Cardinal’s Starter Pit Infill Drilling Results
(firmenpresse) - July 16, 2019 - Cardinal Resources Limited (ASX/TSX: CDV) (Cardinal or the Company - https://www.commodity-tv.net/c/search_adv/?v=299176 ) is pleased to report positive results from a selected area within the proposed starter pit that encompasses the first 2 to 3 years of production at its flagship Namdini Gold Project in Ghana. The infill drill programme results highlight the robustness of the Companys current Mineral Resource and further supports the Companys Project Finance plans.
HIGHLIGHTS
- Infill drilling tested down to the base of the proposed starter pit to a vertical depth of 140m
Selected in fill drill hole intersections:
89m (at) 2.3 g/t Au from surface in NMRC794
83m (at) 3.5 g/t Au from surface in NMRC745
78m (at) 4.1 g/t Au from surface in NMRC738
74m (at) 2.6 g/t Au from surface in NMRC743
69m (at) 3.9 g/t Au from 99m in NMRC762
60m (at) 2.1 g/t Au from surface in NMRC766
42m (at) 3.2 g/t Au from 138m in NMRC771
40m (at) 3.7 g/t Au from 10m in NMRC767
14m (at) 4.1 g/t Au from 146m in NMDD172
Intersections are reported above 0.5 g/t Au using a minimum width of 3m, with no more than 3m of internal dilution of less than 0.5 g/t Au.
Cardinals Chief Executive Officer / Managing Director, Archie Koimtsidis said:
This close spaced infill drill programme, along with the previous Grade Control* programme within our proposed starter pit, confirms the robustness of our Mineral Resource, thereby providing higher confidence in predicting operational outcomes.
The infill results are also key to underpinning the delivery of a high-quality engineering study which will provide more informed economic data during the critical project finance payback period.
An added benefit of these infill drill results is enhancing confidence in the first 2 to 3 years production from the proposed starter pit. This will assist Cardinal with project financing options for the Namdini Project with a declared open pit Ore Reserve of 5.1Moz (138.6 Mt (at) 1.13 g/t Au; 0.5 g/t cut-off) inclusive of 0.4Moz Proved (7.4 Mt (at) 1.31 g/t Au; 0.5 g/t cut-off) and 4.7Moz Probable (131.2 Mt (at) 1.12 g/t Au; 0.5 g/t cut-off).
* Refer to ASX/TSX press release Cardinal Grade Control Drill Results Returned dated 12 December 2017.
Infill Drilling
Cardinal completed a 3,640m Reverse Circulation percussion and Diamond core test infill drill programme which comprised 30 drill holes infilling earlier drilling to a grid pattern of approximately 25m (E) by 25m (N), within the proposed starter pit. The drill programme comprised three 25 metre spaced traverses with an area of approximately 300m (E) by 75m (N) to approximately 140m vertical (Figure 1). Drilling was inclined at around -65° to the east in the Namdini local grid, consistent with drilling undertaken for previous mineral resource (Figures 2, 3 and 4). Detailed results of the drill programme are provided in Schedule 1 to this announcement.
The close spaced infill drill pattern has demonstrated continuity of mineralised zones within this infill drilling area. The results provide another layer of confidence that the spatial distribution and tenor of gold within this test area are in line with the Namdini Mineral Resource expectations.
Drilling, Sampling, Sub-sampling, and Sample Analysis methods:
Reverse circulation percussion drilling (nominally 130mm i.e. 5¼ inch diameter) was usually 200m or less in depth. All reverse circulation holes were down-hole surveyed at 30m intervals.
Diamond core drilling was HQ in size in both weathered and fresh rock. All diamond holes were surveyed down-hole at 30m intervals. All HQ core was orientated.
The infill drilling comprised east-west trending traverses of easterly inclined holes. Hole spacing was approximately 25m by 25m.
All reverse circulation samples were collected at the drill site over 1m intervals and split using a multi-stage riffle splitter.
Diamond core was generally longitudinally sawn in half; with half sent for assaying, and half retained in core trays for future reference. One metre samples were taken and submitted to an independent laboratory for assaying. At the laboratory, both core and reverse circulation samples followed a standard procedure of drying, jaw crushing and pulverising by ring mill. The pulverised samples were thoroughly mixed (mat-rolled) and then 200g of sub-sample was collected. Internal laboratory checks required at least 90% of the pulp passing 75µm. A 50g charge was produced for subsequent fire assay.
Very good recovery of both core and reverse circulation samples (>95%) were recorded and they are considered to be representative of the mineralisation defined by the drilling.
Cardinal used two laboratories for its sample submissions, SGS Ouagadougou Laboratory in Burkina Faso and SGS Tarkwa Laboratory in Ghana. The independent SGS commercial geochemical analytical laboratories are officially recognized by the South African National Accreditation System (SANAS) as meeting the requirements of the ISO/IEC 17025 standard for specific registered tests for the Minerals Industry.
