilometres north of its Namdini Gold Project.

The company recently revealed further shallow gold intersections at Ndongo East. Highlight results from the latest drilling include:

• 2 metres at 27 g/t gold from 10 metres;
• 6 metres at 12.6 g/t gold from 2 metres; and
• 7 metres at 2.2 g/t gold from 55 metres.

 

The Ndongo East prospect lies within a larger target area of about 7 kilometres in strike which is yet to be drill tested.

Importantly, Ndongo East is rapidly evolving with the potential to add to the high-grade gold ounces at Cardinal’s 6.5 million ounces Namdini.

READ: Cardinal Resources finalises US$25 million credit facility with Sprott

Cardinal recently completed all the required documentation for a US$25 million senior secured credit facility from globally renowned resource investment firm Sprott.

The US$25 million facility will provide working capital and funding to complete the PFS and definitive feasibility study (DFS) for Cardinal’s Namdini Gold Project.

Major shareholders

Cardinal is now well funded to fast‐track Namdini towards completion of the DFS, anticipated in Q3 2019.

The company’s highly prospective land package in Ghana is about 900 square kilometres in total and provides a significant exploration upside.

Cardinal is continuing multiple district-level exploration activities, including:

• Bongoo: Auger soil drilling planned and geophysics targets being evaluated;
• Kungongo: 4.5 kilometres strike length being evaluated with positive assay results returned from first pass drilling.  3,000 metres drilling planned to commence Q4 2018; and
• Ndongo: Six large-scale targets identified with initial focus near a major regional shear.

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Fri, 14 Sep 2018 12:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204888/cardinal-resources-eyes-further-upside-to-65-million-ounces-of-gold-resource-in-ghana-204888.html
<![CDATA[News - Cardinal Resources’ drilling continues to extend Ndongo East gold discovery in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/203749/cardinal-resources-drilling-continues-to-extend-ndongo-east-gold-discovery-in-ghana-203749.html Cardinal Resources Ltd (ASX:CDV) (TSE:CDV)  (FRA:C3L) has revealed further shallow gold intersections at its new Ndongo East discovery on the Ndongo License in Ghana, West Africa.

The Ndongo East discovery is about 20 kilometres north of Cardinal’s Namdini Gold Project which has an indicated resource of 6.5 million ounces of gold.

Cardinal’s Bolgatanga Project (Ndongo, Bongo, Kungongo) and the Namdini Project

Highlight results from the latest drilling include:

• 2 metres at 27.0 g/t gold from 10 metres;
• 6 metres at 12.6 g/t gold from 2 metres; and
• 7 metres at 2.2 g/t gold from 55 metres.

Cardinal’s shallow reverse circulation (RC) drilling has encountered multiple intercepts of near-surface gold mineralisation over a strike length of about 1.2 kilometres.

The new results add to the significant drill intersections reported on July 16, 2018 from the Ndongo East discovery.

READ: Cardinal Resources strikes more high-grade gold at Ndongo in Ghana

Cardinal chief executive officer and managing director Archie Koimtsidis said: “These latest shallow, significant gold intersections have provided a possible threefold extension to the original 400 metres strike length discovery zone to 1.2km in length.

“The Ndongo East prospect lies within a larger target area of approximately 7 kilometres in strike length which has yet to be RC drill tested.”

READ: Cardinal Resources finalises US$25 million credit facility with Sprott

Cardinal recently completed all the required documentation for a US$25 million senior secured credit facility from globally renowned resource investment firm Sprott.

The US$25 million facility will provide working capital and funding to complete the preliminary and definitive feasibility studies (PFS and DFS) for Cardinal’s Namdini Gold Project.

Koimtsidis added: “We are increasingly encouraged at how Ndongo East is evolving with the potential to add high-grade gold ounces to our 6.5 million ounce Namdini Gold Project located only 20 kilometres to the south and we expect the recommencement of the drilling as soon as possible after the wet season ends during October-November 2018.”

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Wed, 29 Aug 2018 14:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203749/cardinal-resources-drilling-continues-to-extend-ndongo-east-gold-discovery-in-ghana-203749.html
<![CDATA[News - Cardinal Resources finalises US$25 million credit facility with Sprott ]]> https://www.proactiveinvestors.com.au/companies/news/203443/cardinal-resources-finalises-us25-million-credit-facility-with-sprott-203443.html Cardinal Resources Ltd (ASX:CDV) has completed all required documentation for the US$25 million senior secured credit facility.

The US$25 million facility will provide working capital and funding to complete the preliminary and definitive feasibility studies (PFS and DFS) for its Namdini Gold Project in Ghana.

The facility is being provided by globally renowned resource investment firm Sprott through Sprott Private Resource Lending.

Fast-tracking Namdini towards DFS

Cardinal’s CEO and managing director Archie Koimtsidis said: “We would like to thank both Sprott and Cardinal legal teams in Ghana, Australia and Canada who have worked tirelessly to bring about a successful outcome. 

“This 30‐month facility provides Cardinal with the ability to continue to fast‐track Namdini towards completion of a definitive feasibility study, anticipated in Q3 2019, while also maximising shareholder value by avoiding unnecessary dilution.”

Immediate focus is the PFS

Cardinal is focused on the development of Namdini through advancing its PFS supported by additional multi‐disciplinary engineering and metallurgical activities.

Namdini hosts a JORC Indicated resource of 6.5 million ounces of gold grading 1.1 g/t gold and an Inferred resource of 0.5 million ounces of gold grading 1.2 g/t gold. 

Furthermore, exploration programs are also continuing at the company’s Bolgatanga and Subranum projects in Ghana.

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Thu, 23 Aug 2018 13:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203443/cardinal-resources-finalises-us25-million-credit-facility-with-sprott-203443.html
<![CDATA[News - Cardinal Resources strikes more high-grade gold at Ndongo in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/200901/cardinal-resources-strikes-more-high-grade-gold-at-ndongo-in-ghana-200901.html Cardinal Resources Ltd (ASX:CDV) has encountered up to 59.2 g/t gold at a new discovery in Ghana, naming the debutante prospect Ndongo East.

The Ndongo East target is found on its wholly-owned Ndongo licence and returned a number of significant gold intercepts, including a 9-metre drilled intersection grading 23.3 g/t gold from 60 metres.

Within this was a 3-metre intersection which graded 59.2 g/t.

The project is 15 kilometres north of Cardinal’s flagship Namdini Gold Project.

Economic potential

The company said that discoveries at Ndongo East “further highlight the potential for discovery of economic gold mineralisation within the Ndongo licence”.

Additional reverse circulation (RC) results are 9 metres at 2.4 g/t from 43 metres; 7 metres at 4.4 g/t from 14 metres; and 6 metres at 2 g/t from 11 metres.

Rock chips from Ndongo East also graded 13.7 g/t and 3.5 g/t while a third rock chip from a prospect dubbed Dusi graded 1.6 g/t.

A second target

Ndongo East is the second target to show prospectivity at Ndongo licence, which is in Ghana’s north, near the border with Burkina Faso.

The first is Zupeliga South, 10 kilometres southwest of Ndongo East.

READ: Cardinal Resources continues to make progress at Namdini Gold Project

Cardinal managing director and CEO Archie Koimtsidis said: “We are very encouraged with the first-pass shallow RC drilling results from Ndongo East which tested approximately 400-metre strike length of coincident gold-in-soil anomalies and geophysical targets.

“The objective of this first-pass program covering the Ndongo licence is to discover shallow higher grade gold mineralisation that could be mined in satellite pits and hauled to Namdini for processing.

The prospect is part of a larger target area with a 9-kilometre strike length.

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Mon, 16 Jul 2018 23:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200901/cardinal-resources-strikes-more-high-grade-gold-at-ndongo-in-ghana-200901.html
<![CDATA[News - Cardinal Resources continues to make progress at Namdini Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/181536/cardinal-resources-continues-to-make-progress-at-namdini-gold-project-181536.html Cardinal Resources (ASX:CDV, TSE:CDV) has demonstrated an overall increased gold recovery rate of 86% utilising standard gold recovery techniques at the Namdini Gold Project in Ghana.

The results were from phase two of Cardinal’s metallurgical test program.

Cardinal's flagship project is the Namdini deposit, which is host to a 4 million ounce gold resource that is open at depth and along strike.

The phase two metallurgical test program is focused on determining resource variability of the main lithology domains being metavolcanics, granite and diorite. 

