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Corporate Spotlight

The Company is focused on the development of the Namdini project through a resource expansion drilling programme, pre‐feasibility studies, detailed metallurgical test work and process flowsheet studies. Exploration activity is also underway on the Company’s Bolgatanga and Subranum Projects.
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Namdini Flythrough March 2018


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ASX Announcement 10 April 2019

Cardinal Resources Limited (ASX/TSX: CDV) is pleased to announce an update to our Feasibility Study (“FS”) and Project Finance (“PF”) activities in respect of the Company’s Ore Reserve at the Namdini Gold Project in Ghana (ASX/TSX release dated 3 April 2019).

  • The Namdini Gold Project Feasibility Study is progressing rapidly and is now expected to be delivered this quarter, one quarter ahead of schedule   
  • Cardinal’s Project Finance Advisor, Cutfield Freeman (London), is assessing term sheets for project finance which have been received from banks and other project financiers 
    • Strong interest shown from a number and variety of different potential project financiers   
    • Independent Experts appointed to minimise delays with due diligence

Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: “The entire Feasibility Study team has been performing an exceptional job of bringing together the Feasibility Study for Cardinal’s Namdini Gold Project well ahead of its original planned completion of Q3 CY2019.  

“Finalisation of the Feasibility Study within this quarter will be a significant step forward for the Company as it continues to substantiate the significant value inherent in the Namdini Gold Project for investors.  

“The  Pre‐Feasibility  Study  has  already  demonstrated  the  robust  nature  of  our  Namdini  Gold  Project,  and provides a strong body of work which has been leveraged off for the Feasibility Study. The Feasibility Study will factor an optimisation study that has recently been undertaken on the Namdini Gold Ore Reserve, to ensure the optimal Stage 1 pit design to accelerate capital payback and maximise returns for shareholders.

“Study  Manager  Lycopodium,  continues  to  accelerate  the  full  integration  of  all  project  disciplines  and  to coordinate the efforts of our other study partners including Golder Associates and Knight Piésold.

“Lycopodium are a highly respected mining services company that has over 25 years’ Global experience in the minerals  industry,  designing  and  building  large‐scale mines,  processing  plants and  associated  infrastructure, particularly in Africa and West Africa.”

Project Finance Update 

Project Finance Advisers, Cutfield Freeman, have been working closely with Cardinal to ensure that Cardinal is well  positioned  to  execute  project  finance  for  the  Namdini  Gold  Project  as  swiftly  as  possible  following completion of the Feasibility Study.  

There has been very strong interest received from a range of potential financiers, providing the Company with a  strong  degree  of  confidence  that  it  will  be  capable  of  securing  the  required  project  funding  package  on favourable terms.

Cardinal’s  Project  Finance  team  is  continuing  to  evaluate  Indicative  Term  Sheets  from  a  number  of  project financiers ‐ traditional senior debt lenders to possible corporate scenarios.

Project Development Partners 

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NOW 5.1 Moz

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ASX Announcement 3 April 2019 

Cardinal Resources  Limited (ASX/TSX: CDV)  (“Cardinal”  or  “the Company”) is pleased to announce an optimised Ore Reserve estimate for the Namdini Gold Project (“Namdini”) in Ghana, West Africa.


  • 5.1 Million ounces Proved and Probable Ore Reserve estimate from 138.6 Mt @ 1.13 g/t Au (0.5 g/t Au cut‐off) 
  • USD $1,225 gold price optimised pit selected for the Life of Mine design 
  • 1.9 : 1 Life of Mine Strip Ratio 
  • 80% of the 6.5 Moz Measured and Indicated Mineral Resource converted to Proven and Probable Ore Reserves

Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: 

“We are extremely pleased that our optimisation of pit designs, wall angles and mining schedules, has upgraded the company’s Life of Mine Ore Reserve position to 5.1 Moz, up from 4.8 Moz, reinforcing the Namdini gold deposit as of one of the largest undeveloped gold discoveries of the past decade.

“We’re very fortunate to have a significant higher grade portion within the Life of Mine Ore Reserve starting essentially at surface. This allows for a rapid capital payback during production of the First Stage Pit. It is anticipated that the First Stage  Pit  will  see  approximately  1 Million  ounces  of  gold  produced  over  an  approximate  three‐year  period  at  an expected lower strip ratio and a higher average head grade of approximately 1.3 g/t gold based on a process plant throughput of 9.5 Million tonnes per annum.

“We are confident that this optimised Life of Mine Ore Reserve, can deliver strengthened financial results within the Feasibility Study which is rapidly advancing to completion. Given the projects large Ore Reserve, low strip ratio, high conversion of the Mineral Resource and rapid payback from the anticipated higher grade, lower strip ratio of the First Stage Pit, it is expected that the company will have access to attractive project finance to achieve the best outcome for shareholders.”

