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Cardinal Resources Ltd Adds To Major Gold System Prospects At Namdini

Cardinal Resources Ltd (ASX:CDV) has extended a 200 metre wide gold mineralised zone to a vertical depth of 290 metres at the Namdini gold project in Ghana.

The hits keep coming as drill results returned significant gold mineralised intersections with the width and tenor of gold encountered at Namdini to date pointing toward a very large gold system.

This is within at 900 metre x 300 metre mineralised area to date.

Namdini's potential is confirmed by the intersection of long mineralised zones, including 98 metres at 1.31 g/t gold, 80 metres at 1.06 g/t gold and 79 metres at 1.34 g/t gold.

Assay results are pending from a further 13 diamond and 9 reverse circulation drill holes, which will continue to provide a constant flow of news.

Cardinal remains on track to deliver an initial Exploration Target in the September quarter.

Drill result details

Drill hole NMRD483-749 intersected 192 metres of gold mineralisation from 100 metres vertical depth with multiple zones of mineralisation down the drill hole.

These zones include:

7 metres at 1.14 g/t;
27 metres at 1.56 g/t;
12 metres at 2.61 g/t; and
3 metres at 3.41 g/t.

These assays confirm continuity of mineralisation with depth.

Archie Koimtsidis, managing director, commented on the June quarter

"We are extremely encouraged by continued intersections of wide gold mineralisation reported from the 50 metre spaced infill diamond drilling on the Namdini Project.

"These gold intersections range from surface to 300 metres vertical depths which considerably enhances the gold potential of this project.

"These results confirm that wide gold mineralisation continues for approximately 650 metres north along strike from the original Confirmed Gold Mineralised Zone on the Namdini Licence, with a total strike length of approximately 900 metres."

Analysis

This discovery of mineralisation at depths highlights Namdini's strong exploration potential at depth.

Infill drilling at Namdini continues to confirm wide mineralised gold zones as the project emerges as a world class gold discovery.

With assays pending for 22 holes, this stream of news flow is expected to continue as Cardinal builds towards a maiden Exploration Target in the September quarter.

The share price is up 135% year to date, providinga a windfall for shareholders.

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

The company's cash balance at 30 June 2016 was circa $4.86 million.

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