4 Million Ounce Maiden Resource at Namdini
Perth, Nov 7, 2016 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) ("Cardinal" or "the Company") is pleased to announce the maiden resource estimate for Namdini and results of the Phase 1, single hole, metallurgical testwork programme.
Highlights
- Maiden JORC Resource of circa 4 Million ounces gold
- Significant scope remains to expand the Resource with further drilling. The depositremains open at depth and along strike
- 4 diamond rigs drilling on site operating 24/7, with a focus on both increasing the drilldensity of the maiden resource, plus extensional drilling to grow the resource
- Preliminary metallurgical test work completed, with further test work continuing todetermine an optimal process route.
Commenting on the resource, Cardinal Resources Managing Director Archie Koimtsidis: "The Namdini maiden resource and the initial metallurgical results represent a major milestone for Cardinal and highlights the outstanding potential of the Namdini deposit, which remains open at depth and along strike. "With the first 4Moz now defined our aggressive drilling efforts will continue, with exploration around the existing resource already underway. Furthermore, we have four drill rigs onsite operating 24/7 to increase the size and confidence within the current resource. "Namdini is well located for future development and the project receives strong government and local landowner support."
The internal pit optimisation has demonstrated that the reported resource has reasonable prospects for economic extraction.
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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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