Table 1: Summary of Namdini’s Proved and Probable Ore Reserve estimate at 0.5 g/t Au cut off. 


The Mineral Resource incorporates the results from all the resource drilling to date comprising 175 HQ diamond core holes and 151 RC drill holes totalling 87,140 metres.  

Reverse circulation drilling (nominally 5¼ inch diameter) was generally 200 metres or less in depth.  

Diamond  drilling  was  HQ  in  both  weathered  and  fresh  rock.    Most  diamond  holes  and  RC  holes  were  downhole surveyed at intervals of generally 30 metres.  All HQ core was orientated.

The  resource  drilling  comprises  east‐west  trending  traverses  of  easterly  inclined  holes.    Hole  spacing  varied  from around 12.5 by 25 metres in shallow portions of southern part of the deposit to around 50 by 50 metres and broader in the north and at depth.

Tables 1 and 2 highlight the Mineral Resource estimation reported at a 0.5 g/t Au cut‐off grade.  Currently, the 0.5 g/t Au  cut‐off  grade  approximates  an  operational  parameter  that  the  Company  believes  to  be  applicable.    This  is  in accordance with the guidelines of Reasonable Prospects for Eventual Economic Extraction (“RPEEE”) per the Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards for Mineral Resources and Mineral Reserves” (CIM, 2014) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012).  Refer  to Sections 1, 2 and 3 of the JORC Code 2012 Edition Table 1 criteria in Appendix 1.  The effective date of the Mineral Resource estimate is the 4th February 2019.  

All figures in Table 2 and 3 have been rounded to reflect the relative precision of the estimates and to include rounding errors.  Mineral Resources are inclusive of Ore Reserves.

Table 2: Namdini Measured and Indicated Mineral Resource estimate at 0.5 g/t Au cut off – March 2019 

Table 3: Namdini Mineral Resource Inferred estimate at 0.5 g/t Au cut off ‐ March 2019 

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ASX Announcement 27 March 2019


  • Today’s high‐grade gold intersections from Ndongo East include: 
    • 8.3m @ 11.3 g/t Au from 75.7m in NDDD059 
    • 5.2m @ 4.5 g/t Au from 60m in NDDD061 
    • 6.3m @ 2.8 g/t Au from 58.2m in NDDD058

  • Previous high‐grade gold intersections from Ndongo East included: 
    • 14m @ 7.0 g/t Au from 69m in NDDD046* 
    • 9m @ 23.3 g/t Au from 60m in NDRC248* 
    • 7m @ 4.4 g/t Au from 14m in NDRC216* 
    • 6m @ 12.6 g/t Au from 2m in NDRC275* 
    • 3m @ 29.3 g/t Au from 45m in NDDD036*

*Refer to press releases dated 16 July 2018, 29 August 2018 and 23 January 2019 on Ndongo East

  • Drilling has encountered multiple intercepts of near‐surface mineralisation; 
  • Drilling is ongoing and will continue to evaluate the open strike and depth extension of the Ndongo East mineralised system; 
  • Additional parallel mineralised structures striking NE‐SW remain to be evaluated by drilling and provide high priority drill targets; 
  • Infill auger drilling and geophysical surveys to commence in April over the Ndongo East deposit and its southern extension ~7km strike length to define the scope and scale of this structurally controlled mineralisation shear system.

Cardinal Resources Limited (ASX/TSX: CDV) (“Cardinal” or “the Company”) is pleased to announce further intersections of high‐grade, shallow gold mineralisation at the Ndongo East deposit. Importantly, the Ndongo Prospecting License is located only 24km north of the Company’s Namdini Gold Project for which Cardinal declared a Maiden Probable Ore Reserve of 4.76Moz on the 18 September 2018 (Figure 1).

On 16 July and 29 August 2018, as well as on 23 January 2019, Cardinal reported numerousintersections of high‐ grade gold at its Ndongo East deposit within the Ndongo Prospecting License and has now intersected further high‐grade gold during a recently completed diamond drilling program.

The Company plans to steadily ramp up exploration at Ndongo East after evaluating further drill core and assay results which determine the strike and depth extents of the mineralised system as well as the structural components of the various lithological units.

Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis stated: 

“These latest shallow high-grade results have further enhanced our confidence in the Ndongo East gold deposit and how it is evolving.

“The Ndongo East discovery is particularly encouraging with the strike length of 450m, comprising higher grade, shallow gold mineralisation still open along strike and at depth (Figures 2, 3 and 4).

“Beyond this initial mineralised zone, a further 750m of gold mineralisation has been intersected along strike towards the south west.

The Ndongo East prospect lies within a larger target area of ~7km in length that has yet to be fully explored. Planning is underway for a Gradient Array IP survey and auger soil drilling programme which will commence in April to evaluate this larger area which could generate further drill targets”.

Figure 1: Cardinal’s Tenements comprising the Bolgatanga and Namdini Projects with Forest Reserves 

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