The test program was developed to enhance Cardinal’s metallurgical understanding in order to help ensure a robust process design.

The test results thus far are demonstrating good lithological consistency, which will allow for predictable metallurgical performance in a production scenario.

Importantly, a conventional grind‐flotation‐regrind carbon-in-leach flowsheet continues to be the preferred process option.

As the metallurgical testing advances in the project development phase, the process flowsheet will continue to be optimised in order to provide the necessary detailed design criteria.

The results of a scoping study and preliminary economic assessment are due late in the third-quarter.

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Thu, 27 Jul 2017 15:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181536/cardinal-resources-continues-to-make-progress-at-namdini-gold-project-181536.html
<![CDATA[News - Cardinal Resources Ltd strengthens North American experience ahead of dual-listing ]]> https://www.proactiveinvestors.com.au/companies/news/180638/cardinal-resources-ltd-strengthens-north-american-experience-ahead-of-dual-listing-180638.html Cardinal Resources Ltd (ASX:CDV, TSE:CDV) has added to the experience of its board with the appointment of Robert Schafer as a non-executive director.

Schafer brings over 30 years of international experience as a geologist, and is the immediate Past President of the Prospectors and Developers Association of Canada (PDAC).

Cardinal's increase in North American experience comes as the company has commenced trading on the Toronto Stock Exchange.

The company's focus remains on the Namdini Project in Ghana, which is host to a 4 million ounce gold resource that is open at depth and along strike.

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Tue, 11 Jul 2017 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180638/cardinal-resources-ltd-strengthens-north-american-experience-ahead-of-dual-listing-180638.html
<![CDATA[News - Cardinal Resources Ltd looks to Toronto for greater awareness of world-class gold find ]]> https://www.proactiveinvestors.com.au/companies/news/180568/cardinal-resources-ltd-looks-to-toronto-for-greater-awareness-of-world-class-gold-find-180568.html Ghana-focused Cardinal Resources Ltd (ASX:CDV, TSE:CDV) will officially become a dual-listed company in the coming 24 hours when its shares commence trading on the Toronto Stock Exchange.

Archie Koimtsidis, chief executive officer, believes the Canadian quote will help build broader awareness of its gold discover.

Cardinal's flagship project is the Namdini deposit, which is host to a 4 million ounce gold resource that is open at depth and along strike.

The results of a scoping study and preliminary economic assessment are due late in the third-quarter.

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Mon, 10 Jul 2017 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180568/cardinal-resources-ltd-looks-to-toronto-for-greater-awareness-of-world-class-gold-find-180568.html
<![CDATA[News - Cardinal Resources given more time to reveal gold resource ]]> https://www.proactiveinvestors.com.au/companies/news/168514/cardinal-resources-given-more-time-to-reveal-gold-resource-168514.html Cardinal requests that the suspension remain in place until it can make an announcement in relation to the company’s maiden resource estimate at the Namdini Project.

The company added that this is well advanced and it anticipates release by commencement of trading on 7 November 2016.

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Fri, 04 Nov 2016 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168514/cardinal-resources-given-more-time-to-reveal-gold-resource-168514.html
<![CDATA[News - Cardinal Resources Ltd to reveal gold resource ]]> https://www.proactiveinvestors.com.au/companies/news/168380/cardinal-resources-ltd-to-reveal-gold-resource-168380.html Cardinal Resources Ltd (ASX:CDV) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Cardinal requested the halt pending the company’s maiden resource estimate at the Namdini Project, which is located in Ghana.

The halt will remain in place until the opening of trade on Friday 4th November 2016, or earlier if an announcement is made to the market.

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Wed, 02 Nov 2016 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168380/cardinal-resources-ltd-to-reveal-gold-resource-168380.html
<![CDATA[News - Cardinal Resources Ltd receives initial substantial holder, global mining and metals fund ]]> https://www.proactiveinvestors.com.au/companies/news/165524/cardinal-resources-ltd-receives-initial-substantial-holder-global-mining-and-metals-fund-70856.html Cardinal Resources Ltd (ASX:CDV) has received a notice of initial substantial holder, from the Precious Capital Global Mining and Metals Fund, which now holds 5.52%.

Cardinal is well-funded having raised $21.75 million in a placement.

The company recently completed its Phase 1 framework drilling program at the emerging, world class Namdini gold deposit in Ghana.

Drilling at Namdini has identified a mineralised gold zone with a strike length of 1,000 metres, widths of 200-300 metres and depths of over 350 metres.

Every hole drilled at Namdini since discovery has intersected wide zones of gold mineralisation including:

- 67 metres at 3.1 g/t from 3 metres;
- 51 metres at 3.58 g/t from 85 metres; and
- 45 metres at 7.73 g/t from 168 metres.

Cardinal remains on track to deliver a maiden JORC Exploration Target this quarter.

The share price is up 375% over the past year, currently trading at $0.475.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 05 Sep 2016 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165524/cardinal-resources-ltd-receives-initial-substantial-holder-global-mining-and-metals-fund-70856.html
<![CDATA[News - Cardinal Resources Ltd receives shareholder support for Ghana gold project ]]> https://www.proactiveinvestors.com.au/companies/news/165523/cardinal-resources-ltd-receives-shareholder-support-for-ghana-gold-project-70688.html Cardinal Resources Ltd (ASX:CDV) has received the necessary shareholder approval to issue the second tranche of shares in its recent $21.75 million placement.

The company recently completed its Phase 1 framework drilling program at the emerging, world class Namdini gold deposit in Ghana.

Drilling at Namdini has identified a mineralised gold zone with a strike length of 1,000 metres, widths of 200-300 metres and depths of over 350 metres.

Archie Koimtsidis, managing director, commented: “We are very pleased with the strong level of support from new and existing shareholders who recognise the significant potential of our projects.
 
“We are pleased that the tremendous potential of our Ghanaian projects is increasingly being recognised by a range of sophisticated investors.”


Placement details

Cardinal recently completed a share placement raising $21.75 million through the issue of 75 million shares at $0.29 per share.

The placement consisted of two tranches, with the second tranche requiring shareholder approval as per standard procedure.

Funds will be focused on defining a maiden resource at the company’s flagship Namdini Gold Project in Ghana.

The placement has introduced two new cornerstone investors, Precious Capital Global Mining and Metals Fund and Colonial First Stage Growth Equites.


Background

Cardinal has made a world class gold discovery at the Namdini Gold Project located in the west African country of Ghana.

Every hole drilled at Namdini since discovery has intersected wide zones of gold mineralisation including:

- 67 metres at 3.1 g/t from 3 metres;
- 51 metres at 3.58 g/t from 85 metres; and
- 45 metres at 7.73 g/t from 168 metres.

The recently completed raising will fully fund an active work program with the objective to define a maiden JORC Resource at Namdini in late 2016.


Most recent drill results

The recent Phase 1 framework drilling at Namdini consisted of a 20 hole program which has returned the highest grade intervals to date.

Highlights from the final round of framework drilling includes:

- 94 metres at 4.53 g/t gold;
- 97 metres at 1.62 g/t gold;
- 43 metres at 8.86 g/t gold;
- 40 metres at 2.01 g/t gold;
- 38 metres at 2.16 g/t gold; and
- 3 metres at 42.7 g/t gold.

Work has now begun on structural and geological modelling and resource estimation in order to complete an inaugural resource estimate for the Namdini gold deposit.


Analysis

After receiving shareholder approval for the second tranche of the placement, Cardinal remains on track to deliver a maiden JORC Exploration Target this quarter.

Namdini is a major new discovery, with gold mineralisation outlined over a one kilometre of strike, extending to over 350 metres below surface along a mineralised corridor that is consistently greater than 250-300 metres wide.

The orebody remains open at depth and to the south and encouraging exploration potential exists to the north.

The project located near power, water and sealed highway in a low density population area.

Cardinal The board and management are well invested in the company holding circa 8% of shares on issue.

The share price is up five-fold over the past year, with shares currently trading at $0.52.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 26 Aug 2016 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165523/cardinal-resources-ltd-receives-shareholder-support-for-ghana-gold-project-70688.html
<![CDATA[News - Cardinal Resources Ltd receives highest grade gold to date at Namdini ]]> https://www.proactiveinvestors.com.au/companies/news/165522/cardinal-resources-ltd-receives-highest-grade-gold-to-date-at-namdini-70475.html Cardinal Resources Ltd (ASX:CDV) has completed its Phase 1 framework drilling program at the emerging world class Namdini gold deposit in Ghana.

