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Cardinal Resources announces quarterly activities report for December 2018

Mining News - Published on Mon, 04 Feb 2019

Image Source: ABN Newswire
Cardinal Resources Limited, an African gold focused exploration company, announced 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. 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.

Exploration programmes are also underway at the Company’s Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.

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.

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 Paleo-Proterozoic 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.

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Posted By : Rabi Wangkhem on Mon, 04 Feb 2019
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