logo-loader
Cardinal Resources Ltd

Cardinal Resources drilling confirms high-grade gold from proposed starter pit area in Ghana

The infill drill results will be key to underpinning the delivery of a high‐quality engineering study which will provide more informed economic data.

map pained on a hand
The results will assist Cardinal with project financing options for the Namdini Project

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.”

Quick facts: Cardinal Resources Ltd

Price: $0.46

Market: ASX
Market Cap: $177.65 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