The 20 hole program returned the highest grade intervals to date including 94 metres at 4.53 g/t gold and 43 metres at 8.86 g/t gold.

Drilling at Namdini has identified a mineralised gold zone with a strike length of 1,000 metres, widths of 200- 300 metres and depths of over 350 metres.

The deposit remains open at depth and along strike to the south.

Archie Koimtsidis, managing director, commented: "We are excited to begin the next stage of the development of Namdini, with geological and structural modelling and resource estimation studies initiated.

"Our metallurgical testwork programme, based on over 350 kilograms of core is well advanced and we look forward to reporting the results when they are available."


Drill result details

Highlights from the final round of framework drilling includes:

- 94 metres at 4.53 g/t gold;
- 97 metres at 1.62 g/t gold;
- 43 metres at 8.86 g/t gold;
- 40 metres at 2.01 g/t gold;
- 38 metres at 2.16 g/t gold; and
- 3 metres at 42.7 g/t gold.

Work has now begun on structural and geological modelling and resource estimation in order to complete an inaugural resource estimate for the Namdini gold deposit.


Well-funded

Cardinal recently completed a share placement raising $21.75 million through the issue of 75 million shares at $0.29 per share.

Funds will be focused on defining a maiden resource at the company’s flagship Namdini Gold Project in Ghana.

The placement has introduced two new cornerstone investors, Precious Capital Global Mining and Metals Fund and Colonial First Stage Growth Equites.


Analysis

The completion of the first phase of framework drilling has returned some of the highest value intervals intersected to data at Namdini.

It also further confirms Namdini as a major new discovery, with gold mineralisation outlined over a one kilometre of strike, extending to over 350 metres below surface along a mineralised corridor that is consistently greater than 250-300 metres wide.

The orebody remains open at depth and to the south and encouraging exploration potential exists to the north, with the project located near power, water and sealed highway in a low density population area.

Cardinal remains on track to deliver a maiden JORC Exploration Target this quarter.

The board and management are well invested in the company holding circa 8% of shares on issue.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 16 Aug 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165522/cardinal-resources-ltd-receives-highest-grade-gold-to-date-at-namdini-70475.html
<![CDATA[News - Cardinal Resources Ltd continues to reveal world-class gold potential ]]> https://www.proactiveinvestors.com.au/companies/news/134126/cardinal-resources-ltd-continues-to-reveal-world-class-gold-potential-70005.html Cardinal Resources Ltd (ASX:CDV) have confirmed near surface gold in another shallow updip reverse circulation hole at the Namdini gold project in Ghana.

The hole intersected 108 metres at 1.62 g/t gold from surface including 43 metres at 2.52 g/t gold.

Assay results are pending from 9 diamond and 11 reverse circulation drill holes, which should provide a constant flow of news.

Archie Koimtsidis, managing director, commented:

“The width and tenor of gold that continues to be encountered with our drilling at Namdini to date is certainly pointing towards a very large gold system being present within the 900 metre x 300 metre that has been the focus of our drilling so far.

“On top of this, Namdini has great exploration upside given that mineralisation remains open at depth and along strike”


Drill hole details

The second reverse circulation drill hole, NMRC470-784 intersected 120 metres of gold mineralisation from surface.

The hole intersected 108 metres at 1.62 g/t gold including 43 metres at 2.52 g/t gold.

This intersection confirms continuity of gold mineralisation with depth.


Updip drill program

The shallow updip reverse circulation drilling program is focused along the eastern side of the Namdini mineralised corridor.

The drill holes are positioned on each previously drilled 50 metre section line so that 3 drill holes will be on each section.
 
Once all assay results are received, all drill data collected will form the basis for Cardinal to provide guidance on an initial Exploration Target, anticipated to be reported during Q3 2016.


Analysis

The second hole from the reverse circulation updip program continues to show the strong potential Namdini has to host a multi-million ounce gold resource.

The 900 metre x 300 metre gold system being currently defined remains open at depth and along strike.

The share price is up six-fold over the past year, with shares trading at 12-month highs of $0.39.

The board and management are well invested in the company holding circa 8% of shares on issue.

The company is well funded after recently receiving commitments to place $21.75 million of stock.

With assays still pending, Cardinal continues to be leveraged to continued exploration success through news flow.

An Exploration Target is on track to be delivered this quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 25 Jul 2016 09:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134126/cardinal-resources-ltd-continues-to-reveal-world-class-gold-potential-70005.html
<![CDATA[News - Cardinal Resources Ltd widens gold mineralisation with new drilling ]]> https://www.proactiveinvestors.com.au/companies/news/134125/cardinal-resources-ltd-widens-gold-mineralisation-with-new-drilling-69955.html Cardinal Resources Ltd (ASX:CDV) has intersected 119 metres at 1.72 g/t gold from surface from its first assayed hole in its updip drill program at the Namdini gold project in Ghana.

This first shallow reverse circulation updip hole confirms the gold zone has been widened, significantly enhancing the gold potential of Namdini.

Assays are still pending from 11 diamond and 12 reverse circulation holes.

Archie Koimtsidis, managing director, commented:

“The width and tenor of gold that continues to be encountered with our drilling at Namdini to date is certainly pointing towards a very large gold system being present within the 900 metre x 300 metre that has been the focus of drill so far.

“On top of this, Namdini has great exploration upside given that at mineralisation remains open at depth and along strike.”


Drill result details

The first reverse circulation drill hole, NMRC389-767 intersected 119 metres of gold mineralisation from surface within a mineralised zone of 275 metres.

The hole intersected 119 metres at 1.72 g/t gold including 41 metres at 2.57 g/t gold.

This intersection confirms continuity of gold mineralisation with depth.


Updip drill program

The shallow updip reverse circulation drilling program is focused along the eastern side of the Namdini mineralised corridor.

The drill holes are positioned on each previously drilled 50 metre section line so that 3 drill holes will be on each section.
 
Once all assay results are received, all drill data collected will form the basis for Cardinal to provide guidance on an initial Exploration Target, anticipated to be reported during Q3 2016.


Recent placement

Cardinal recently completed a share placement of up to 75 million shares at $0.29 per share, a 20% premium to the company’s 30 day VWAP.

Funds will be focused on defining a maiden resource at the company’s flagship Namdini Gold Project in Ghana.

The placement has introduced two new cornerstone investors, Precious Capital Global Mining and Metals Fund and Colonial First Stage Growth Equites.


Analysis

The first hole from the reverse circulation updip program has widened the gold corridor at Namdini and shows the potential this drilling program has to tap into the gold system’s potential.

While the 900 metre x 300 metre gold system being defined currently has already attracted keen interest from global investors, it remains open at depth and along strike.

The share price is up 140% year to date and broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

The company is well funded after recently receiving commitments to place $21.75 million of stock.

With assays still pending, Cardinal continues to be leveraged to continued exploration success through news flow.

An Exploration Target is on track to be delivered this quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 21 Jul 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134125/cardinal-resources-ltd-widens-gold-mineralisation-with-new-drilling-69955.html
<![CDATA[News - Cardinal Resources Ltd issues first tranche of placement shares ]]> https://www.proactiveinvestors.com.au/companies/news/134124/cardinal-resources-ltd-issues-first-tranche-of-placement-shares-69890.html Cardinal Resources Ltd (ASX:CDV) has now finalised tranche 1 of a placement by issuing 55.5 million shares, with the final 19.5 million shares subject to shareholder approval at a general meeting to be held in August 2016.

The placement was priced at $0.29.

Shares in Cardinal continue to rally, last trading at $0.32, more than five-times higher than a year ago.

Driving the share price has been drilling success at the company’s flagship Namdini Gold Project in Ghana.

Namdini is emerging as a world-class gold project, following the discovery of over 300 metre mineralised gold zones.


News flow pending

With assays pending for 22 holes, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Jul 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134124/cardinal-resources-ltd-issues-first-tranche-of-placement-shares-69890.html
<![CDATA[News - Cardinal Resources Ltd drills out 320 metre gold zone at Namdini ]]> https://www.proactiveinvestors.com.au/companies/news/134123/cardinal-resources-ltd-drills-out-320-metre-gold-zone-at-namdini-69811.html Cardinal Resources Ltd (ASX:CDV) has drilled out another wide mineralised gold zone, measuring 320 metres, at its Namdini gold project in Ghana.

