Quarterly Activities and Cashflow Report
Perth, April 28, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) (CRDNF:OTCMKTS) ("Cardinal" or "the Company"), an African gold focused exploration company, is pleased to present to shareholders its Quarterly Activities report for the period ended 31 March 2017. The Company holds interests in prospective tenements for gold mineralization in Ghana in two NE-SW trending Paleo-Proterozoic granite greenstone belts: the Bolgatanga Project and the Namdini Project, which are located, respectively, within the Nangodi and Bole-Bolgatanga Greenstone Belts in northeast Ghana, and the Subranum Project, which is located within the Sefwi Greenstone Belt in southwest Ghana (see Figure 1 in the link below).
HIGHLIGHTS
- 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)."
To view the full report, please visit:
http://abnnewswire.net/lnk/0J148M26
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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