As part of the Cardinal QAQC program, a suite of internationally accredited and certified reference materials (standards) and locally sourced blanks were included in the sample submission sequence. The standards covered gold grade ranges expected at Namdini. Interlaboratory umpire analyses were also conducted. The sampling, sample preparation and analysis processes were found to be appropriate and acceptable for Mineral Resource estimation
Certified reference material (blanks and standards) were submitted into the sample stream at a rate of 1 in 20 samples. Duplicate samples of reverse circulation chips were taken at a rate of 1 in 22.
No employee, officer, director, or associate of Cardinal carried out any sample preparation on samples from the Namdini Project exploration programme. Drill core was transported from the drill site by a Cardinal vehicle to the secure core yard facility at the Bolgatanga Field Exploration Office.
All samples collected for assaying were retained in a locked, secure storage facility until collected and transported by the SGS laboratory personnel. Retained drill core was securely stored in the core storage facility and pulps and coarse rejects returned from the laboratories were securely stored in the exploration core logging area and at a nearby secure location in Bolgatanga, Ghana.
Drill hole collars were surveyed using differential GPS (DGPS), with most diamond holes and deeper RC holes down hole surveyed at intervals of generally around 30m using electronic multi-shot and gyroscopic equipment. The drilling at Namdini is considered to have been surveyed with sufficient accuracy for current estimates.
Cut-off grade(s) including the basis for the selected cut-off grade:
An estimated marginal cut-off grade was established at 0.5 g/t Au using an assumed long-term gold price of US$1,300/oz. The provided Mineral Resource was validated and used to develop a mining model, as the basis for a LOM plan and economic assessment.
Gold royalties were assumed at 5% of gold price, with payable gold estimated at 99.8% of doré exported. The net gold price was thus US$39.67 /g. The input processing cost provided in the ASX and TSX announcement on 18 April 2019 was US$14.30/t plus an additional US$1.50 /t allowed for stockpile reclaim giving a total of US$15.80 /t of mill feed (as dry tonnes). The tested overall process recovery utilised was 82%. Thus, the marginal cut-off grade (COG) is estimated as: process cost / (net gold price * process recovery) giving 0.5 g/t Au (to one significant figure).
Using this marginal COG, the proportion of ore and the gold grade above the COG were defined in the mining model. The parcelled proportions of ore above COG within the blocks were then exported for open pit optimisation. The 0.5 g/t Au COG approximates an operational parameter that the Company believes to be applicable. This is in accordance with the guidelines of Reasonable Prospects for Eventual Economic Extraction in CIM and the JORC Code.
Mining and Metallurgical Methods and Parameters and other modifying factors considered to date:
Metallurgical testwork continued to focus on development of on the same flowsheet as presented in Cardinals PFS study (ASX/TSX 18 September 2019). The flowsheet is described as a conventional primary crush, SABC, flotation, regrind and carbon-in-leach circuit.
The metallurgical testwork on fresh material was carried out by ALS Laboratory in Perth, Australia and at the Maelgwyn Laboratory in Johannesburg, South Africa. Positive leach results were returned from the Maelgwyn Mineral Services Africa (MMSA) metallurgical Laboratories in South Africa from pilot scale testwork utilising the AachenTM Shear Reactor (ASX/TSX Press Release dated 4 June 2019). AachenTM is a relatively simple, proven process being used several global gold producers and specifically in Africa. These operations have consistently demonstrated an uplift in gold recovery with AachenTM.
Mining costs were developed from first principles and a profit factor applied to estimate contract mining cost. The estimated base mining cost has an applied incremental cost with depth, to account for increased haulage costs and the depth of mining increases in line with standard mining cost principles. All costs have been determined on a US dollar (US$) basis. Mining will be conducted by a mining contractor which would bear the total mining capital cost under an outsourced mining arrangement, with the costs recovered by the mining contractor on a cost per tonne mined basis.
https://www.irw-press.at/prcom/images/messages/2019/48321/16072019_EN_Cardinal''s Starter Pit Infill Drilling Results.001.png
Figure 1: Plan View of Namdini deposit showing drill hole locations and interpreted geology
https://www.irw-press.at/prcom/images/messages/2019/48321/16072019_EN_Cardinal''s Starter Pit Infill Drilling Results.002.png
Figure 2: Cross Section showing down hole mineralised intersections of infill holes
https://www.irw-press.at/prcom/images/messages/2019/48321/16072019_EN_Cardinal''s Starter Pit Infill Drilling Results.003.png
Figure 3: Cross Section showing down hole mineralised intersections of infill holes
https://www.irw-press.at/prcom/images/messages/2019/48321/16072019_EN_Cardinal''s Starter Pit Infill Drilling Results.004.png
Figure 4: Cross Section showing down hole mineralised intersections of infill holes
ABOUT CARDINAL
Cardinal Resources Limited (ASX/TSX: CDV) is a West African goldfocused exploration and development Company that holds interests in tenements within Ghana, West Africa.