The two latest diamond infill drill holes intersected zones measuring up to 75 metres at 2.88 g/t gold including 40 metres at 4.56 g/t gold.

Archie Koimtsidis, managing director, commented:

“The width and tenor of gold encountered with our drilling at Namdini to date is certainly pointing towards a very large gold system being present within the 900 metre x 300 metre that has been the focus of our drilling so far.

“On top of this, Namdini has great exploration upside given the mineralisation remains open at depth and along strike.”

 
Drill result details

Infill diamond drill holes NMDD452‐748 and NMDD450‐768 have intersected a 320 metres wide gold mineralised zone.

NMDD452‐748 intersected 242 metres of gold mineralisation from 26 metres depth with multiple zones of mineralisation down the drill hole confirming continuity of mineralisation with depth.

Zones include:

- 75 metres at 2.88 g/t gold;
- 47 metres at 1.26 g/t gold; and
- 15 metres at 2.19 g/t gold.

NMDD450‐768 intersected 190 metres of mineralisation from surface also confirming continuity of mineralisation with depth.

Zones include:

- 66 metres at 1.54 g/t gold;
- 30 metres at 2.08 g/t gold;
- 29 metres at 1.72 g/t gold; and
- 24 metres at 1.13 g/t gold.
 
These two holes were drilled as part of the infill diamond drilling program completed on 50 metre spacings, between previous 100 metre spaced diamond drill sections to confirm and enhance the gold mineralisation.

Separately to the infill program the updip reverse circulation drilling program has been completed.

Once all assay results are received, all drill data will form the basis for Cardinal to provide guidance on an initial Exploration Target, anticipated to be reported during Q3 2016.


Recent placement

Cardinal recently completed a share placement of up to 75 million shares at $0.29 per share, a 20% premium to the company’s 30 day VWAP.

Funds will be focused on defining a maiden resource at the company’s flagship Namdini Gold Project in Ghana.

The placement has introduced two new cornerstone investors, Precious Capital Global Mining and Metals Fund and Colonial First Stage Growth Equites.


Analysis

The potential of the Namdini Project to host a world-class gold project continues to be confirmed by intersections of long mineralised zones evidenced by these latest assays.

The share price is up 150% year to date and broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

The company is well funded after recently receiving commitments to place $21.75 million of stock.

With assays still pending, Cardinal continues to be leveraged to continued exploration success through news flow.

An Exploration Target is on track to be delivered this quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 14 Jul 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134123/cardinal-resources-ltd-drills-out-320-metre-gold-zone-at-namdini-69811.html
<![CDATA[News - Cardinal Resources Ltd secures funds to define maiden gold resource ]]> https://www.proactiveinvestors.com.au/companies/news/134122/cardinal-resources-ltd-secures-funds-to-define-maiden-gold-resource-69724.html Cardinal Resources Ltd (ASX:CDV) has completed a share placement of up to 75 million shares at $0.29 per share, a 20% premium to the company’s 30 day VWAP.

Funds will be focused on defining a maiden resource at the company’s flagship Namdini Gold Project in Ghana.

The placement has introduced two new cornerstone investors, Precious Capital Global Mining and Metals Fund and Colonial First Stage Growth Equites.

Archie Koimtsidis, managing director, commented:

“The addition of Precious Capital and Colonial, along with several other notable domestic and international institutional investors joining the share register in this placement, is a testament to the Namdini Gold Project, and of the team we have at Cardinal.

“The company has a solid group of core shareholders in Australia, North America and Europe, with capacity to be part of future funding needs of the company as we progress the Namdini Gold Project through technical studies, and eventually into gold production.”


Use of funds

The funds raised will be applied primarily to:

- Fund further drilling at the Namdini Gold Project in Ghana;
- Exploration of the company’s other Ghanaian properties;
- Provide capital for any potential payments in relation to acquiring tenements located adjacent tothe Namdini Gold Project;
-Technical studies in respect of the Namdini Gold Project; and
-Working capital.


Namdini Gold Project

Drilling at Namdini to date has indicated a large gold system being present within the 900 metres x 300 metres that has been the focus of drilling thus far.

Drilling has identified a number of wide mineralised zones including:

- 98 metres at 1.31 g/t gold;
- 80 metres at 1.06 g/t gold;
- 79 metres at 1.34 g/t gold;
- 59 metres at 1.42 g/t gold;
- 55 metres at 1.62 g/t gold;
- 49 metres at 1.39 g/t gold; and
- 42 metres at 3.37 g/t gold.

This raising will fully fund an active work program with the objective to define a maiden JORC Resource at Namdini in late 2016.


Analysis

The strongly oversubscribed placement is indicative of the potential Namdini has to become a world class gold project.

Strong institutional demand and the addition of two cornerstone investors is positive for Cardinal as its grows the company’s investment profile globally.

Recent infill drilling at Namdini continues to confirm wide mineralised gold zones as the project emerges as a genuine gold discovery.

With assays pending for 22 holes, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

The share price is up 135% year to date and broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 11 Jul 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134122/cardinal-resources-ltd-secures-funds-to-define-maiden-gold-resource-69724.html
<![CDATA[News - Cardinal Resources Ltd gets ready to raise for Ghana gold ]]> https://www.proactiveinvestors.com.au/companies/news/134121/cardinal-resources-ltd-gets-ready-to-raise-for-ghana-gold-69667.html Cardinal Resources Ltd (ASX:CDV) is heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

Cardinal recently has continued to extend a gold mineralised zone at the Namdini gold project in Ghana.

The drilling success has shares in the company last trading over five-times higher than 12-months ago.

The halt will remain in place until the opening of trade on Monday 11th July 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Jul 2016 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134121/cardinal-resources-ltd-gets-ready-to-raise-for-ghana-gold-69667.html
<![CDATA[News - Cardinal Resources Ltd adds to major gold system prospects at Namdini ]]> https://www.proactiveinvestors.com.au/companies/news/134120/cardinal-resources-ltd-adds-to-major-gold-system-prospects-at-namdini-69656.html Cardinal Resources Ltd (ASX:CDV) has extended a 200 metre wide gold mineralised zone to a vertical depth of 290 metres at the Namdini gold project in Ghana.

The hits keep coming as drill results returned significant gold mineralised intersections with the width and tenor of gold encountered at Namdini to date pointing toward a very large gold system.

This is within at 900 metre x 300 metre mineralised area to date.

Namdini’s potential is confirmed by the intersection of long mineralised zones, including 98 metres at 1.31 g/t gold, 80 metres at 1.06 g/t gold and 79 metres at 1.34 g/t gold.

Assay results are pending from a further 13 diamond and 9 reverse circulation drill holes, which will continue to provide a constant flow of news.

Cardinal remains on track to deliver an initial Exploration Target in the September quarter.


Drill result details

Drill hole NMRD483-749 intersected 192 metres of gold mineralisation from 100 metres vertical depth with multiple zones of mineralisation down the drill hole.

These zones include:

7 metres at 1.14 g/t;
27 metres at 1.56 g/t;
12 metres at 2.61 g/t; and
3 metres at 3.41 g/t.

These assays confirm continuity of mineralisation with depth.


Archie Koimtsidis, managing director, commented on the June quarter

“We are extremely encouraged by continued intersections of wide gold mineralisation reported from the 50 metre spaced infill diamond drilling on the Namdini Project.

“These gold intersections range from surface to 300 metres vertical depths which considerably enhances the gold potential of this project.

“These results confirm that wide gold mineralisation continues for approximately 650 metres north along strike from the original Confirmed Gold Mineralised Zone on the Namdini Licence, with a total strike length of approximately 900 metres.”


Analysis

This discovery of mineralisation at depths highlights Namdini’s strong exploration potential at depth.

Infill drilling at Namdini continues to confirm wide mineralised gold zones as the project emerges as a world class gold discovery.

With assays pending for 22 holes, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

The share price is up 135% year to date, providinga a windfall for shareholders.

Broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

The company’s cash balance at 30 June 2016 was circa $4.86 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 06 Jul 2016 15:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134120/cardinal-resources-ltd-adds-to-major-gold-system-prospects-at-namdini-69656.html
<![CDATA[News - Cardinal Resources Ltd proving up large gold system at Namdini ]]> https://www.proactiveinvestors.com.au/companies/news/134119/cardinal-resources-ltd-proving-up-large-gold-system-at-namdini-69484.html Cardinal Resources Ltd's (ASX:CDV) latest infill drilling results continue to confirm the potential of the Namdini gold project in Ghana to host a world class gold project.

