logo-loader
Cardinal Resources Ltd

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

The company is working to delineate further gold resources at Namdini as it completes a project feasibility study.

1562730460_Ghana.jpg
Cardinal shares were up nearly 3% to 34 cents in morning trade

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.  

Quick facts: Cardinal Resources Ltd

Price: $0.45

Market: ASX
Market Cap: $174.16 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cardinal Resources Ltd named herein, including the promotion by the Company of Cardinal Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Cardinal Resources recognised for Namdini gold discovery with Thayer...

Cardinal Resources Ltd (ASX:CDV) managing director & CEO Archie Koimtsidis speaks to Proactive Investors about winning 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...

on 21/3/19

2 min read