The Company is focused on the development of the Namdini Project, for which the Company has published a gold Ore Reserve of 5.1Moz (138.6 Mt (at) 1.13 g/t Au; 0.5 g/t cut-off), inclusive of 0.4Moz Proved (7.4 Mt (at) 1.31 g/t Au; 0.5 g/t cut-off) and 4.7Moz Probable (131.2 Mt (at) 1.12 g/t Au; 0.5 g/t cut-off), and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Companys Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
For further information contact:
Archie Koimtsidis
CEO / MD
Cardinal Resources Limited
P: +61 8 6558 0573
Alec Rowlands
IR / Corp Dev
Cardinal Resources Limited
P: +1 647 256 1922
Andrew Rowell
Cannings Purple
E: arowell(at)canningspurple.com.au
P: +61 400 466 226
Peta Baldwin-
Cannings Purple
E: pbaldwin(at)canningspurple.com.au
P: +61 455 081 008
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
Competent Persons / Qualified Persons Statement
The information in this press release that relates to Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr. Richard Bray, a Competent Person (Qualified Person) who is a Registered Professional Geologist with the Australian Institute of Geoscientists. Mr. Bray has more than five years experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person as defined by the NI43-101 instrument. Mr. Bray is a full-time employee of Cardinal and holds equity securities in the Company. Mr. Bray has consented to the inclusion of the matters in this report based on the information in the form and context in which it appears.
The information in this press release that relates to Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr. Ekow Taylor, a Competent Person (Qualified Person) who is a Chartered Professional Geologist with the Australasian Institute of Mining and Metallurgy. Mr. Ekow Taylor has more than five years experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which is being undertaken to qualify as a Competent Person, as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person as defined by the NI43-101 instrument. Mr. Taylor is a full-time employee of Cardinal and holds equity securities in the Company. Mr. Taylor has consented to the inclusion of the matters in this report based on the information in the form and context in which it appears.
Both Mr Bray and Mr Taylor have worked on the Exploration at the Namdini Gold Project collaboratively and are jointly and severely responsible for the Exploration Results.
ASX Listing Rule 5.23.2
This report contains information extracted from the following reports which are available for viewing on the Companys website www.cardinalresources.com.au :
- 04 June 2019--Positive Metallurgical Update on Namdini Project
- 18 April 2019--Addendum to Namdini Ore Reserves Press Release
- 10 April 2019--Feasibility Study & Project Finance Update
- 03 April 2019--Cardinals Namdini Ore Reserve Now 5.1Moz
- 26 October 2018--Technical Report on Namdini Gold Project Filed on Sedar
- 18 September 2018-Cardinal Namdini Pre-Feasibility Study 4.76Moz Ore Reserve
- 12 December 2017-Cardinal Grade Control Drill Results Returned
The Company confirms it is not aware of any new information or data that materially affects the information included in this report relating to exploration activities and all material assumptions and technical parameters underpinning the exploration activities in those market announcements continue to apply and have not been changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements. Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
Disclaimer
This ASX / TSX press release has been prepared by Cardinal Resources Limited (ABN: 56 147 325 620) (Cardinal or the Company). Neither the ASX or the TSX, nor their regulation service providers accept responsibility for the adequacy or accuracy of this press release.
This press release contains summary information about Cardinal, its subsidiaries and their activities, which is current as at the date of this press release. The information in this press release is of a general nature and does not purport to be complete nor does it contain all the information, which a prospective investor may require in evaluating a possible investment in Cardinal.
By its very nature exploration for minerals is a highrisk business and is not suitable for certain investors. Cardinals securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Cardinal and of a general nature which may affect the future operating and financial performance of Cardinal and the value of an investment in Cardinal including but not limited to economic conditions, stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel and foreign currency fluctuations.
Except for statutory liability which cannot be excluded and subject to applicable law, each of Cardinals officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this press release and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Announcement or any error or omission here from. Except as required by applicable law, the Company is under no obligation to update any person regarding any inaccuracy, omission or change in information in this press release or any other information made available to a person nor any obligation to furnish the person with any further information. Recipients of this press release should make their own independent assessment and determination as to the Companys prospects, its business, assets and liabilities as well as the matters covered in this press release.
Forward-looking statements
Certain statements contained in this press release, including information as to the future financial or operating performance of Cardinal and its projects may also include statements which are forwardlooking statements that may include, amongst other things, statements regarding targets, anticipated timing of the feasibility study (FS) on the Namdini project, estimates and assumptions in respect of mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward - looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Cardinal, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forwardlooking statements.
Cardinal disclaims any intent or obligation to update publicly or release any revisions to any forwardlooking statements, whether as a result of new information, future events, circumstances or results or otherwise after todays date or to reflect the occurrence of unanticipated events, other than required by the Corporations Act and ASX and TSX Listing Rules. The words believe, expect, anticipate, indicate, contemplate, target, plan, intends, continue, budget, estimate, may, will, schedule and similar expressions identify forwardlooking statements.
