Cardinal Resources confident on starter pit infill drilling results

Cardinal Resources confident on starter pit infill drilling results

Cardinal Resources Limited (ASX/TSX: CDV) has reported positive results from a selected area within the proposed starter pit that encompasses the first 2 to 3 years of production at its flagship Namdini Gold Project in Ghana. The infill drill program results highlight the robustness of the Company’s current Mineral Resource and further supports the Company’s Project Finance plans.


HIGHLIGHTS

·       Infill drilling tested down to the base of the proposed starter pit to a vertical depth of 140m

·       Selected in fill drill hole intersections: 

·       89m @ 2.3 g/t Au from surface in NMRC794

·       83m @ 3.5 g/t Au from surface in NMRC745

·       78m @ 4.1 g/t Au from surface in NMRC738

·       74m @ 2.6 g/t Au from surface in NMRC743

·       69m @ 3.9 g/t Au from 99m in NMRC762

·       60m @ 2.1 g/t Au from surface in NMRC766

·       42m @ 3.2 g/t Au from 138m in NMRC771

·       40m @ 3.7 g/t Au from 10m in NMRC767

·       14m @ 4.1 g/t Au from 146m in NMDD172

Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: “This close spaced infill drill programme, along with the previous Grade Control program within our proposed starter pit, confirms the robustness of our Mineral Resource, thereby providing higher confidence in predicting operational outcomes.

“The infill results are also key to underpinning the delivery of a high‐quality engineering study which will provide more informed economic data during the critical project finance payback period.

“An added benefit of these infill drill results is enhancing confidence in the first 2 to 3 years production from the proposed starter pit. This will assist Cardinal with project financing options for the Namdini Project with a declared open pit Ore Reserve of 5.1Moz (138.6 Mt @ 1.13 g/t Au; 0.5 g/t cut‐off) inclusive of 0.4Moz Proved (7.4 Mt @ 1.31 g/t Au; 0.5 g/t cut‐off) and 4.7Moz Probable (131.2 Mt @ 1.12 g/t Au; 0.5 g/t cut‐off).”

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