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Cardinal defines 6.5 Moz indicated gold resource for Namdini project

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Cardinal defines 6.5 Moz indicated gold resource for Namdini project

Cardinal Resources Ltd. completed an updated resource estimate for its Namdini gold project in Ghana that showed a significant increase in indicated resources, according to a March 5 release.

From 4.3 million ounces in September 2017, indicated resources now total 6.5 million ounces contained within 180 million tonnes at 1.13 g/t of gold using a 0.5 g/t cutoff.

The company attributed the increase to an intensive infill drill program, which helped convert inferred gold ounces into the indicated category. The program comprised 15,684 meters in 35 holes.

Namdini also hosts inferred resources of 500,000 ounces of gold within 13 million tonnes at 1.2 g/t of gold.

Cardinal also said it plans to complete a maiden reserve estimate and a pre-feasibility study for the project in mid-2018.

A recently released preliminary economic assessment for Namdini confirmed the project to be a technically and financially robust, low-cost mining opportunity with the potential to generate strong positive cash flows.