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Cardinal Resources Ltd Drill Results See Emerging World Class Gold Project

Cardinal Resources Ltd (ASX:CDV) continues to deliver drill results that suggest the Namdini gold project in Ghana has the potential to host a world class gold deposit.

The most recent two infill diamond drill holes intersected 98 metres at 1.31 g/t gold from surface confirming a 190 metre wide gold zone.

Assay results are pending from a further 17 diamond drill holes, which will be gradually reported in the weeks ahead.

A new reverse circulation drill rig has been contracted to drill shallow holes to enhance the Exploration Target which is due to be announced during the September quarter.

Drill result details

Infill diamond drill holes NMDD393‐725 and NMDD391‐745 have intersected significant gold mineralisation.

NMDD393‐725 intersected 209 metres of gold mineralisation from 40 metres depth including 31 metres at 1.57 g/t gold, 49 metres at 1.39 g/t gold and 15 metres at 1.27 g/t gold.

NMDD391‐745 intersected 144 metres of mineralisation from surface including 98 metres at 1.31 g/t gold and 9 metres at 4.62 g/t gold.

New drill program

The final diamond drill hole for the infill drilling program is currently in progress.

A newly contracted reverse circulation drill rig, together with the company owned drill rig will begin a new program drilling shallow holes into untested zones along the eastern side of the mineralised corridor.

This is expected to provide sufficient shallow data to enhance the Exploration Target.

Analysis

Drilling at Namdini continues to deliver wide mineralised gold zones as the project continues to emerge as a world class gold discovery.

Namdini has a 900 metre long strike with mineralised widths of up to 300 metres and defined depths in excess of 200 metres with ample opportunity for expansion.

With 17 holes at the laboratory and drilling ongoing, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

The share price has appreciated 75% year to date, currently trading at $0.25 per share.

Broker Hartley's have a Speculative Buy recommendation and 12-month price target of $0.34.

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