Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company” - http://www.commodity-tv.net/c/search_adv/?v=298772) is pleased to announce further intersections of shallow, high‐grade gold mineralisation from a 15-hole, 883 metre Diamond Drill programme at the Ndongo East discovery located approximately 24km north and within hauling distance of the Company’s Namdini Gold Project for which Cardinal declared an Ore Reserve of 5.1Moz (0.4Moz Proved and 4.7Moz Probable) on 02 April 2019 (Figure 1).
Highlights
New significant gold intersections include: | Previously reported gold intersections: * |
5.3m @ 13.9g/t Au from 78m in NDDD063 | 14m @ 7.0g/t Au from 69m in NDDD046 |
5.5m @ 3.8g/t Au from 31m in NDDD072 | 9m @ 23.3g/t Au from 60m in NDRC248 |
3.7m @ 3.3g/t Au from 59m in NDDD064 | 8.3m @ 11.3g/t Au from 76m in NDDD059 |
2.7m @ 7.7g/t Au from 19m in NDDD068 | 7m @ 4.4 g/t Au from 14m in NDRC216 |
2.0m @ 18.3g/t Au from 59m in NDDD066 | 6m @ 12.6g/t Au from 2m in NDRC275 |
| 5.2m @ 4.5g/t Au from 60m in NDDD060 |
| 3m @ 29.3g/t Au from 45m in NDDD036 |
* Refer to press releases dated 16 July and 29 August 2018, 23 January and 25 March 2019
- Results provide further confidence in the potential to define high grade satellite pits within hauling distance of the 5.1Moz open pit Ore Reserve at the Namdini Project
- Geophysical surveys and auger soil drilling programmes underway to identify additional drill targets within the much broader target area spanning approximately 7kms
Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated:
“The Ndongo East discovery is particularly encouraging as the close spaced drilling has now delineated a well-defined mineralised zone over a strike length of 150 metres within the initial 450 metre mineralised discovery zone.
“These new shallow high-grade results further increase our level of confidence to continue drilling along strike and at depth as we have only drilled down to approximately 80 metres vertically below surface.
“Along strike from this initial 450 metre discovery zone, we are enthusiastic about the additional corridor of 750 metres of gold mineralisation previously intersected, which may provide a large number of additional shallow gold targets”.
The Ndongo East discovery lies within a much larger target area which currently covers a strike length of approximately 7km. Ground geophysical surveys and auger soil drilling programmes are ongoing to evaluate this larger target area and are expected to generate further drill targets which could develop into high-grade satellite pits to provide additional ounces of gold for our developing Namdini Project which has a 5.1Moz Ore Reserve from surface located only 24km away.
Figure 1: Cardinal’s Tenements comprising the Bolgatanga and Namdini Projects
Ndongo Prospecting License
The Ndongo Prospecting License covers an area of 295 km2 and is considered highly prospective for the discovery of economic gold mineralisation associated with the prolific Nangodi Shear Zone, a splay fault off the main regional‐scale Bole‐Bolgatanga Shear. Elsewhere, the Nangodi Shear Zone is spatially related to no fewer than four gold discoveries, including the Company’s Namdini Gold Project with a 5.1Moz Ore Reserve, the Shaanxi Gold Mine, the historical Nangodi Gold Mine and the Youga Gold Mine in Burkina Faso, adjacent to the Ghanaian border. In addition, there are numerous historical shallow artisanal workings along many parts of this shear zone ~15 to 25 km north of the Namdini Gold Project (Figure 1).
Ndongo East Prospect
The Ndongo East Prospect is located within northeast‐southwest trending Birimian metavolcanics and metasediments. Gold mineralisation is developed mostly along diorite‐granodiorite contact zones where competency contrasts create brittle fracturing allowing the ingress and precipitation of gold mineralising fluids (Figures 2, 3 and 4). The mineralised horizons contain variable chlorite‐silica‐carbonate‐sericite alteration with sulphides (mainly pyrite with very minor arsenopyrite). Occasional visible gold grains and blebs have been observed in the core.
The gold mineralisation at Ndongo East is confined to specific gold – bearing, pyrite-silica-ankerite carbonate altered, shear zones which dip to the northwest. Drilling indicates two orientations to the mineralisation, namely a steeply-dipping northwest orientation and a shallower west-southwest plunging orientation.
A marker horizon comprising a very narrow, thinly bedded, black pyritic mudstone has been observed to occur at the base of the mineralised intersections within the metavolcanics (Figures 3, 4, 5 and 6) and could mark a hiatus in the continuation of volcanic activity in the area. Although this marker horizon appears to be unrelated to mineralisation within the metavolcanics, it will be a very useful marker as more shallow diamond drilling is completed further along strike.
Today’s results include the follow-up systematic close spaced infill and step-out shallow diamond drilling from existing RC holes, for a total of 882.5m at Ndongo East along strike to better define the geometry, extent and continuity of the high-grade mineralised zones. These additional drill holes will determine the strike and depth extent of the mineralised system and will evaluate the structural components of the various lithological units (Figure 2).
12.5m step out diamond drilling from the initial section line E-E was carried out to ensure that plunges of the mineralised structures are understood before embarking on a wider spaced drill campaign along strike. The drilling has now delineated a well-defined mineralised zone over a strike length of 150 metres within the initial 450 metre mineralised discovery zone (Figure 2).
A full table of the results is included at the end of this report in Table 2 in Schedule 1.
The high-grade mineralised structures have been tested to a shallow depth of approximately 70m vertically below surface (Figures 3,4,5 and 6). The Company plans to steadily increase exploration at Ndongo East after evaluating further drill core and assay results to determine the strike and depth extents of the mineralised system as well as the structural components of the various lithological units. Furthermore, Infill auger drilling and Gradient Array IP (GAIP) geophysical surveys commenced over the Ndongo East deposit and its southern extension of ~7km strike length to delineate additional drill targets within this structurally controlled mineralised shear system.