Two diamond holes intersected long mineralised zones including 80 metres at 1.06 g/t gold and 79 metres at 1.34 g/t gold, as well as a high grade gold zone of 42 metres at 3.37 g/t gold.

Assay results are pending from a further 16 diamond and 5 reverse circulation drill holes, which will continue to provide a constant flow of news.

Cardinal remains on track to deliver an initial Exploration Target in the September quarter.

Archie Koimtsidis, managing director, commented: “The width and tenor of gold encountered with our drilling at Namdini to date is certainly pointing towards a very large gold system being present within the 900 metres x 300 metres that has been the focus of our drilling so far.

"On top of this, Namdini has great exploration upside given the mineralisation remains open at depth and along strike.”


Drill result details

Infill diamond drill holes NMDD413‐731 and NMDD411‐752 have confirmed a 310 metres wide gold mineralised zone.

NMDD413‐731 intersected 288 metres of gold mineralisation from 38 metres depth with multiple zones of mineralisation including 80 metres at 1.06 g/t gold, 79 metres at 1.34 g/t gold and 21 metres at 1.29 g/t gold.

NMDD411‐752 intersected 215 metres of mineralisation from 17 metres depth, including 42 metres at 3.37 g/t gold, 80 metres at 0.83 g/t gold and 40 metres at 0.93 g/t gold.

This mineralised section reaffirms the continuation of wide gold mineralisation both at depth and along strike within the Namdini Project.


RC drill program

The recently announced shallow updip reverse circulation drilling program has started along the eastern side of the Namdini mineralised corridor.

The drill holes are positioned on each previously drilled 50 metre section line so that 3 drill holes will be on each section.
 
Once all assay results are received, all drill data collected will form the basis for Cardinal to provide guidance on an initial Exploration Target, anticipated to be reported during Q3 2016.


Analysis

Infill drilling at Namdini continues to confirm wide mineralised gold zones as the project emerges as a world class gold discovery.

Namdini has a 900 metre long strike with mineralised widths of up to 300 metres and defined depths in excess of 200 metres.

Namdini has strong exploration potential given the mineralisation remains open at depth and along strike.

With assays pending for 21 holes, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

The share price has now doubled year to date, currently trading at $0.28 per share.

Broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

Cardinal recently appointed Dr Julian Barnes as Project Technical Manager with a focus on taking Namdini through to a bankable feasibility study.

Dr Barnes has 34 years of experience in over 52 countries and has over 25 years experience in undertaking banking due diligence studies for the majority of the major resource lenders.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Jun 2016 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134119/cardinal-resources-ltd-proving-up-large-gold-system-at-namdini-69484.html
<![CDATA[News - Cardinal Resources Ltd makes key technical appointment ]]> https://www.proactiveinvestors.com.au/companies/news/134118/cardinal-resources-ltd-makes-key-technical-appointment-69332.html Cardinal Resources Ltd (ASX:CDV) has appointed Dr Julian Barnes as the company’s project technical manager.

Dr Barnes has 34 years of experience in over 52 countries in a wide variety of commodities and has over 25 years experience in undertaking bank due diligence studies for the majority of the major resource lending institutions.

Archie Koimtsidis, managing director, commented: “We have appointed Dr Julian Barnes, as he has the qualifications and experience to make a significant contribution to our company.

"Dr Barnes will initially focus on taking the Namdini Project through to a Bankable Feasibility Study."

Dr Barnes will work alongside Paul Abbott, exploration manager, who will continue to explore beyond the newly discovered orebody in search of more gold.

Cardinal continues to deliver drill results that suggest the Namdini gold project in Ghana has the potential to host a world class gold deposit.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 21 Jun 2016 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134118/cardinal-resources-ltd-makes-key-technical-appointment-69332.html
<![CDATA[News - Cardinal Resources Ltd drill results see emerging world class gold project ]]> https://www.proactiveinvestors.com.au/companies/news/134117/cardinal-resources-ltd-drill-results-see-emerging-world-class-gold-project-69279.html Cardinal Resources Ltd (ASX:CDV) continues to deliver drill results that suggest the Namdini gold project in Ghana has the potential to host a world class gold deposit.

The most recent two infill diamond drill holes intersected 98 metres at 1.31 g/t gold from surface confirming a 190 metre wide gold zone.

Assay results are pending from a further 17 diamond drill holes, which will be gradually reported in the weeks ahead.

A new reverse circulation drill rig has been contracted to drill shallow holes to enhance the Exploration Target which is due to be announced during the September quarter.


Drill result details

Infill diamond drill holes NMDD393‐725 and NMDD391‐745 have intersected significant gold mineralisation.

NMDD393‐725 intersected 209 metres of gold mineralisation from 40 metres depth including 31 metres at 1.57 g/t gold, 49 metres at 1.39 g/t gold and 15 metres at 1.27 g/t gold.

NMDD391‐745 intersected 144 metres of mineralisation from surface including 98 metres at 1.31 g/t gold and 9 metres at 4.62 g/t gold.


New drill program

The final diamond drill hole for the infill drilling program is currently in progress.

A newly contracted reverse circulation drill rig, together with the company owned drill rig will begin a new program drilling shallow holes into untested zones along the eastern side of the mineralised corridor.

This is expected to provide sufficient shallow data to enhance the Exploration Target.


Analysis

Drilling at Namdini continues to deliver wide mineralised gold zones as the project continues to emerge as a world class gold discovery.

Namdini has a 900 metre long strike with mineralised widths of up to 300 metres and defined depths in excess of 200 metres with ample opportunity for expansion.

With 17 holes at the laboratory and drilling ongoing, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

The share price has appreciated 75% year to date, currently trading at $0.25 per share.

Broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 17 Jun 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134117/cardinal-resources-ltd-drill-results-see-emerging-world-class-gold-project-69279.html
<![CDATA[News - Cardinal Resources Ltd's Archie Koimtsidis talks West African gold at Proactive's CEO Spotlight Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/134116/cardinal-resources-ltds-archie-koimtsidis-talks-west-african-gold-at-proactives-ceo-spotlight-sessions-69040.html Cardinal Resources Ltd (ASX:CDV), managing director, Archie Koimtsidis, joined the Proactive Investors Spotlight CEO Roadshow in Sydney and Melbourne this week, providing investors with the latest update on the company.

Cardinal Resources continues to grow the potential of the gold discovery at the Namdini project in Ghana, with the latest infill drilling delivery 55 metres at 1.62 g/t gold.

News flow remains strong with three drill rigs active on-site, and assays from nine holes at the lab.

Shares in the company are up over 300% from a year ago.

ACCESS THE FULL PRESENTATION HERE

ACCESS HARTLEYS BROKER REPORT HERE

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 10 Jun 2016 18:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134116/cardinal-resources-ltds-archie-koimtsidis-talks-west-african-gold-at-proactives-ceo-spotlight-sessions-69040.html
<![CDATA[News - Cardinal Resources Ltd: The Namdini gold deposit is the real deal ]]> https://www.proactiveinvestors.com.au/companies/news/134115/cardinal-resources-ltd-the-namdini-gold-deposit-is-the-real-deal-69162.html Cardinal Resources Ltd (ASX:CDV) has received a Speculative Buy recommendation from Hartleys.

The broker as a 12-month price target of $0.34 per share. The following is an extract from the broker report.


The Namdini gold deposit is the real deal

Ongoing infill and extensional drilling at the Namdini gold deposit in Ghana continues to report substantial mineralisation, highlighting a very large, shallow gold system which is still being delineated.

Namdini is the real deal in our opinion, it spans over 900m of strike (NNE), averages close to 200m mineralised widths (over 300m in parts), and has been defined to depths well in excess of 200m.

The deposit remains open along strike and at depth.

Cardinal expects to release an initial Namdini Exploration Target in the September Quarter, and we now see potential for the maiden JORC resource estimate to be released before year end (CY16).

Our current assessment of the size potential of Namdini is significant, and we can see scope for an initial target in excess of 50Mt which at the current average weighted grades implies multi-million ounce potential (+2Moz), which remains subject to ongoing drilling and results.