All forwardlooking statements made in this press release are qualified by the foregoing cautionary statements. Investors are cautioned that forwardlooking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forwardlooking statements due to the inherent uncertainty therein.
SCHEDULE 1 - DRILL RESULTS
The listed intercepts within the tables in Schedule 1, have a detailed explanation within the notes, to describe how the intercepts were calculated, using 0.5 g/t cut-off, which approximates the cut-off of Reasonable Prospects of Eventual Economic Extraction (RPEEE) as per The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 and Canadian Institute of Mining (CIM) 2010 guidelines and internal dilution of no more than 3m at <0.5g/t Au.
Hole IDTypDeptDip AzimGrid_ID mEast mNorth mRL
e h uth
(m)
(m)
NMDD169DDH180.-66.89.0UTM_WGS84Zone_30757,4611,177,2203.7
77 2 5 .1 18.1 3
North
NMDD170DDH176.-66.92.3UTM_WGS84Zone_30757,4101,177,2203.9
1 5 6 .5 29.3 9
North
NMDD171DDH180.-67.93.9UTM_WGS84Zone_30757,4551,177,1204.4
49 2 3 .2 97.7 3
North
NMDD172DDH160.-65.91.6UTM_WGS84Zone_30757,4051,177,2204.4
13 6 7 .3 05.7 0
North
NMDD173DDH160.-66.92.1UTM_WGS84Zone_30757,3821,177,2204.5
01 5 5 .7 09.3 4
North
NMRC730RC 36 -65.99.9UTM_WGS84Zone_30757,3841,177,2203.9
0 6 .3 30.0 8
North
NMRC730RC 120 -65.89.7UTM_WGS84Zone_30757,3861,177,2203.9
A 7 4 .8 33.0 0
North
NMRC733RC 60 -65.92.0UTM_WGS84Zone_30757,4101,177,2203.9
6 3 .1 27.4 9
North
NMRC735RC 50 -64.91.3UTM_WGS84Zone_30757,6571,177,1202.1
1 .3 92.2 8
North
NMRC737RC 60 -65.90.7UTM_WGS84Zone_30757,6541,177,1202.0
9 5 .1 63.9 0
North
NMRC738RC 90 -63.88.0UTM_WGS84Zone_30757,6111,177,1202.9
9 1 .8 94.3 4
North
NMRC743RC 108 -64.89.3UTM_WGS84Zone_30757,5991,177,1199.7
4 4 .5 46.7 9
North
NMRC744RC 60 -64.87.9UTM_WGS84Zone_30757,6421,177,1199.3
3 1 .0 40.9 2
North
NMRC745RC 100 -66.86.7UTM_WGS84Zone_30757,5831,177,1204.5
3 .0 77.3 9
North
NMRC748RC 150 -64.87.9UTM_WGS84Zone_30757,5331,177,2205.5
0 .2 08.8 7
North
NMRC750RC 160 -64.90.1UTM_WGS84Zone_30757,5291,177,1206.5
1 1 .7 56.4 1
North
NMRC754RC 150 -64.96.3UTM_WGS84Zone_30757,5331,177,2205.5
5 .167 08.807 67
North
NMRC758RC 150 -65.95.6UTM_WGS84Zone_30757,5571,177,2205.1
1 5 .3 04.5 5
North
NMRC760RC 90 -66.97.6UTM_WGS84Zone_30757,3611,177,2204.3
0 3 .7 32.1 8
North
NMRC761RC 100 -64.88.9UTM_WGS84Zone_30757,3571,177,1205.1
6 8 .9 81.4 6
North
NMRC762RC 170 -65.93.4UTM_WGS84Zone_30757,4801,177,1204.7
6 5 .3 92.3 7
North
NMRC763RC 180 -66.88.6UTM_WGS84Zone_30757,4741,177,1205.4
4 5 .9 66.7 8
North
NMRC766RC 84 -60.89.4UTM_WGS84Zone_30757,6171,177,1199.7
4 2 .6 47.6 7
North
NMRC767RC 180 -65.90.4UTM_WGS84Zone_30757,5071,177,2204.7
5 5 .4 14.0 8
North
NMRC769RC 30 -65.86.7UTM_WGS84Zone_30757,4611,177,2203.6
3 1 .1 18.1 2
North
NMRC770RC 93 -66.86.3UTM_WGS84Zone_30757,4531,177,1204.2
3 9 .6 92.8 9
North
NMRC771RC 180 -65.89.8UTM_WGS84Zone_30757,4281,177,1204.9
0 3 .4 72.1 5
