CARDINAL INTERCEPTS HIGH‐GRADE SHALLOW GOLD AT NDONGO EAST
ASX Announcement 27 March 2019
Highlights
- Today’s high‐grade gold intersections from Ndongo East include:
- 8.3m @ 11.3 g/t Au from 75.7m in NDDD059
- 5.2m @ 4.5 g/t Au from 60m in NDDD061
- 6.3m @ 2.8 g/t Au from 58.2m in NDDD058
- Previous high‐grade gold intersections from Ndongo East included:
- 14m @ 7.0 g/t Au from 69m in NDDD046*
- 9m @ 23.3 g/t Au from 60m in NDRC248*
- 7m @ 4.4 g/t Au from 14m in NDRC216*
- 6m @ 12.6 g/t Au from 2m in NDRC275*
- 3m @ 29.3 g/t Au from 45m in NDDD036*
*Refer to press releases dated 16 July 2018, 29 August 2018 and 23 January 2019 on Ndongo East
- Drilling has encountered multiple intercepts of near‐surface mineralisation;
- Drilling is ongoing and will continue to evaluate the open strike and depth extension of the Ndongo East mineralised system;
- Additional parallel mineralised structures striking NE‐SW remain to be evaluated by drilling and provide high priority drill targets;
- Infill auger drilling and geophysical surveys to commence in April over the Ndongo East deposit and its southern extension ~7km strike length to define the scope and scale of this structurally controlled mineralisation shear system.
Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to announce further intersections of high‐grade, shallow gold mineralisation at the Ndongo East deposit. Importantly, the Ndongo Prospecting License is located only 24km north of the Company’s Namdini Gold Project for which Cardinal declared a Maiden Probable Ore Reserve of 4.76Moz on the 18 September 2018 (Figure 1).
On 16 July and 29 August 2018, as well as on 23 January 2019, Cardinal reported numerousintersections of high‐ grade gold at its Ndongo East deposit within the Ndongo Prospecting License and has now intersected further high‐grade gold during a recently completed diamond drilling program.
The Company plans to steadily ramp up exploration at Ndongo East after evaluating further drill core and assay results which determine the strike and depth extents of the mineralised system as well as the structural components of the various lithological units.
Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated:
“These latest shallow high-grade results have further enhanced our confidence in the Ndongo East gold deposit and how it is evolving.
“The Ndongo East discovery is particularly encouraging with the strike length of 450m, comprising higher grade, shallow gold mineralisation still open along strike and at depth (Figures 2, 3 and 4).
“Beyond this initial mineralised zone, a further 750m of gold mineralisation has been intersected along strike towards the south west.
The Ndongo East prospect lies within a larger target area of ~7km in length that has yet to be fully explored. Planning is underway for a Gradient Array IP survey and auger soil drilling programme which will commence in April to evaluate this larger area which could generate further drill targets”.
Figure 1: Cardinal’s Tenements comprising the Bolgatanga and Namdini Projects with Forest Reserves
QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 DECEMBER 2018
ASX Announcement 31 January 2019
Cardinal Resources Limited (ASX: CDV; TSX: CDV) (“Cardinal” or “the Company”), an African gold focused exploration company, is pleased to present its Quarterly Activities report for the period ended 31 December 2018. Currently Cardinal holds tenements within Ghana being the Bolgatanga Project and Subranum in central Ghana (Figure 1).
The Company is focused on the development of the Namdini Gold Project with a Maiden Ore Reserve of 4.76Moz and is now advancing the Bankable Feasibility Study (BFS).
Exploration programmes are also underway at the Company’s Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
HIGHLIGHTS
- On September 13, 2018 the Company commenced with an Enterprise Optimisation study on the Namdini Gold Project with Whittle Consulting Pty Ltd. This involves a rigorous analytical and computational process at a detailed spatial and technical level to increase the value of the project. The optimised results of which will be fed into the BFS.
- On October 18, 2018 the Company commenced with a geochemical assessment of the Namdini Gold Project and to 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.
- On October 26, 2018 the Company submitted its draft Environmental Impact Statement (EIS) for the Namdini Gold Project to the Environmental Protection Agency (EPA) of Ghana.
