Cardinal Resources Ltd: December Quarterly Activities Report
Perth - Cardinal Resources Ltd. (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) ("Cardinal" or "the Company"), an African gold focused exploration company, is pleased to present to shareholders its Quarterly Activities report for the period ended 31 December 2017. Currently Cardinal holds four tenements within the Bolgatanga Project, with Subranum comprised of a single tenement in central Ghana (see Figure 1 in link below).HIGHLIGHTS
- 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:
http://abnnewswire.net/lnk/5N1A53RW
About Cardinal Resources Ltd:
Cardinal Resources Ltd. (ASX:CDV) (TSE:CDV) (OTCMKTS:CRDNF) is a West African gold-focused exploration and development Company which holds interests in tenements within Ghana, West Africa.
The Company’s Namdini Project has a declared Indicated Mineral Resource of 120 Mt @ 1.1 g/t for 4.3 Moz Au and an Inferred Mineral Resource of 84 Mt @ 1.2 g/t for 3.1 Moz (refer to Cardinal “Technical Report on Namdini” dated 11 September 2017). The Company is focused on the development of the Namdini Project through a resource expansion drilling programme and continues to advance the PEA / Scoping Study which is now due for release in Q1 2018. In parallel, a pre-feasibility study is progressing supported by additional multi-disciplinary engineering activities. Exploration activity is also underway on its large portfolio of regional exploration Licenses.
For more information on the Company, Investors should review the Company’s filings that are available at http://www.sedar.com
Contact:
Archie Koimtsidis CEO / MD
Cardinal Resources Ltd.
P: +1-647-256-1922
P: +61-8-6558-0573
E: archie@cardinalresources.com.au