North
NMRC775RC 123 -64.89.4UTM_WGS84Zone_30757,4061,177,2204.4
4 5 .9 00.3 7
North
NMRC777RC 93 -65.85.4UTM_WGS84Zone_30757,3801,177,2204.7
1 5 .6 01.1 0
North
NMRC794RC 165 -53.99.9UTM_WGS84Zone_30757,5861,177,1204.6
9 4 .9 74.4 1
North
Table 4: Drill hole Collar data
Hole_ID mFrom mTo mLengtAu_ppmSecti
h on
NMRC730A 84 101 17 1.1 M
NMRC730A 105 114 9 1.7 M
NMRC730A 114 120 6 0.6 M
NMRC735 6 15 9 2.1 M
NMRC735 28 31 3 0.6 M
NMRC735 43 46 3 1.0 M
NMRC737 2 9 7 2.4 M-25
NMRC737 19 27 8 2.9 M-25
NMRC737 42 46 4 1.1 M-25
NMRC738 0 78 78 4.1 M
NMRC743 0 74 74 2.6 L
NMRC743 80 83 3 1.5 L
NMRC743 88 97 9 5.2 L
NMRC744 0 31 31 1.1 L
NMRC744 48 53 5 2.5 L
NMRC745 0 83 83 3.5 M-25
NMRC745 90 99 9 2.8 M-25
NMRC748 0 5 5 2.7 M
NMRC748 12 20 8 4.2 M
NMRC748 25 30 5 2.8 M
NMRC748 43 64 21 0.9 M
NMRC748 81 99 18 3.5 M
NMRC748 103 121 18 2.9 M
NMRC748 126 132 6 1.7 M
NMRC750 0 10 10 1.1 L
NMRC750 10 13 3 0.5 L
NMRC750 22 27 5 0.7 L
NMRC750 39 71 32 1.6 L
NMRC750 78 123 45 1.7 L
NMRC754 0 107 107 1.9 L
NMRC754 135 140 5 1.6 L
NMRC758 3 6 3 0.7 M
NMRC758 14 19 5 1.2 M
NMRC758 23 26 3 0.6 M
NMRC758 30 42 12 1.4 M
NMRC758 69 76 7 3.1 M
NMRC758 83 125 42 2.8 M
NMRC758 146 150 4 5.3 M
NMRC761 64 67 3 0.7 L
NMRC762 3 9 6 1.6 M-25
NMRC762 13 33 20 1.2 M-25
NMRC762 43 57 14 1.8 M-25
NMRC762 70 73 3 0.6 M-25
NMRC762 99 168 69 3.9 M-25
NMRC763 3 33 30 1.1 L
NMRC763 39 58 19 1.1 L
NMRC763 71 78 7 0.6 L
NMRC763 85 135 50 3.4 L
NMRC763 141 151 10 3.4 L
NMRC763 169 172 3 0.6 L
NMRC763 174 177 3 0.6 L
NMRC766 0 60 60 2.1 L
NMRC766 65 74 9 0.9 L
NMRC767 0 10 10 0.5 M
NMRC767 10 50 40 3.7 M
NMRC767 61 75 14 1.3 M
NMRC767 89 114 25 2.0 M
NMRC767 128 135 7 3.0 M
NMRC767 140 151 11 1.1 M
NMRC769 26 29 3 3.7 M
NMRC770 22 43 21 2.4 M-25
NMRC770 51 65 14 0.7 M-25
NMRC770 77 93 16 2.1 M-25
NMRC771 0 8 8 0.8 L
NMRC771 18 28 10 1.3 L
NMRC771 33 53 20 1.4 L
NMRC771 62 66 4 3.7 L
NMRC771 76 79 3 2.2 L
NMRC771 138 180 42 3.2 L
NMRC775 0 5 5 1.5 M-25
NMRC775 44 47 3 1.8 M-25
NMRC775 68 95 27 1.1 M-25
NMRC775 104 110 6 4.0 M-25
NMRC777 80 93 13 2.2 M-25
NMRC794 0 89 89 2.3 M-25
NMRC794 106 113 7 1.8 M-25
NMRC794 133 138 5 0.9 M-25
NMDD169 32 53 21 1.1 M
NMDD169 69 78 9 1.1 M
NMDD169 85 92 7 0.8 M
NMDD169 100 105 5 1.6 M
NMDD169 114 117 3 2.3 M
NMDD169 127 142 15 2.0 M
NMDD169 142 153 11 0.7 M
NMDD169 153 181 28 3.6 M
NMDD170 56 59 3 2.6 M
NMDD170 69 91 22 1.8 M
NMDD170 102 105 3 4.3 M
NMDD170 147 152 5 2.6 M
NMDD170 165 176 11 1.4 M
NMDD171 24 44 20 2.9 M-25
NMDD171 54 58 4 2.7 M-25
NMDD171 58 127 69 0.7 M-25
NMDD171 127 139 12 2.1 M-25
NMDD171 143 164 21 2.7 M-25
NMDD171 169 178 9 3.1 M-25
NMDD172 22 28 6 1.4 M-25
NMDD172 48 51 3 1.4 M-25
NMDD172 85 89 4 1.6 M-25
NMDD172 103 106 3 1.5 M-25
NMDD172 146 160 14 4.1 M-25
NMDD173 81 86 5 1.8 M-25
NMDD173 92 95 3 1.4 M-25
NMDD173 104 108 4 0.9 M-25
NMDD173 114 120 6 3.3 M-25
NMDD173 139 160 21 2.4 M-25
Table 5: Summary of individual intercepts.