- On November 11, 2018 BFS value added activities commenced on the Namdini Gold Project. This included optimisation studies to improve the level definition of the current pit design as well to explore opportunities in enhancing and increasing project value. These are being undertaken by the same consultants that completed the Pre-Feasibility Study (PFS) on behalf of the Company.
- On November 28, 2018 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 July 16, 2018, were located at the new Ndongo East Discovery.
OUTLOOK
The principal activity of the Company (and its subsidiaries) is gold exploration and mine development in Ghana. The Company holds interests in five tenements prospective for gold mineralisation in Ghana in two NE-SW trending PaleoProterozoic granite-greenstone belts: the Bolgatanga Project and the Namdini Gold Project (“Namdini Gold Project” or “Namdini”), which are, respectively, located within the Nangodi and Bole-Bolgatanga 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 maiden Probable Ore Reserve of 129.6 Mt grading 1.14 g/t Au for 4.76 Moz Au at a 0.5 g/t Au cut-off grade. The Company expects to continue to generate positive news flow from its ongoing greenfield exploration assets and Bankable Feasibility Study activities
The map below shows the location of the Namdini Gold Project and the Company’s other properties in Ghana.
Figure 1: Cardinal Resources Tenements in Ghana
CARDINAL HITS MORE HIGH‐GRADE SHALLOW GOLD AT NDONGO EAST
ASX Announcement 23 January 2019
Highlights
- Today’s high‐grade gold intersection from Ndongo East includes:
- 14m @ 7.0 g/t Au from 69m in NDDD046 (including 2m @ 42.2g/t from 80m)
- Previous high‐grade gold intersections from Ndongo East included:
- 9m @ 23.3 g/t Au from 60m in NDRC248*
- 7m @ 4.4 g/t Au from 14m in NDRC216*
- 6m @ 12.6 g/t Au from 2m in NDRC275*
- 3m @ 29.3 g/t Au from 45m in NDDD036*
*Refer to press releases dated 16 July 2018 and 29 August 2018 on Ndongo East
- Gold mineralisation demonstrated over a strike length of approximately 1.2km at Ndongo East;
- Drilling has encountered multiple intercepts of near‐surface mineralisation;
- Drilling is ongoing and will continue to evaluate the strike and depth extension of the Ndongo East mineralised system;
- Additional parallel mineralised structures striking NE‐SW remain to be evaluated by drilling and provide high priority drill targets;
Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to announce that first drilling resultsfollowing the recent wetseason have commenced, intersecting further high‐grade and shallow gold mineralisation at the new Ndongo East discovery. Importantly, the Ndongo Prospecting License is located only 24km north of the Company’s Namdini Gold Project for which Cardinal declared a Maiden Probable Ore Reserve of 4.76Moz on the 18 September 2018 (Figure 1).
On 16 July and 29 August 2018, Cardinal reported several intersections of high‐grade gold at its new Ndongo East discovery within the Ndongo Prospecting License and has now intersected further high‐grade gold in recently completed diamond drilling which has recently re‐commenced following the wet season. It is planned to steadily ramp up exploration as ground conditions improve and drilling results are interpreted.
Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis commented:
“We are increasingly encouraged at how Ndongo East is evolving. This new discovery has the potential to add further high‐grade gold ounces to our Maiden Probable Ore Reserve of 4.76Moz within the Namdini Gold Project located 24km to the south.
“The Ndongo East discovery is particularly encouraging with the initial 450m strike length ofstrong,shallow gold mineralisation still open along strike and at depth (Figures 2 and 3).
“Beyond this initial mineralised zone, a further 750m of gold mineralisation has been intersected along strike towardsthe south west, which appearsto be extending the overall gold mineralisation of the Ndongo East discovery to approximately 1.2km (Figure 2)
“The Ndongo East prospect lies within a larger target area of approximately 7km in length that has yet to be drill tested. We have now recommenced drilling after the 2018 wetseason with furtherresults pending”.
Figure 1: Cardinal’s Tenements comprising the Bolgatanga and Namdini Projects
