Initial JORC Resource Estimate Due Q4 2016
Perth, Sep 30, 2016 AEST (ABN Newswire) - Cardinal Resources Limited ("Cardinal" or the "Company") (ASX:CDV) is pleased to report that as a result of the acceleration of its drill programmes this year, it has made strong in-roads towards reporting an initial JORC Resource Estimate for its Namdini Gold discovery in Ghana.
Cardinal had previously expected to report an Exploration Target in Q3 2016, to be followed by a JORC Resource Estimate; however, the Company is now confident that it has sufficient information to hand which will allow for the estimation of an initial JORC Resource Estimate in Q4 2016.
Since discovering the large Namdini gold system in late 2015, the Company has moved rapidly to better define the dimensions and controls through a continuous drill campaign, which was stepped up significantly in April this year through the addition of a further two diamond drill rigs to the project.
To date the Company has confirmed the Namdini Project spans over 1,000 metres of strike, averages between 200m to 300m wide, and the mineralisation has been consistently traced to a vertical depth of at least 350m, and generally starts from surface (refer Figures 1, 2 and 3 in link below). Importantly, the Namdini mineralisation remains open and a drilling programme is being planned to target potential depth extensions.
Archie Koimtsidis, Managing Director of Cardinal, said:
"Having now drilled 33 holes for ~13,000 metres of Diamond drilling and 100 holes for ~12,000 metres of RC/DD drilling, we have established a solid database of information that our Project Technical Manager, Dr Julian Barnes is working through to form an initial JORC Resource Estimate with his team of independent consultants.
"We expect to be in a position to deliver this initial JORC Resource Estimate in Q4 2016."
To view tables and figures, please visit:
http://abnnewswire.net/lnk/I85GSNT2
About Cardinal Resources Ltd
Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a West African gold exploration and development Company that holds interests in tenements within Ghana, West Africa.
The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
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