TORONTO, Jan. 31, 2020 – Cardinal Resources Limited (ASX: CDV; TSX: CDV) (“Cardinal” or “the Company”) a Ghana gold focused exploration and development company, is pleased to present its Quarterly activities report for the period ended December 31, 2019.
HIGHLIGHTS
- On October 3, 2019 the Company announced that it successfully raised $17.6M through exercise of the Company’s Listed Options (ASX: CDVOA).
- A total of 117,398,958 Listed Options were exercised, being 99.84% of the Listed Options on issue, only 188,081 Listed Options expired unexercised.
- On October 15, 2019 the Company announced its annual Ore Reserves and Mineral Resources statement.
- On October 28, 2019 the Company released its Feasibility Study confirming the Namdini Project as a tier one gold project.
- On November 28, 2019 Cardinal released its Feasibility Study NI 43-101 Technical Report.
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 5.1Moz (138.6Mt @ 1.13g/t Au; 0.5g/t Au cut-off) inclusive of 0.4 Moz Proved (7.4Mt @ 1.31g/t Au; 0.5 g/t Au cut-off) and 4.7Moz Probable (131.2Mt @ 1.12 g/t Au; 0.5g/t Au cut-off).
Ndongo East Prospect
During the Quarter, the Company commissioned CSA Global to undertake additional review of drill targets through a detailed assessment of auger geochemical data using 1,306 auger soil samples analysed for gold and multielement results from 4-Acid Digest with ICPMS finish for 48 elements. The aim was to identify multielement signatures in the data related to orogenic gold mineralisation to further enhance targeting at Ndongo.
The study initially indicates the following:
Orogenic gold mineralisation at Ndongo is reflected in the auger data by a Gold-Molybdenum-Tungsten-Antimony-Copper-Arsenic-Silver multielement association.
Multielement association is more robust for identifying priority drill targets as the gold can be dispersed in the regolith, away from source forming gold-only anomalies, which are likely not reflective of the underlying bedrock mineralisation.
The main area of sampling, which encapsulates the initial Ndongo East discovery zone, has a linear Arsenic-Antimony-Gold anomaly interpreted as being a low-priority target relative to the Gold-Molybdenum-Tungsten-Antimony-Copper-Arsenic-Silver anomalies identified in the southern part (Target Zone 2 and Target Zone 3), as shown in Figure 6.
The results from the processing of geophysical data by Southern Geoscience and geochemical data by CSA Global continue to encourage further carefully measured investment into establishing viable shallow high‐grade mineralised zones, which could develop into possible satellite pits for the Namdini Gold Project located approximately 24km south. The Company aims at executing a drill programme through Q1 2020 to test drill these high-priority targets.
SOURCE: CARDINAL RESOURCES
DATE: DECEMBER 31, 2020