Sydney, Oct 16, 2014 AEST (ABN Newswire) - Cardinal Resources Ltd (
ASX:CDV) is on the path to becoming a near-term producer at its flagship gold project in Ghana, West Africa, where significant, high grade results has prompted a further drill campaign to increase gold ounces.
The ASX-listed company is currently in the process of undertaking a drilling campaign on the Namdini Mining Licence at its flagship Bolgatanga project in the underexplored northern sector of Ghana which has returned high grade, shallow intercepts of gold intersections.
An initial drill program returned encouraging results and prompted a further RC drill campaign at Namdini to confirm continuation of the gold mineralisation both along strike and at depth.
The results have been very promising, including 9m @ 4.78 g/t from 55m vertical and 6m @ 4.5 g/t from 65m vertical. On top of this, the drilling campaign has uncovered three sub-parallel mineralised zones of high grade gold mineralisation at Namdini.
Cardinal has recently extended its RC drilling campaign at Namdini by a further 2,500 metres to increase gold ounces.
Cardinal Resources managing director Archie Koimtsidis said the RC drilling campaign had been extended to test for depth extensions of the three gold zones in an effort to increase gold ounces.
"We have repositioned the drill further west to hopefully expand the gold potential with the depth continuation of all three gold zones over the coming months," he said.
"Beyond this current drilling campaign, we plan to begin RC drilling for strike extensions which appear to extend up to 4km in a northerly direction.
"The Namdini Project is showing significant potential for Cardinal and therefore will be the company's primary focus going forward."
A competitive advantage for Cardinal is that it owns two drill rigs, a combination Reverse Circulation and Diamond Drill rig and customised Soil Geochemical drill rig. This allows the Company to carry out its drilling programs at direct cost rates that can be up to 50% less than independent contractor rates, placing Cardinal in a better position than its peers who have to rely on high-priced contractors.
Another major benefit for Cardinal is that the project lies close to key infrastructure with a production mill located 6km away from Namdini. The Bolgatanga project is located in a mineral-rich region of Ghana where significant production has previously taken place from a number of gold mines and from numerous artisanal gold workings.
Ghana is Africa's second-largest gold producer and is still significantly under-explored in the northern Sector where the Bolgatanga project is located.
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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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