Quarterly Financial Report and MD&A
HIGHLIGHTS DURING THE QUARTER
- On March 27, 2019 the Company announced high grade intercepts on the Ndongo East Discovery located within the Ndongo License area approximately 24km north of the Namdini deposit. Additional shallow gold intersections to the exploration drill results previously announced on November 28, 2018, were located at the Ndongo East Discovery.
- On March 15, 2019 the Company commenced with the feasibility study of the high-voltage power supply for the Namdini Gold Project.
- Work continues on the Enterprise Optimisation study on the Namdini Gold Project with Whittle Consulting Pty Ltd. This has involved rigorous analytical and computational processes at a detailed spatial and technical level to increase the value of the project. The optimised results of which will be fed into the upcoming FS on the Namdini Gold Project.
- Golder Associates continued this quarter with the geochemical assessment of the Namdini Gold Project and will provide a management support programme for any potential Acid and Metalliferous Drainage (AMD) associated with the development of the deposit into operation and eventual closure. This report will feed into the upcoming FS on the Namdini Gold Project.
- On February 18, 2019 the Company arranged a site visit to Namdini with its consultants to finalise geotechnical testing for the Namdini Gold Project process and infrastructure facilities including the tailings storage facility (TSF), access roads and process plant mill positions. A reconnaissance was also completed to ascertain Ghanaian construction capabilities for its process plant and infrastructure.
- On February 22, 2019 the Company commenced with its FS metallurgical testwork programme to ensure remaining process design criteria assumptions are supported by testwork data.
- On January 24, 2019 the Company commenced with its Feasibility Study (FS). This study is being undertaken by the same consultants that completed the Pre-Feasibility Study (PFS) on behalf of the Company lead by Lycopodium Ltd.
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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