Quarterly Activities and Cashflow Report
Quarterly Activities and Cashflow Report
Perth, Nov 1, 2017 AEST (ABN Newswire) - Cardinal Resources Limited (ASX:CDV) (TSE:CDV) ("Cardinal" or "the Company"), an African gold focused exploration company, is pleased to present to shareholders its Quarterly Activities report for the period ended 30 September 2017. Currently Cardinal holds four tenements within the Bolgatanga Project, with Subranum comprised of a single tenement in central Ghana (see Figure 1 in link below).

HIGHLIGHTS

- On July 10, 2017, the ordinary shares of the Company began trading in Canada, on the TSX, under the symbol "CDV".

- On July 11, 2017 Mr Robert Schafer was appointed to the Board and Mr Derrick Weyrauch was appointed as Chief Financial Officer

- On July 13, 2017, the Company reported that a Large-Scale Mining License for Namdini was granted by the Minister of Lands and Natural Resources of Ghana. Additionally, the Company has executed the necessary documentation to assign the 'Namdini Mining Licence' to a wholly owned subsidiary of Cardinal.

- On July 27, 2017, the Company reported results for Phase Two of its metallurgical test programme at Namdini. Utilizing standard gold recovery techniques, the Company demonstrated a gold recovery rate of 86% with a conventional grind-flotation-regrind-CIL flowsheet.

- On August 14, 2017, the Company announced a 4km long auger drill hole soil gold anomaly on its Kungongo Prospect located 45 Km west of the Namdini Project.

- On August 16, 2017 the Company announced the acquisition of two large scale prospecting licences located in Northeastern Ghana from a subsidiary of Kinross Gold Corp. The licenses are strategically located adjacent to Cardinal's Ndongo tenement and cover 114 square kilometers, thereby increasing the combined Ndongo tenements to 287 square kilometers. The enlarged area significantly increases Cardinal's landholdings over the Namdini major regional shear.

- On September 18, 2017, the Company announced an updated Mineral Resource estimate for the Namdini Gold Project in Ghana, West Africa. The updated Mineral Resource estimated an Indicated Mineral Resource of 120 M tonnes grading 1.1 g/t Au for 4.3 Moz Au and an Inferred Mineral Resource of 84 M tonnes grading 1.2 g/t Au for 3.1 Moz Au, each at a 0.5 g/t Au cut off.

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About Cardinal Resources Ltd

Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.

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 its PFS studies as well as gold exploration on its tenements located within close proximity to the Namdini Project.

 


Contact

Archie Koimtsidis
CEO / MD
Cardinal Resources Limited
P: +61-8-6558-0573

Alec Rowlands
IR / Corp Dev
Cardinal Resources Limited
P: +1-647-256-1922



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