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Cardinal Resources to talk developing 5.1 million ounce gold operation at Proactive CEO Sessions

The 2014 discovery of the Namdini gold deposit by Cardinal in Ghana won this year’s Thayer Lindsley award from PDAC.

model of open pit
A feasibility study is on track for publication in the coming September quarter

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

Quick facts: Cardinal Resources Ltd

Price: 0.405 AUD

Market: ASX
Market Cap: $202.51 m

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Full interview: Cardinal Resources delivers Namdini gold feasibility study...

Cardinal Resources Ltd (ASX:CDV) chief executive officer and managing director Archie Koimtsidis updates Proactive on delivering a pleasing feasibility study for the Namdini Gold Project in Ghana, West Africa which confirms it as a tier-one gold project. The CEO said the FS demonstrates a...

on 13/11/19

3 min read