We see strong potential for further growth in deposit size over time, as the project is drilled.

Namdini is expected to translate to a very attractive low strip ratio open pit opportunity.

Cardinal remains one of our preferred gold explorers. With a quality Board and Management team to execute, the Company remains well-funded with estimated cash of A$6m for planned exploration.

We maintain our Speculative Buy recommendation with an updated 12-month price target of 34cps.


Initial resource release could be sooner than we anticipate

Namdini is an impressive greenfields gold discovery, which is expanding at good-grade with mineralisation near-surface.

Previously completed 100m spaced traverse lines are now being infilled to a 50m spacing, with results received to date confirming strong mineralised continuity, building resource confidence and further enhancing mineralisation.

Cardinal currently has 3 drill rigs on site, completing drilling on sections within the southern and northern parts of the deposit.

Assays are pending for 15 recently completed diamond holes, which will provide strong, consistent news flow in the coming weeks.

Recently reported drill highlights include 72m @ 1.72g/t Au (~124gm) from 55m (Section K), 59m @ 1.42g/t Au (~84gm) from 178m (Section D), 55m @ 1.62g/t Au (~89gm) from 78m (Section B), and 15m @ 9.49 g/t Au (~142gm) from 178m (Section G).


More drill targets and prioritising new ground acquisitions

Ground geophysical surveys are underway at Namdini, with preliminary data from both ground magnetics and induced polarisation (IP) providing early encouragement.

The surveys have been designed to identify favourable structural settings for further mineralised zones both along strike of Namdini and in potential parallel structures.

Full interpreted results are expected to be reported early in the September Quarter, resulting in additional drill targets likely being generated.

The ~21km2 survey area covers the entire Namdini project area (~2km of strike), and a further ~4km along strike and some ~3km across strike.

The expanded survey area is expected to be used to prioritise potential new ground acquisitions, which we see a clear value driver given the proven prospectivity.


Preliminary price target

Our CDV valuation and price target is considered highly speculative.

We consider Namdini to be in the mid-stages of exploration, with a significant gold discovery now being delineated, but as yet no JORC-compliant resources released or scale determined.

We now model (simulation only) a potential +1.5Moz mining inventory mined by open pit operation, using estimated opex and capex based largely on comparable West African operations, at a production rate of over 175Kozpa over an 8 year mine life.

We stress this is highly speculative and assumes a sizeable resource (at good open pit grades) can be defined and converted to a mining inventory, and the project can be successfully funded into production.

Assuming more drill success, mineralised continuity and favourable metallurgy a maiden resource for Namdini could be released in late 2016.

Even if development studies are fast tracked, first production would be at least 3-4 years away (we would assume).

Cardinal is still very much an explorer with a gold discovery which may be commercially viable.

A discount rate of 14% is used, since it is pre-resource with size, grade and contained ounces as yet unknown.

Our 12-month price target of 34cps (up from 30cps) is derived from both a discounted cashflow analysis of a success gold operation at Namdini, cash and future cash value and our perception of exploration value in the search of other gold deposits (which we regard as high).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 10 Jun 2016 09:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134115/cardinal-resources-ltd-the-namdini-gold-deposit-is-the-real-deal-69162.html
<![CDATA[News - Cardinal Resources Ltd lifts gold bounty potential at Namdini ]]> https://www.proactiveinvestors.com.au/companies/news/134114/cardinal-resources-ltd-lifts-gold-bounty-potential-at-namdini-68935.html Cardinal Resources Ltd (ASX:CDV) has hit more wide gold zones in its latest infill drill results from the Namdini gold project in Ghana.

The two latest diamond holes have confirmed long mineralised zones with results of 59 metres at 1.42 g/t gold and high grade zones of 9 metres at 3.44 g/t gold.

These infill holes confirm a 220 metre wide gold zone, building on similar wide gold zones at Namdini.

The ongoing drilling at Namdini is building towards a maiden exploration target.

The results of these two diamond drill holes follow recent similar intercepts of 72 metres at 1.72 g/t gold and the discovery of visible gold measuring 1 metre at 68.3 g/t gold.

Three rigs continue to drill on site providing significant ongoing news flow.


Drill result details

Infill diamond drill holes NMDD374‐721 and NMDD372‐741 confirm that gold mineralisation is continuing both at depth and along strike within the Namdini project.

NMDD374‐721 intersected 208 metres of gold mineralisation from 48 metres including 4 metres at 3.97 g/t gold, 30 metres at 1.20 g/t gold and 59 metres at 1.42 g/t gold.

NMDD372‐741 intersected 161 metres of mineralisation from 5 metres including 15.5 metres at 1.70 g/t gold and 9 metres at 3.44 g/t gold.

Infill diamond drilling is being done at 50 metre spacings between previous 100 metres spaced diamond drill sections to confirm and enhance gold mineralisation.


Diamond drilling program

A  further  two  infill  diamond  drill  holes  at  50 metre spacing  will  complete  the initial  50 metre  spaced  infill  diamond  drilling  program  designed  to  evaluate  the  north-northeast  trending  gold mineralised corridor.


Analysis

Diamond drill results continue to flow from Namdini with this being the fourth set provided in the space of just over a month.

Results to date have included high grade visible gold at 68 grams per tonne, as well as intersected widths that included 61 and 72 metres.

Namdini is looking like a potentially significant gold system open in many directions with an initial exploration target expected in the September quarter 2016.

Befitting this, the Cardinal share price has been a 4-bagger since mid-2015.

With 14 more holes at the laboratory and three rigs continuing to still drill on site, the stream of news flow is expected to continue.

 

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Tue, 31 May 2016 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134114/cardinal-resources-ltd-lifts-gold-bounty-potential-at-namdini-68935.html
<![CDATA[News - Cardinal Resources Ltd's brings West African gold to Spotlight CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/134113/cardinal-resources-ltds-brings-west-african-gold-to-spotlight-ceo-sessions-68731.html Cardinal Resources Ltd (ASX:CDV) continues to grow the potential of the gold discovery at the Namdini project in Ghana, with the latest infill drilling delivery 55 metres at 1.62 g/t gold.

This follows recent similar intercepts of 72 metres at 1.72 g/t gold and the discovery of visible gold measuring 1 metre at 68.3 g/t gold.

News flow remains strong with three drill rigs active on-site, and assays from nine holes at the lab.

Shares in the company are up over 300% from a year ago.


Find out more from Archie Koimtsidis, managing director, at Proactive's Spotlight CEO Sessions in Sydney and Melbourne in June 2016.

Sydney Investor Sessions, Tuesday, 7th June.

Melbourne Investor Sessions, Wednesday, 8th June.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China. ]]>
Mon, 30 May 2016 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134113/cardinal-resources-ltds-brings-west-african-gold-to-spotlight-ceo-sessions-68731.html
<![CDATA[News - Cardinal Resources Ltd's infill drilling hits wide gold zones in West Africa ]]> https://www.proactiveinvestors.com.au/companies/news/134112/cardinal-resources-ltds-infill-drilling-hits-wide-gold-zones-in-west-africa-68817.html Cardinal Resources Ltd (ASX:CDV) has received further infill drill results at its Namdini gold project in Ghana, which include an intersection of 55 metres at 1.62 g/t gold.

The results of these two diamond drill holes follow recent similar intercepts of 72 metres at 1.72 g/t gold and the discovery of visible gold measuring 1 metre at 68.3 g/t gold.

These drill results continue to confirm wide gold mineralised zones of over 200 metres and extend the gold zone by 50 metres along strike at depth.

Three rigs continue to drill on site with 9 holes at the laboratory, which will provide ongoing news flow.

Continued drilling is building towards an initial exploration target, expected to be estimated in Q3 2016.


Drill result details

Infill diamond drill holes NMDD356‐717 and NMDD354‐737 have discovered a 220 metre wide gold mineralised zone.

NMDD356‐717 intersected 187 metres of gold mineralisation from 73 metres to 260 metres vertical depths.

NMDD354‐737 intersected 155 metres of mineralisation from 25 metres to 180 metres vertical depths, including 55 metres at 1.72 g/t gold from 69 metres vertical depth.

This mineralised section is the southernmost diamond drill section drilled to date within the Namdini project and confirms the continuation of gold mineralisation at depth further south along strike.


Diamond drilling program

Infill diamond drilling is being done at 50 metre spacings between previous 100 metre spaced diamond drill sections to confirm and enhance the gold mineralisation previously intersected.

