Cardinal ups Namdini credentials with 5.1Moz ore reserve

Cardinal ups Namdini credentials with 5.1Moz ore reserve

Aspiring gold miner Cardinal Resources (ASX: CDV) passed a major milestone this week when it revealed the ore reserve of its flagship Namdini gold project in Ghana had grown to 5.1 million ounces of the precious metal.


Aspiring gold miner Cardinal Resources (ASX: CDV) passed a major milestone this week when it revealed the ore reserve of its flagship Namdini gold project in Ghana had grown to 5.1 million ounces of the precious metal.

Perth-based ASX told the market this week that it had increased life-of-mine reserves by 300,000oz, with the total ore reserve of Namdini falling under the Proved and Probable ore reserve estimate categories.

The total probable ore reserve is estimated at 138.6 million tonnes at 1.13 grams per tonne gold, with a contained gold content of 5.1 million ounces.

We are extremely pleased that our optimisation of pit designs, wall angles and mining schedules has upgraded the company’s life-of-mine ore reserve position to 5.1 Moz, up from 4.8 Moz, reinforcing the Namdini gold deposit as of one of the largest undeveloped gold discoveries of the past decade,” Cardinal managing director Archie Koimtsidis said.

“We’re very fortunate to have a significant higher grade portion within the life-of-mine ore reserve starting essentially at surface. This allows for a rapid capital payback during production of the first stage pit.

“It is anticipated that the first stage pit will see approximately 1 million ounces of gold produced over an approximate three‐year period at an expected lower strip ratio and a higher average head grade of approximately 1.3g/t gold based on a process plant throughput of 9.5 million tonnes per annum.”

Mr Koimtsidis said the company was confident that the optimised life-of-mine ore reserve would deliver strengthened financial results within the project’s feasibility study, which is nearing completion.

“Given the project’s large ore reserve, low strip ratio, high conversion of the mineral resource and rapid payback from the anticipated higher grade, lower strip ratio of the first stage pit, it is expected that the company will have access to attractive project finance to achieve the best outcome for shareholders,” he said.

Cardinal is targeting a final investment decision before the end of the year, with first gold at Namdini pencilled in for 2022.

Cardinal shares closed out last week 6 per cent higher at 35.5 cents each.

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