Quarterly Activities Report
- On September 28, 2018 the Company released its annual report on activities for the financial year of 2017/2018. The financial year has seen the expansion in the Namdini Mineral Resource through infill drill programmes, Maiden Ore Reserve and initial success in greenfields exploration.
- On September 18, 2018 the Company announced the completion of the Namdini Gold Project Pre-Feasibility Report ("PFS") with a Maiden Probable Ore Reserve of 4.76 Moz. The PFS study confirmed the Namdini Project to be technically sound and viable.
- On August 29, 2018 the Company announced extensions to the Ndongo East Discovery strike length from approximately 400m to 1.2km. Additional shallow gold intersections to the exploration drill results previously announced on 16 July 2018, were located at the new Ndongo East Discovery on the Ndongo License area.
- On July 31, 2018 the Company announced that it had received investment committee approval from and executed a term sheet with Sprott Private Resource Lending (Collector), L.P. ("Sprott") to be provided with a US$25 million senior secured credit facility ("Facility"). The Facility was subject to mutually satisfactory documentation and other customary conditions precedent and closed on 23 August 2018.
- On July 16, 2018 the Company announced that it had intersected further gold mineralisation at a new discovery named Ndongo East on its 100% owned Ndongo License, located approximately 20 km north of the Company's flagship Namdini Gold Project which has a 6.5 Moz Indicated Mineral Resource (see Figure 3 in link below).
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About Cardinal Resources Ltd
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.
Cardinal Resources Ltd