Cardinal Resources Company Profile


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Cardinal Resources

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Company Overview

Cardinal Resources Limited (ASX: CDV, TSX: CDV) is an African gold-focused exploration and development company which holds interests in tenements within Ghana, West Africa. 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.
The Namdini Gold Project has an Indicated Mineral Resource of 180 Mt grading 1.1 g/t Au for 6.5 Moz Au and an Inferred Mineral Resource of 13 Mt grading 1.2 g/t Au for 0.5 Moz Au each at a 0.5 g/t Au cutoff grade. Cardinal expects to continue to generate positive news flow from its ongoing metallurgical optimisation work, greenfield exploration assets and Preliminary Feasibility Study (“PFS”) activities, due for release mid 2018. 


  • Well funded development company
  • The Preliminary Economic Assessment (“PEA”) confirmed Namdini to be a technically and financially robust low‐cost mining opportunity, with the potential to generate strong positive cashflows
  • Committed to regional exploration in Ghana following the strength of early results, with drill rigs testing a range of targets across the extensive tenement package
  • Reconnaissance exploration underway including airborne magnetics, ground geophysics and auger drilling is considered highly encouraging and defined several coincident structural, geophysical and geochemical corridors for follow up drilling
  • Six drill rigs active across the exploration portfolio


Cardinal is the beneficial owner of 2 gold exploration assets, the Bolgatanga Project area and the Subranum Project comprising circa 900km² of granted tenements.


  • Located 6km south east of the operating Shaanxi underground Gold Mine and 12km from Cardinal’s Ndongo East Prospect. Extensive mining activities occur all around the Namdini licence attesting to the gold bearing potential of this whole area


  • Situated within the Upper East Region of Ghana near the town of Bolgatanga. The project area covers circa 900km2 of Paleoproterozoic greenstone belts


  • Located in the southern portion of Ghana, approximately 45km north west of the township of Kumasi, and 240km north west of the capital city Accra, in the Subranum district
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Archie Koimtsidis – Chief Executive Officer / Managing Director
Kevin Tomlinson – Non-Executive Chairman
Malik Easah – Executive Director
Jacques McMullen – Non-Executive Director
Michele Muscillo – Non-Executive Director
Robert Schafer – Non-Executive Director


Gold Fields – 11.17%
Bank of Nova Scotia – Dynamic Fund – 10.77%
Van Eck Associates Corp – 7.49%
Royal Bank of Canada – 7.08%
Sprott Asset Management LP – 4.98%
Commonwealth Bank Australia – 4.77%
Directors – 4.26%
US Global – 4.00%
Aga Nola – 3.00%


Project Highlights

  • Large scale single open pit
    • Low strip ratio (Life of Mine 1.2 : 1)
    • 300m – 400m anticipated pit depth
  • Resource
    • Open at depth and along strike
    • Extension and infill drilling ongoing
  • Metallurgy
    • Currently 86% overall recovery with optimisation ongoing
    • Conventional crush-grind-float-regrind-CIL
  • Mining License Granted
    • 15 years renewable
    • Environmental permitting in progress
    • EIA Scoping Report submitted to EPA

Namdini Preliminary Economic Assessment

  • Dependent upon the eventual production scenario chosen;
    • Average annual gold produced ranges from 159,000 ozpa at 4.5 Mtpa up to 330,000 ozpa at 9.5 Mtpa
    • NPV ranges from US$ 706M up to US$ 1,036M pre‐tax and US$ 445M up to US$ 649M post‐tax
    • IRR ranges from 42% to 62% pre‐tax and 31% to 44% post‐tax
    • Payback ranges from 4.0 to 3.3 years and
    • All‐in sustaining costs range from US$ 701/oz to US$ 794/oz
  • The target Life of Mine pit includes 91Mt @ 1.1 g/t for 3.3 Moz (81%) of Indicated Mineral Resource and 22 Mt @ 1.1 g/t for 0.8 Moz (19%) of Inferred Mineral Resources at a 0.5 g/t cut off, using the September 2017 Mineral Resource Estimate data
  • Identification of a higher‐grade starter pit yielding >1 Moz gold with a <0.9 strip ratio for which further optimisation will be performed in the next study phase
  • Mineral Resource categories of 81% Indicated and only 19% Inferred within the potential LOM pit
  • A new conventional gold plant inclusive of flotation and regrind ‐ CIL of the flotation concentrate
Resource Highlights
  • 6.5 Moz Au contained in 180 Mt at 1.13 g/t Au at a cut-off of 0.5 g/t Au Indicated Mineral Resource Category
  • 0.5 Moz Au contained in 13 Mt at 1.2g/t Au at a cut-off of 0.5 g/t Au Inferred Mineral Resource Category
  • Mineral Resource update March 2018 – Multiple Indicator Kriging methodology used
  • Remains open along strike and down dip


  • 4.5km strike length gold auger soil anomaly being investigated
  • Recent drilling results included 1m at 6.7g/t from 37m, 2m at 6.5g/t from 7m and 5m at 2.8g/t Au from 60m
  • 5,000m of RC and Diamond drilling to commence Q3 2018


  • Previous RC drilling completed by Africwest Gold in 1997 around the historic Nangodi Gold Mine returned gold grades including 41m at 5.2g/t, 32m at 3.1g/t, 26m at 2.8g/t, 21m at 3.8g/t, 15m at 4.6g/t and 13m at 2.5g/t
  • 6 prospects with 70km strike length, 15km north of the Namdini Goldfields
  • Drilling of three target areas is underway with the remainder set to commence during Q2 2018


  • Related to the Markoye Fault Corridor which hosts several major gold deposits in Burkina Faso including B2 Gold’s 5.8Moz Kiaka Gold Mine, West Africa Resources’ 1.1Moz Tanlouka Gold Project, Orezone Resources’ 5.7Moz Bombore Gold Mine
  • 3 drill‐ready target areas generated from auger gold‐in‐soil anomalies, previous air magnetic interpretation, mapping and ground truthing over the prospect
  • Cardinal expects to commence drilling these targets Q2 2018

Namdini Drilling

  • Pit geotechnical
  • Infrastructure geotechnicalHydrology and hydrogeology
  • Geophysics planned

Regional Exploration

  • Kungongo
  • Ndongo
  • Bongo
  • Subranum

Contact Details



PHONE: +61 8-6558-0573

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