All of these drill holes are planned to drill across this mineralised corridor to confirm the continuation of gold mineralisation along strike and at depth.


Analysis

These latest two diamond drill hole results are the third set provided to the market in the last month and show Namdini is unfolding as a genuine gold discovery open in many directions.

With 9 more holes at the laboratory and three rigs continuing to still drill on site, this stream of news flow is expected to continue.

The share price has appreciated 30% over the past 3 months due to the continued significant drill results exhibiting wide gold mineralisation.

The gold price continues to trade close to its 12 month high of US$1,230 per ounce.

The initial exploration target is expected to be estimated in Q3 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 25 May 2016 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134112/cardinal-resources-ltds-infill-drilling-hits-wide-gold-zones-in-west-africa-68817.html
<![CDATA[News - Cardinal Resources Ltd completes placement as shares continue to rise ]]> https://www.proactiveinvestors.com.au/companies/news/134111/cardinal-resources-ltd-completes-placement-as-shares-continue-to-rise-68515.html Cardinal Resources Ltd's (ASX:CDV) shares have been a top ASX performer recently following a string of broad, high-grade gold intersections from its Namdini project in Ghana.

Namdini represents a genuine new gold discovery with intersections such as: 67 metres at 3.10 g/t gold; and 45 metres at 7.73g/t gold.

Shares in the company closed yesterday at $0.22, and recently hit a 12-month peak of $0.24.

Three months ago shares could have been snapped up at less than half this.

Cardinal has now completed the second tranche of a recent placement, following the approval by shareholders.

Around 6.4 million shares were allotted at $0.12, providing some substantial paper gains following the recent share price run.

Cardinal now has circa 222 million shares on issue, and 117 million in-the-money options exercisable at $0.15 on or before 30 September 2019.

Archie Koimtsidis, managing director, commented:

“We are very pleased with the strong level of support from new and existing shareholders who recognise the significant potential of our projects.

“We are pleased that the tremendous potential of our Ghanaian Projects is increasingly being recognised by a range of sophisticated investors.”

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 10 May 2016 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134111/cardinal-resources-ltd-completes-placement-as-shares-continue-to-rise-68515.html
<![CDATA[News - Cardinal Resources Ltd discovers more broad gold zones at Namdini in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/134110/cardinal-resources-ltd-discovers-more-broad-gold-zones-at-namdini-in-ghana--68517.html Cardinal Resources Ltd (ASX:CDV) has intersected a mineralised zone of 72 metres at 1.72 g/t gold at its Namdini Project in Ghana.

These two diamond drill hole results follow a recent hole that intercepted visible gold of 1 metre at 68.3 g/t gold.

Continued drilling at Namdini, which is open along strike and at depth, is leading to an initial exploration target, expected to be estimated in Q3 2016.

The latest results from both diamond drill holes confirm two wide zones of gold mineralisation measuring 270 metres and 230 metres.

Three drill rigs are currently on site drilling, including the company owned rig.

Samples from seven drill holes are at the lab, which are expected to provide a constant flow of results.


Namdini drill results

Significant gold mineralised intersections within the two defined gold mineralised zones now includes:

- 72 metres at 1.72 g/t gold (most recent results)
- 61 metres at 1.07 g/t gold
- 33 metres at 1.62 g/t gold
- 18.1 metres at 2.87 g/t gold
- 15.4 metres at 4.02 g/t gold

The two recently announced holes, NMDD420-756 and NMDD440-766 were cored from surface.

NMDD420‐756 intersected 96 metres of gold mineralisation from 110 metres to 206 metres vertical depths.

NMDD440‐766 intersected 153 metres of mineralisation from 37 metres to 190 metres vertical depths, including the aforementioned 72 metres at 1.72 g/t gold from 49 metres vertical depth.


Planned drilling

Further diamond drill holes are planned to evaluate the north northeast trending gold mineralised corridor.

All of these drill holes are planned to drill across this mineralised corridor to confirm the continuation of gold mineralisation along strike and depth.

Cardinal, together with the two contracted drill rigs, are providing the samples for express assaying services from the SGS Laboratory in Burkina Faso.

This enables the company to continuously improve its drill plan strategy as new information becomes available.


Analysis

These two diamond drill hole results are further evidence that Cardinal is drilling out a genuine gold discovery open in many directions.

Cardinal is benefitting from a rising AUD gold price, now trading at A$1,730 per ounce.

The stock has been running over the past month, trading up 50% on the continued news flow from Namdini.

Regular news flow is set to continue with seven samples currently at the labs and three rigs on site continuing to drill.

The initial exploration target is expected to be estimated in Q3 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 10 May 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134110/cardinal-resources-ltd-discovers-more-broad-gold-zones-at-namdini-in-ghana--68517.html
<![CDATA[News - Cardinal Resources Ltd's drill results yield visible gold at Namdini in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/134109/cardinal-resources-ltds-drill-results-yield-visible-gold-at-namdini-in-ghana-68351.html Cardinal Resources Ltd (ASX:CDV) has intersected mineralised zones of gold in its two latest diamond drill holes at the Namdini project in Ghana.

The two holes were both drilled to a depth of circa 235 metres and one hole intercepted visible gold of: 1 metre at 68.3 g/t gold.

Other high grade intersections from both holes included: 15 metres at 9.49 g/t gold, 11.1 metres at 3.45 g/t gold and 4.45 metres at 6.94 g/t gold.

Further diamond drill holes are planned to evaluate the mineralised corridor.

Currently there are three drill rigs on site drilling separate holes, this includes Cardinal's company-owned drill rig.

Results from seven drill holes are at the lab, which should shortly provide a constant flow of results.


Background

Cardinal has had continued exploration success over the past six months at its flagship Namdini gold project with results of 47.5 metres at 1.30 g/t gold, 8.8 metres at 1.49 g/t gold and 5.5 metres at 2.51 g/t gold.

Cardinal has three projects in Ghana - Namdini, Bolgatanga and Subranum.

There are currently three drill rigs operating at the Namdini project so an exploration target can be estimated and announced during Q3, 2016.


Analysis

Namdini continues to display wide zones of mineralisation open in many directions.

Namdini represents a genuine new gold discovery in Ghana with previous high grade intersections of 67 metres at 3.10 g/t gold and 45 metres at 7.73g/t gold.

Cardinal continues to benefit from a rising AUD gold price (A$1655) with its share price trading up circa 185% over the previous 12 months.

Further drill results are imminent and will be highly anticipated.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Fri, 29 Apr 2016 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134109/cardinal-resources-ltds-drill-results-yield-visible-gold-at-namdini-in-ghana-68351.html
<![CDATA[News - Cardinal Resources Ltd to find more targets at Ghana gold projects ]]> https://www.proactiveinvestors.com.au/companies/news/134108/cardinal-resources-ltd-to-find-more-targets-at-ghana-gold-projects-68036.html Cardinal Resources Ltd (ASX:CDV) will gain direct targeting information to locate further gold mineralisation at their Ghana gold projects using ground geophysical surveys.

This follows the recent news that Cardinal has added two more drill rigs at the Namdini project ahead of a Q3, 2016 exploration target announcement.

Southern Geoscience Consultants (SGC) of Perth have been contracted to design and carry out the ground geophysical surveys over the Namdini Project and the Kungongo tenement.

SGC have designed Gradient Array Induced Polarisation (GAIP) and Ground Magnetic (GMAG) surveys to be conducted over both areas.

The surveys at Namdini will cover an area of approximately 24 square kilometres around the gold mineralised Namdini discovery site in a bid to generate more drill targets to extend the gold potential.

The surveys at Kungongo will cover an area of approximately 14 square kilometres to generate exploration drill targets over a prospective shear zone.


Background

Cardinal has had continued exploration success over the past six months at its flagship Namdini gold project with its most recent results recording 47.5 metres at 1.30 g/t gold, 8.8 metres at 1.49 g/t gold and 5.5 metres at 2.51 g/t gold.

Cardinal has three projects in Ghana - Namdini, Bolgatanga and Subranum. The Kungongo tenement lies within the Bolgatanga project.

There are currently three drill rigs operating at the Namdini project so an exploration target can be estimated and announced during Q3, 2016.


Analysis

Namdini represents a genuine new gold discovery in Ghana with previous high grade intersections of 67 metres at 3.10 g/t gold and 45 metres at 7.73g/t gold.