Previously announced drilling intersected higher‐grade mineralised structures concentrated in the northern portion of the shear zone with coincident gold‐in‐soil and geophysical targets defined to a strike length of 450m northeast-southwest (Figure 2). Subsequent RC drilling along fence lines further to the southwest along strike and at depth has proven encouraging with further high‐grade intercepts within the mineralised structures. This indicates that the mineralised system is open along a northeast‐southwest strike and at depth with multiple mineralised intersections. The furthest drill fence to the southwest intersected 2m at 27.0g/t Au from 10m downhole in NDRC247 which suggests a strike potential up to 1.2km (refer to Cardinal’s ASX/TSX Press Release 29 August 2018 “Cardinal Extends Ndongo East Discovery Strike Length”).
Figure 2: Ndongo East Prospect on geology showing NE-SW gold mineralised zone
Drill Section E+2 – E+2 (Figure 3) comprises drill holes NDDD062 and NDDD063. These two drill holes have intersected shallow gold mineralisation to a vertical depth of 72m with the mineralised halos between 5m to 6m wide with very encouraging grades. Refer to the full results in Table 2 in Schedule 1.
Figure 3: Ndongo East Prospect Section E+2 – E+2
Drill Section E-2 – E-2 (Figure 4) comprises diamond drill hole NDDD064 as well as previously drilled RC drill holes NDRC262 and NDRC265 (reported in press release dated 29 August 2018). These three drill holes have intersected shallow gold mineralised halos with encouraging grades including [email protected]/t Au from 59m, [email protected]/t Au from 44m and [email protected]/t Au from 83m respectively. Refer to the full results in Table 2 in Schedule 1.
Figure 4: Ndongo East Prospect Section E-2 – E-2
Drill Section H+1 – H+1 (Figure 5) shows drill hole NDDD072 which intersected a shallow gold mineralised halo with encouraging grades of [email protected]/t Au from 31m and previously announced drill holes. Refer to the full results in Table 2 in Schedule 1.
Figure 5: Ndongo East Prospect Section H+1 – H+1
Figure 6: Ndongo East Prospect Section D-1 – D-1
ABOUT CARDINAL
Cardinal Resources Limited (ASX/TSX: CDV) is a West African gold‐focused 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 (0.4Moz Proved and 4.7Moz 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.
For further information contact:
Archie Koimtsidis Alec Rowlands
CEO / MD IR / Corp Dev
Cardinal Resources Limited Cardinal Resources Limited
P: +61 8 6558 0573 P: +1 647 256 1922
Cannings Purple
Andrew Rowell or Peta Baldwin
E: [email protected]
E: [email protected]
In Europe:
Swiss Resource Capital AG
Jochen Staiger
[email protected]
www.resource-capital.ch
This release has been independently reviewed by CSA Global (Perth) for compliance with the JORC Code and Canadian NI 43-101/CIM requirements. CSA Global have not verified the results presented.
Competent Person’s / Qualified Person’s Statement
The information in this press release that relates to Exploration Results is based on information prepared by Mr. Paul Abbott who is a member of the Geological Society of South Africa. Mr. Abbott has more than five years’ experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Abbott is a full-time employee of Cardinal and holds equity securities in the Company. Mr. Abbott has consented to the inclusion of the matters in this report based on the information in the form and context in which it appears.
The information in this press release that relates to Exploration Results has been compiled and reviewed by Mr. Ekow Taylor, a Chartered Professional Geologist with the Australasian Institute of Mining and Metallurgy. Mr. Taylor has more than five years’ experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and as a Qualified Person as defined by the NI43-101 instrument. Mr. Taylor is a full-time employee of Cardinal and holds equity securities in the Company. Mr. Taylor has consented to the inclusion of the matters in this report based on the information in the form and context in which it appears.
Disclaimer
This ASX / TSX press release has been prepared by Cardinal Resources Limited (ABN: 56 147 325 620) (“Cardinal” or “the Company”). Neither the ASX or the TSX, nor their regulation service providers accept responsibility for the adequacy or accuracy of this press release.
This press release contains summary information about Cardinal, its subsidiaries and their activities, which is current as at the date of this press release. The information in this press release is of a general nature and does not purport to be complete nor does it contain all the information, which a prospective investor may require in evaluating a possible investment in Cardinal.
By its very nature exploration for minerals is a high‐risk business and is not suitable for certain investors. Cardinal’s securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Cardinal and of a general nature which may affect the future operating and financial performance of Cardinal and the value of an investment in Cardinal including but not limited to economic conditions, stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel and foreign currency fluctuations.
Except for statutory liability which cannot be excluded and subject to applicable law, each of Cardinal’s officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this press release and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Announcement or any error or omission here from. Except as required by applicable law, the Company is under no obligation to update any person regarding any inaccuracy, omission or change in information in this press release or any other information made available to a person nor any obligation to furnish the person with any further information. Recipients of this press release should make their own independent assessment and determination as to the Company’s prospects, its business, assets and liabilities as well as the matters covered in this press release.
Forward‐looking statements
Certain statements contained in this press release, including information as to the future financial or operating performance of Cardinal and its projects may also include statements which are ‘forward‐looking statements’ that may include, amongst other things, statements regarding targets, anticipated timing of the feasibility study (FS) on the Namdini project, estimates and assumptions in respect of mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These ‘forward – looking statements’ are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Cardinal, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Cardinal disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after today’s date or to reflect the occurrence of unanticipated events, other than required by the Corporations Act and ASX and TSX Listing Rules. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this press release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
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