Notes:
- Intersections are reported above 0.5 g/t Au using a minimum width of 3m, with no more than 3m of internal dilution of less than 0.5 g/t Au.
- Intervals are Reverse Circulation drill cuttings and Diamond half core which are both sampled every 1m
- Samples are analyzed for Au (SGS Lab FAA505 method) which is a 50g fire assay fusion with AAS instrument finish.
- Grid coordinates are in WWGS84 Zone 30 North.
APPENDIX 1 - JORC CODE 2012 EDITION - TABLE 1
Section 1 - Sampling Technique and Data
Criteria JORC Code Explanation Commentary
Sampling Nature and quality of In fill resource drilling
technique sampling (e.g. cut comprises 5 diamond core holes
s channels, random and
chips,
or 25 Reverse Circulation (RC)
specific specialised drill holes totalling
industry standard
measurement tools 3,640 m.
appropriate Diamond core sampling was half-c
to the minerals under ore
investigation, such sampl
as down ing of HQ core size. RC
drilling utilised
hole gamma sondes, or face-sampling hammers of
handheld XRF nominally 127 to 140 mm
instruments, etc.). diameter, with samples
These examples should collected by riffle
not splitting.
be taken as limiting
the broad meaning of Additional drilling including
sampling. exploration and sterilisation
drilling outside the
Mineral Resource area, and 10m b
y 15m spaced trial RC grade
control drilling was not
included in the
Mineral Resource estimation
dataset.
Include reference to Field sampling followed
measures taken to Cardinal Namdini protocols
ensure sample including industry standard
representivity quality control
and the appropriate procedures.
calibration of any
measurement tools or Sample representativity is
systems ensured
used. by:
RC samples: Collecting 1m
samples from a cyclone,
passing them through a 3-tier
riffle splitter, and taking
duplicate samplers every
20
th sample.
Diamond Core: -For drilling
prior to approximately April
2016 core was halved for
sub-sampling with a diamond
saw. From approximately April
2016 to June 2017 core was
quartered for assaying. For
drilling after June 2017
diamond core was halved for
sub-sampling. Sample intervals
range from 0.2 to 1.8 m in
length, with majority of
samples assayed over 1 m
intervals.
Aspects of the After oven drying diamond core
determination of samples were crushed using a
mineralisation that jaw crusher, with core and RC
are Material to samples crushed to a -2mm size
the using an RSD Boyd crusher.
Public Report. Riffle split sub-samples were
pulverised to nominally 85%
In cases where passing 75
industry standard microns.
work has been done
this would be
relatively Pulverised samples were fire
assayed for gold using
simple (e.g. reverse
circulation drilling a 50-gram charge with an
was used to obtain 1 atomic absorption finish, with
m samples from which a detection limit of 0.01
3 kg was pulverised g/t
to produce a 30 g Au. Assays of greater than 100
charge for fire g/t were re-analysed with a
assay). In other gravimetric finish.
cases, more
explanation may be
required, such as
where there is coarse
gold that has
inherent sampling
problems. Unusual
commodities or
mineralisation types
(e.g. submarine
nodules) may warrant
disclosure of
detailed
information.
Drilling Drill type (e.g. core, Diamond core drilling is
technique reverse circulation, completed with core size of HQ
s openhole hammer, with tipple tube drilling
rotary through surficial saprolite
air and standard tubes for deeper
blast, auger, Bangka, drilling. Core was orientated
sonic, etc.) and using a digital Reflex ACT II
details (e.g. core RD orientation
diameter, tool.
triple
or standard tube, Reverse circulation drilling
depth of diamond utilised face sampling hammers
tails, face-sampling of nominal 127 to 140mm
bit or diameter.
other
type, whether core is The Mineral Resource drilling
oriented and if so, comprises east-west trending
by what method, traverses of holes inclined
etc.). towards the east at generally
45
° to 65° approximately
perpendicular to
mineralisation.
All drill collars are surveyed
using an RTK GPS with most
diamond holes and deeper RC
holes downhole surveyed at
intervals of generally around
30 m using electronic
multi-shot and gyroscopic
equipment.
Drill samMethod of recording Recovered core lengths were
ple and assessing core measured for 98% of the
recovery and chip sample diamond resource drilling,
recoveries showing generally very high
and results assessed. recoveries, which average
99.8% for mineralised domain
samples.
