http://www.*.com.au/companies/news/...dini-gold-deposit-is-the-real-deal-69162.html
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Cardinal Resources Ltd (
ASX:CDV) has received a Speculative Buy recommendation from Hartleys.
The broker as a 12-month price target of $0.34 per share. The following is an extract from the broker report.
The Namdini gold deposit is the real deal
Ongoing infill and extensional drilling at the Namdini gold deposit in Ghana continues to report substantial mineralisation, highlighting a very large, shallow gold system which is still being delineated.
Namdini is the real deal in our opinion, it spans over 900m of strike (NNE), averages close to 200m mineralised widths (over 300m in parts), and has been defined to depths well in excess of 200m.
The deposit remains open along strike and at depth.
Cardinal expects to release an initial Namdini Exploration Target in the September Quarter, and we now see potential for the maiden JORC resource estimate to be released before year end (CY16).
Our current assessment of the size potential of Namdini is significant, and we can see scope for an initial target in excess of 50Mt which at the current average weighted grades implies multi-million ounce potential (+2Moz), which remains subject to ongoing drilling and results.
We see strong potential for further growth in deposit size over time, as the project is drilled.
Namdini is expected to translate to a very attractive low strip ratio open pit opportunity.
Cardinal remains one of our preferred gold explorers. With a quality Board and Management team to execute, the Company remains well-funded with estimated cash of A$6m for planned exploration.
We maintain our Speculative Buy recommendation with an updated 12-month price target of 34cps."
Initial resource release could be sooner than we anticipate
Namdini is an impressive greenfields gold discovery, which is expanding at good-grade with mineralisation near-surface.
Previously completed 100m spaced traverse lines are now being infilled to a 50m spacing, with results received to date confirming strong mineralised continuity, building resource confidence and further enhancing mineralisation.
Cardinal currently has 3 drill rigs on site, completing drilling on sections within the southern and northern parts of the deposit.
Assays are pending for 15 recently completed diamond holes, which will provide strong, consistent news flow in the coming weeks.
Recently reported drill highlights include 72m @ 1.72g/t Au (~124gm) from 55m (Section K), 59m @ 1.42g/t Au (~84gm) from 178m (Section D), 55m @ 1.62g/t Au (~89gm) from 78m (Section B), and 15m @ 9.49 g/t Au (~142gm) from 178m (Section G)."
Etc.....
