Cardinal Resources Ltd Discovers More Broad Gold Zones At Namdini In Ghana

May 11, 2016 1:17 AM ET
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Cardinal Resources Ltd (ASX:CDV) has intersected a mineralised zone of 72 metres at 1.72 g/t gold at its Namdini Project in Ghana.

These two diamond drill hole results follow a recent hole that intercepted visible gold of 1 metre at 68.3 g/t gold.

Continued drilling at Namdini, which is open along strike and at depth, is leading to an initial exploration target, expected to be estimated in Q3 2016.

The latest results from both diamond drill holes confirm two wide zones of gold mineralisation measuring 270 metres and 230 metres.

Three drill rigs are currently on site drilling, including the company owned rig.

Samples from seven drill holes are at the lab, which are expected to provide a constant flow of results.

Namdini drill results

Significant gold mineralised intersections within the two defined gold mineralised zones now includes:

- 72 metres at 1.72 g/t gold (most recent results)
- 61 metres at 1.07 g/t gold
- 33 metres at 1.62 g/t gold
- 18.1 metres at 2.87 g/t gold
- 15.4 metres at 4.02 g/t gold

The two recently announced holes, NMDD420-756 and NMDD440-766 were cored from surface.

NMDD420‐756 intersected 96 metres of gold mineralisation from 110 metres to 206 metres vertical depths.

NMDD440‐766 intersected 153 metres of mineralisation from 37 metres to 190 metres vertical depths, including the aforementioned 72 metres at 1.72 g/t gold from 49 metres vertical depth.

Planned drilling

Further diamond drill holes are planned to evaluate the north northeast trending gold mineralised corridor.

All of these drill holes are planned to drill across this mineralised corridor to confirm the continuation of gold mineralisation along strike and depth.

Cardinal, together with the two contracted drill rigs, are providing the samples for express assaying services from the SGS Laboratory in Burkina Faso.

This enables the company to continuously improve its drill plan strategy as new information becomes available.

Analysis

These two diamond drill hole results are further evidence that Cardinal is drilling out a genuine gold discovery open in many directions.

Cardinal is benefitting from a rising AUD gold price, now trading at A$1,730 per ounce.

The stock has been running over the past month, trading up 50% on the continued news flow from Namdini.

Regular news flow is set to continue with seven samples currently at the labs and three rigs on site continuing to drill.

The initial exploration target is expected to be estimated in Q3 2016.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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