Namdini displays wide zones of mineralisation open in many directions and ground geophysical surveys will ensure drilling is efficiently targeted.

Cardinal owns and operates 2 drill rigs and has in country infrastructure which allows it to be a low cost exploration and development company.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 13 Apr 2016 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134108/cardinal-resources-ltd-to-find-more-targets-at-ghana-gold-projects-68036.html
<![CDATA[News - Cardinal Resources Ltd adds two more rigs at Namdini gold project ]]> https://www.proactiveinvestors.com.au/companies/news/134107/cardinal-resources-ltd-adds-two-more-rigs-at-namdini-gold-project-68014.html Cardinal Resources Ltd (ASX:CDV) has contracted two additional rigs for diamond drilling at its Namdini gold project in Ghana.

The two additional drills rigs, together with the company owned drill rig, are expected to provide sufficient data so that an exploration target for the Namdini project can be estimated and announced during Q3, 2016.

This follows the recent results of drill hole NMRD479‐779 intersecting near surface mineralisation of 47.5 metres at 1.30 g/t gold and drill hole NMRD500‐788 intersecting 8.8 metres at 1.49 g/t gold and 5.5 metres at 2.51 g/t gold.

Every hole drilled since the first discovery has intersected wide-zones of gold mineralisation, with previous high grade intersection of 67 metres at 3.10 g/t gold and 45 metres at 7.73g/t gold.


Background

Cardinal is a Perth based gold exploration company with three projects in Ghana - Namdini, Bolgatanga and Subranum.

Continued exploration success over the past six months at the Namdini gold project has made it the company's flagship asset.

Cardinal owns and operates 2 drill rigs and has in country infrastructure which allows it to be a low cost exploration and development company.

Cardinal has its operational base located within close proximity to the Bolgatanga and Namdini projects in North East Ghana.


Analysis

Namdini represents a genuine new gold discovery in Ghana with wide zones of mineralisation open in many directions.

The stock has a Speculative Buy rating from Hartleys with a 12 month price target of $0.27.

The target price represents upside from the last traded price of $0.15, which itself represents a significant appreciation from 12 months ago when the stock was trading around $0.07.

The company has recently successfully raised A$5.4 million and notably has attracted equity investment from Macquarie, Bank of Novia Scotia and Texas-based US Global Investors Inc, which further highlights the quality of Namdini’s latest exploration results.

Macquarie has funded a number of successful West African gold projects over many years.

Ghana is considered a model mining code in West Africa and was the basis for the code now driving Burkina Faso’s thriving gold sector.

As owner and operator of its own drill rig, and the establishment of an express assaying service for its drilling results, Cardinal is able to drill flexibly and provide regular news flow.

Recently, the company appointed Mark Connelly as non-executive chairman. Connelly is the former managing director and CEO of Papillon Resources (ASX:PIR), a Mali-based gold developer which recently merged with B2Gold Corp (TSX:BTO) in a US$570 million deal.

The potential continues to build that Cardinal could be on the cusp of a multi-million ounce gold deposit, following the latest broad gold intersections.

The company is well-funded with $7.7 million in cash at March 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 12 Apr 2016 11:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134107/cardinal-resources-ltd-adds-two-more-rigs-at-namdini-gold-project-68014.html
<![CDATA[News - Cardinal Resources Ltd continues to hit gold at Namidi project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/134106/cardinal-resources-ltd-continues-to-hit-gold-at-namidi-project-in-ghana-67934.html Cardinal Resources Ltd (ASX:CDV) is on a winning streak at the Namdini Gold Project in Ghana with wide gold mineralisation discovered in two more drilling holes.

Drill Hole NMRD479‐779 intersected 135 metres of variably altered volcaniclastics and granitoids from 2 metres to 137 metres vertical depth. Near surface mineralisation of 47.5 metres at 1.30 g/t gold occurs from 20 metres vertical depth.

Drill Hole NMRD500‐788 intersected 91 metres of variably altered volcaniclastics and granitoids from 13 metres to 104 metres vertical depth, including 8.8 metres at 1.49 g/t gold and 5.5 metres at 2.51 g/t gold.

Every hole drilled since the first discovery has intersected wide-zones of gold mineralisation, with previous high grade intersection of 67 metres at 3.10 g/t gold and 45 metres at 7.73g/t gold.

Drilling to date has defined a strike length of 900 metres, with mineralisation intersected down to 200 metres depth. Gold occurs in a broad mineralised envelopes up to 300 metres wide.

More diamond drill holes are planned to evaluate the north east trending gold mineralised corridor to confirm the continuation of gold mineralisation along strike and at depth.

The initial metallurgy at Namdini is very positive, while also being well positioned with power, water, and a sealed highway nearby, and low population density.

Cardinal recently raised $5.4 million in an oversubscribed placement to a broad range of domestic and international institutional and high net worth investors.

Cardinal’s share price has more than doubled during the last 12 months.


Analysis

The potential continues to build that Cardinal could be on the cusp of a multi-million ounce gold deposit, following the latest broad gold intersections.

The company is well-funded with $7.7 million in cash at March 2016, with the company's EV still undervalued considering the continued exploration success and upside ahead.

Substantial shareholder Bank of Nova Scotia continues to like what it sees, and increased its stake to 7.73% from 5.16%.

The increase came from in-market acquisitions, for an average $0.15 purchase price.

Regular news flow will continue from the on-going diamond drilling program.

A ground geophysical program will also commence aimed at identifying drill targets beyond the current discovery.

The initial exploration target is expected to be estimated in Q3 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Apr 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134106/cardinal-resources-ltd-continues-to-hit-gold-at-namidi-project-in-ghana-67934.html
<![CDATA[News - Cardinal Resources Ltd's MD Archie Koimtsidis welcomes key institutional investor ]]> https://www.proactiveinvestors.com.au/companies/news/134104/cardinal-resources-ltds-md-archie-koimtsidis-welcomes-key-institutional-investor-67738.html Cardinal Resources Ltd (ASX:CDV) recently received notice of a new substantial shareholder in the Bank of Nova Scotia with its associated entities 1832 Asset Management LP and The Dynamic Fund.

The Bank of Nova Scotia became a substantial shareholder of Cardinal on 1 March 2016 with an equity position of 5.16%.

Archie Koimtsidis, managing director for Cardinal, commented:

"We are very pleased to welcome the Bank of Nova Scotia as a key institutional investor and a substantial shareholder of Cardinal.

"Their participation in the company’s recent capital raising supports the tremendous potential of our Ghanaian Projects.:

Other significant shareholders include Macquarie Bank with over 5%. Cardinal directors have circa 10%.


News flow and price catalysts

Cardinal is well-funded after recently raising $5.4 million in an oversubscribed placement, and remains a very active explorer.

News flow will continue from the on-going diamond drilling program, while a ground geophysical program is to commence aimed at identifying drill targets beyond the current discovery.

The initial exploration target expected to be estimated in Q3 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 29 Mar 2016 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134104/cardinal-resources-ltds-md-archie-koimtsidis-welcomes-key-institutional-investor-67738.html
<![CDATA[News - Cardinal Resources Ltd receives notice of initial substantial holder, Bank of Nova Scotia ]]> https://www.proactiveinvestors.com.au/companies/news/134103/cardinal-resources-ltd-receives-notice-of-initial-substantial-holder-bank-of-nova-scotia-67709.html African gold-explorer, Cardinal Resources Ltd (ASX:CDV), has received a Notice of initial substantial holder, from the Bank of Nova Scotia, which now holds 5.16%.

Other significant shareholders include Macquarie Bank with over 5%. Cardinal directors have circa 10%.

Cardinal is well-funded after recently raising $5.4 million in an oversubscribed placement.

Latest drilling highlights from the Namdini Project include: 85.4 metres at 1.51g/t gold.

Last month, Cardinal discovered visible gold drilling, which was within a 2 metre intercept at 137g/t gold.

Other recent highlights include: 45 metres at 7.73 g/t gold and 35.3 metres at 3.65 g/t gold.


News flow and price catalysts:

- Regular news flow will continue from the on-going diamond drilling program.

- A ground geophysical program to commence aimed at identifying drill targets beyond the current discovery.

- Initial exploration target expected to be estimated in Q3 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 24 Mar 2016 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134103/cardinal-resources-ltd-receives-notice-of-initial-substantial-holder-bank-of-nova-scotia-67709.html