Quarterly Activities Report
- On October 12, 2017, Mr Jacques McMullen and Mr Michele Muscillo were appointed to the Board. Mr Mark Connelly and Mr Simon Jackson resigned from the Board to focus on their other significant commitments.
- On October 19 2017, the Company announced an updated technical report titled "Technical Report Mineral Resource Estimation for the Namdini Gold Project, Ghana", in respect of the Company's Namdini Gold Project in Ghana, West Africa (the "Technical Report"). The NI43-101 Technical Report was authored by MPR Geological Consultants Pty Ltd, and has an effective date of September 11, 2017. The Technical Report can be viewed under the Company's issuer profile on SEDAR at www.sedar.com. The updated Mineral Resource estimated an Indicated Mineral Resource of 120 Mt grading 1.1 g/t Au for 4.3 Moz Au and an Inferred Mineral Resource of 84 Mt grading 1.2 g/t Au for 3.1 Moz Au, each at a 0.5 g/t Au cut off.
- On October 23, 2017 Cardinal announced that it had entered into an agreement with Clarus Securities Inc., on behalf of a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 18,461,600 Ordinary Shares of the Company at a price of C$0.65 per Ordinary Share for aggregate gross proceeds to the Company of C$12,000,040, with the deal closing on 22 November 2017.
- On December 12, 2017 a trial grade control programme utilising a close spaced drilling pattern returned positive results in the upper benches of the targeted starter pit area. Correlation of grades, ounces and tonnes between the Mineral Resource Model (September 2017) and the trial grade control model, has been completed with a very accurate reconciliation.
- On December 14 infill drilling results were announced from the comprehensive campaign to continue to add definition to the Namdini Mineral Resource. The infill drill results continue to support strong continuity of the mineralised zones. Further results are pending which will form the basis for a Mineral Resource upgrade expected in Q1 2018.
To view the full report with tables and figures, please visit:
About Cardinal Resources Ltd
The Company's Namdini Project has an Indicated Mineral Resource of 6.5Moz of gold contained in 180Mt at 1.1 g/t Au at a cut-off of 0.5g/t Au and an Inferred Mineral Resource of 0.5Moz of gold contained in 13Mt @ 1.2 g/t Au at a cut off of 0.5 g/t Au.
The Company is focused on the development of the Namdini Project through advancing its PFS studies as well as gold exploration on its tenements located within close proximity to the Namdini Project.
Cardinal Resources Ltd