Quarterly Activities and Cashflow Report
- Drill holes continue to intersect wide mineralised zones at Namdini Project
- 2 infill drill holes from west completed
- 7 drill holes completed south along strike
- Auger soil surveys completed over Namdini, Kungongo, Ndongo North and Bongo
Commenting on the quarter's activities, MD / CEO Archie Koimtsidis said:
"We are further encouraged by continued intersections of wide gold mineralisation reported from diamond drilling on the Namdini Project, both from the west and the southern strike extension (see Figure 2 in the link below).
"Cardinal announced the drill results of NMDD062 (21st Feb 2017) which clearly demonstrates that the lithologies are mineralised further down dip to a vertical depth of approximately 550m. Given that our 4M oz maiden resource was calculated on drill hole data to a vertical depth of 350m, we are looking forward to the assay results for the two drill holes either side of NMDD062 being NMDD063 and NMDD065 (see Figure 2 in the link below).
"These two diamond drill holes are collared 200m to the south and 200m to the north of NMDD062. If these holes produce similar mineralisation to NMDD062, then we could have approximately 400m of the entire 1,000m of strike length further mineralised to a vertical depth of approximately 550m from the original 350m used in the maiden resource estimate (see Figure 2 in the link below).
"Cardinal also announced the results of a southern extension drill fence located 50m south of the maiden resource (7th Feb 2017). We are now awaiting drill results for two fences which were drilled up to 150m further south of the maiden resource.
"If these two fences show similar mineralisation to the first southern extension drill fence, they will enhance the global resource figure and provide data which could indicate the real possibility of a strike extension to the south of the maiden resource model (see Figure 2 in the link below)."
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About Cardinal Resources Ltd
The Company's Namdini Project has an Indicated Mineral Resource of 6.5Moz of gold contained in 180Mt at 1.1 g/t Au at a cut-off of 0.5g/t Au and an Inferred Mineral Resource of 0.5Moz of gold contained in 13Mt @ 1.2 g/t Au at a cut off of 0.5 g/t Au.
The Company is focused on the development of the Namdini Project through advancing the Pre-Feasiblity study, supported by additional multi-disciplinary engineering activities.
Exploration programmes are also continuing at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal Resources Ltd