Quarterly Activities and Cashflow Report
Perth, Oct 31, 2019 AEST (ABN Newswire) - Cardinal Resources Limited (
ASX:CDV) (TSE:CDV) (CRDNF:OTCMKTS) a Ghana gold focused exploration and development company, is pleased to present its Quarterly activities report for the period ended 30 September 2019.
HIGHLIGHTS
- On July 10, 2019 the Company announced further intersections of shallow, high-grade gold mineralisation from diamond drill programme at the new Ndongo East discovery, located approximately 24km north of the Namdini Gold Project in Ghana, West Africa.
- On July 12, 2019 the Company held a successful Public Hearing and Presentation for Traditional Paramount Chief which demonstrated strong local support for the Namdini Gold Project.
- On July 16, 2019 the Company announced positive results from infill drilling testing of a selected area within the proposed starter pit that encompasses the first 2 to 3 years production at its flagship Namdini Gold Project, which provided another layer of confidence that the spatial distribution and tenor of gold within the test area are in line with the Mineral Resource expectations.
- On September 4, 2019 the Company announced a key appointment of Mr. David Anthony to the position of Chief Operating Officer ahead of its Namdini Gold Project development in Ghana, West Africa.
- On September 30, 2019 the Company announced its Feasibility Study status in reference to its announcement of June 4, 2019 in relation to its proposed Feasibility Study release scheduled for Q3, 2019. Having received the awaited Maelgwyn (AachenTM) laboratory data, the Company released its Feasibility Study on October 28, 2019.
OUTLOOK
The principal activity of the Company is gold exploration and mine development in Ghana. The Company holds tenements prospective for gold mineralisation in Ghana in two granite-greenstone belts: the Bolgatanga Project and the Namdini Gold Project ("Namdini Gold Project" or "Namdini"), which are, respectively, located within the Greenstone Belts in northeast Ghana and the Subranum Project, which is located within the Sefwi Greenstone Belt in southwest Ghana.
The main focus of activity is the Namdini Gold Project which has a gold Ore Reserve of 5.1 Moz (138.6Mt @ 1.13g/t Au; 0.5g/t Au cut-off) inclusive of 0.4 Moz Proved (7.4 Mt @ 1.31g/t Au; 0.5 g/t Au cut-off) and 4.7 Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5g/t Au cut-off).
To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/28D9X063
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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