Cardinal Resources Limited (ASX:CDV) (TSE:CDV) ("Cardinal" or "the Company") is pleased to announce that it has acquired two large scale prospecting licences ("PL's") located in North East Ghana from the Kinross Gold Corp ("Kinross") subsidiary Red Back Mining Ghana Limited ("Red Back") (see Figure 1 in the link below).

HIGHLIGHTS

- Land package encompasses Namdini regional shear

- Historic producing "Nangodi" gold mine located within acquired tenements

- More than 120 diamond and RC historic drill holes within acquired land package

Cardinal has entered into a definitive agreement with Red Back to acquire 100% ownership of the licences. The PL's are strategically located adjacent to Cardinal's Ndongo tenement (173.36 sq km) which increases the new Ndongo combined tenement area to 286.67 sq km. This enlarged area significantly increases Cardinal's land holding over the Namdini major regional shear and allows the Company to extend its exploration programme into this highly prospective terrane.

Cardinal's Chief Executive Officer / Managing Director, Archie Koimtsidis stated:

"The 100% acquisition of these large-scale licences clearly demonstrates our commitment to the regional prospectivity within the Upper East Region of Ghana.

"On a regional scale, Cardinal now has tenements that span ~900 sq km and contain two major regional shear zones, namely the Bole-Bolgatanga Shear Zone and the major Nangodi regional shear zone on which the Namdini Project is located.

"Located along the Nangodi shear is the historic Nangodi Gold Mine, which produced 18,620 oz Au at 24.54 g/t during the 1930's.

"The consolidation of the acquired land package with our large scale Ndongo tenement, which is located on the same regional shear zone as the Namdini deposit, will allow Cardinal to progress its regional exploration programme."

Completion is subject to customary regulatory approval.

To view figures, please visit:
http://abnnewswire.net/lnk/Z6FK94Z4


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.

 

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

Warrick Hazeldine
Cannings Purple
E: whazeldine@canningspurple.com.au
P: +61-417-944-616



Link: Cardinal Purchases Kinross Land Package Along Namdini Trend


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