Proactive

http://www.*.com.au/companies/news/...hest-grade-gold-to-date-at-namdini-70475.html


Cardinal Resources Ltd (ASX:CDV) has completed its Phase 1 framework drilling program at the emerging world class Namdini gold deposit in Ghana.

The 20 hole program returned the highest grade intervals to date including 94 metres at 4.53 g/t gold and 43 metres at 8.86 g/t gold.

Drilling at Namdini has identified a mineralised gold zone with a strike length of 1,000 metres, widths of 200- 300 metres and depths of over 350 metres.

The deposit remains open at depth and along strike to the south.

Archie Koimtsidis, managing director, commented: "We are excited to begin the next stage of the development of Namdini, with geological and structural modelling and resource estimation studies initiated.

"Our metallurgical testwork programme, based on over 350 kilograms of core is well advanced and we look forward to reporting the results when they are available."


Drill result details

Highlights from the final round of framework drilling includes:

- 94 metres at 4.53 g/t gold;
- 97 metres at 1.62 g/t gold;
- 43 metres at 8.86 g/t gold;
- 40 metres at 2.01 g/t gold;
- 38 metres at 2.16 g/t gold; and
- 3 metres at 42.7 g/t gold.

Work has now begun on structural and geological modelling and resource estimation in order to complete an inaugural resource estimate for the Namdini gold deposit.


Well-funded

Cardinal recently completed a share placement raising $21.75 million through the issue of 75 million shares at $0.29 per share.

Funds will be focused on defining a maiden resource at the company’s flagship Namdini Gold Project in Ghana.

The placement has introduced two new cornerstone investors, Precious Capital Global Mining and Metals Fund and Colonial First Stage Growth Equites.


Analysis

The completion of the first phase of framework drilling has returned some of the highest value intervals intersected to data at Namdini.

It also further confirms Namdini as a major new discovery, with gold mineralisation outlined over a one kilometre of strike, extending to over 350 metres below surface along a mineralised corridor that is consistently greater than 250-300 metres wide.

The orebody remains open at depth and to the south and encouraging exploration potential exists to the north, with the project located near power, water and sealed highway in a low density population area.
Cardinal remains on track to deliver a maiden JORC Exploration Target this quarter.
The board and management are well invested in the company holding circa 8% of shares on issue.