RC sample recoveries were
assessed by weighing recovered
sample weights for 1m
intervals. For the combined
dataset estimated recoveries
average 85% which is
considered
acceptable.
Measures taken to All drilling activities were
maximise sample supervised by company
recovery and geologists.
ensure
representative nature Measures taken to maximise
of the diamond core recovery included
samples. use of HQ core size with
triple tube drilling through
the saprolite zone, and having
a geologist onsite to examine
core and core metres marked
and orientated to check
against the drillers blocks
and ensuring that all core
loss is
considered.
RC sample recovery was
maximised by utilising
drilling rigs with sufficient
compressor capacity, including
auxiliary compressors to
provide dry, high recovery
samples. In cases where the RC
rig was unable to maintain dry
samples the hole was continued
by diamond core drilling.
RC sample condition was
routinely logged by field
geologists with less than 0.2%
of resource RC samples logged
as moist or
wet.
Whether a relationship No relationship is seen to
exists between sample exist between sample recovery
recovery and grade and grade, and no sample bias
and is due to preferential
whether sample bias loss/gain of any fine/coarse
may have occurred due material due to the generally
to preferential high sample recoveries
loss/gain obtained by both drilling
of fine/coarse methods employed.
material.
Logging Whether core and chip All drill holes were
samples have been geologically
geologically
and logged, and selected diamond
geotechnically logged core was geotechnically
to a level of detail logged. The lithology,
to support alteration and geotechnical
appropriate characteristics of core are
Mineral Resource logged directly to a digital
estimation, mining format on a Field Toughbook
studies and laptop logging system
metallurgical following procedures and using
studies. Cardinal geologic codes. Data
is imported into Cardinals
central database after
validation in Maxwell
LogChief software.
The geological and geotechnical
logging is of appropriate
detail to support the Mineral
Resource estimation, and
mining and metallurgical
studies.
Whether logging is Logging was both qualitative
qualitative or and quantitative depending on
quantitative in the field being logged.
nature. Core
(or
costean, channel, RC chips in trays and HQ core
etc.) were photographed both in dry
photography. and wet
form.
The total length and Geological logs are available
percentage of the for 86,728 (99.5%) of the
relevant resource drilling
intersections
logged.
Sub-samplIf core, whether cut For sampling, diamond core was
ing or sawn and whether either quartered or halved
techniqu quarter, half or all with these sample types
es core providing 36% and 64% of
and samp taken. mineralised domain core
le
preparat samples, respectively.
ion
If non-core, whether RC samples were split using a
riffled, tube three-tier riffle splitter.
sampled, rotary Rare wet
split, etc.
and samples were air dried prior to
whether sampled wet riffle splitting.
or
dry.
For all sample types, Sample preparation and gold
the nature, assaying was undertaken by
independent commercial
quality, and laboratories. Most primary
appropriateness of samples were submitted to SGS
the Ouagadougou or SGS Tarkwa for
sample preparation analysis by fire-assay with
technique. assays from these laboratories
contributing around one third
and two thirds of the
estimation
dataset, respectively. Samples
analysed by Intertek Tarkwa
provide around 0.5% of the
estimation
dataset.
After oven drying diamond core
samples were crushed using a
jaw crusher, with core and RC
samples crushed to minus 2mm
using an RSD Boyd crusher.
Riffle split sub-samples were
pulverised to nominally 85%
passing 75
microns
utilising an LM2 pulveriser.
The sample preparation is of
appropriately high quality for
Mineral Resource
estimation.
Quality control Procedures adopted to maximise
procedures adopted representivity of samples
for all sub-sampling include crushing and
stages pulverising of samples prior
to to further sub-sampling by
maximise appropriate splitting
representivity of techniques. Sample preparation
samples. equipment was routinely
cleaned with crushers and
pulveriser flushed with barren
material at the start of every
batch.
Measures taken to Measures taken to ensure sample
ensure that the representivity include use of
sampling is appropriate sub-sampling
representative of the methods, including riffle
in splitting for RC samples and
-situ material halving, or quartering diamond
collected, including core with a diamond saw. RC
for instance results field duplicates were
for routinely collected, and
field selected samples were
duplicate/secondhalf submitted for inter-laboratory
sampling. check
assaying.
Whether sample sizes Sample sizes are appropriate
are appropriate to for the grain size of the
the grain size of the sampled
material material.
being sampled.
Quality The nature, quality Samples are analysed for gold
of and appropriateness by lead collection fire assay
Assay datof the assaying and labof a 30 or 50g charge with AAS
a oratory procedures finish; the assay charge is
and labo used and whether the fused with the litharge-based
ratory technique is flux, cupelled and prill
tests considered dissolved in aqua regia and
partial or total. gold tenor determined by flame
AAS.
Fire assay is considered a
total assay
technique.
The quality of the Fire
Assaying and laboratory
procedures are considered to
be entirely appropriate for
this deposit type. The
analytical method is
considered appropriate for
this mineralisation style and
is of industry
standard.
Pulverised samples were fire
assayed for gold using a 30 or
50-gram charge with an atomic
absorption finish, with a
detection limit of 0.01 g/t.
Assays of greater than 100 g/t
were re-analysed with a
gravimetric
finish.
The fire assays represent total
analyses and are appropriate
for the style of
mineralisation. They are of
appropriately high quality for
Mineral Resource
estimation.
For geophysical tools, No hand-held geophysical tools
spectrometers, were
handheld XRF used.
instruments,
etc.,
the parameters used
in determining the
analysis including
instrument
make and model,
reading times,
calibrations factors
applied and
their
derivation, etc.
Nature of quality Monitoring of sample
control procedures preparation and analysis
adopted (e.g. included industry standard
standards, methods comprising routine
blanks, submission of certified
duplicates, external reference standards, coarse
laboratory checks) and fine
and whether
acceptable blanks, and inter-laboratory
levels repeats.
of accuracy (i.e.
lack of bias) and These procedures have confirmed
precision have been the reliability and accuracy
established. of the sample preparation and
analysis with sufficient
confidence for the Mineral
Resource estimation.
Acceptable levels of accuracy
and precision have been
established.
VerificatThe verification of Significant intersections have
ion significant been verified by alternative
of intersections by company
sampling either independent personnel
and or .
assaying alternative company
personnel.
The use of twinned None of the drill holes in this
holes. report are
twinned.
Documentation of Primary data were captured on
primary data, data field tough book laptops using
entry procedures, LogChief Software. The
data software has validation
verification, data routines and data was then
storage (physical and imported onto a secure central
electronic) database.
protocols.
Discuss any adjustment No adjustments were made to
to assay assays.
data.
Location Accuracy and quality All drill collars are surveyed
of data of surveys used to by RTK GPS (±10mm of accuracy)
points locate drill holes with most diamond holes and
(collar deeper RC holes downhole
and surveyed at intervals of
downhole surveys), generally around 30 m using
trenches, mine electronic multi-shot and
workings and other gyroscopic equipment.
locations
used
in Mineral Resource
estimation.
Specification of the Coordinate and azimuth are
grid system reported in UTM WGS84 Zone 30
used. North.
Quality and adequacy Topographic control was
of topographic established from aerial
control. photography using 12 surveyed
control points. A 1m ground
resolution DTM was produced by
Sahara Mining Services from a
UAV survey using a DJI Inspire
1 UAV at an altitude of 100m.
Topographic control is
adequate for estimation of
Mineral Resources and Ore
Reserve.
Data Data spacing for Drill spacing is at 50m x 100m
spacing reporting of line spacing with infill to
and dist Exploration 50m x 50m and 10m x 15m in
ribution Results. selected areas.
Whether the data Drill data spacing and
spacing and distribution are sufficient to
distribution is establish geological and grade
sufficient to continuity for the Mineral
establish Resource and Ore Reserve
the classifications were applied
degree of geological utilising this
and grade continuity information.
appropriate for the
Mineral Resource and Mineralisation tested by
Ore Reserve generally
estimation 50
procedure(s) and m by 50m and closer spaced
classifications drilling is assigned to the
applied. Indicated category, with
estimates for zones with more
closely spaced drilling
classified as Measured.
Estimates for panels not
informed consistently 50 by 50
m drilling are assigned to the
Inferred
category.
OrientatiWhether sample Drill hole assays were
on compositing has been composited to 2m down-hole
of applied. intervals for
data in
relation Mineral Resource estimation.
to geolog
ical
structur
e
Whether the Most resource drilling was
orientation of inclined at around
sampling achieves 45
unbiased sampling 0 to 60o to the east, providing
of un-biased sampling of the
possible structures mineralisation.
and the extent to
which this is known,
considering
the deposit type.
If the relationship
between the drilling
orientation and the
orientation
of key mineralised
structures is
considered to have
introduced
a
sampling bias, this
should be assessed
and reported if
material.
Sample seThe measures taken to Diamond core and RC samples
curity ensure sample were transported from the
security. drill site by Cardinal vehicle
to secure storage at the
Bolgatanga field exploration
office. Core yard technicians,
field technicians and
geologists ensured samples
were logged,
prepared, and securely stored
until collected for
transportation to the assay
laboratories by personnel
employed by the assay
laboratory.
All samples submitted for
assaying were retained in a
locked secure shed until
collected by laboratory
personnel for transport to
assay laboratory. Retained
drill core and RC chips are
securely stored in the core
storage compound, and pulps
are securely stored in the
core shed
A sign-off process between
Cardinal and the laboratory
truck driver ensured samples
and
paperwork correspond. The
samples were then transported
to the laboratory where they
were receipted against the
dispatch documents. The assay
laboratories were responsible
for samples from the time of
collection from the
exploration
office.
Audits orThe results of any Data is audited by Maxwell
audits or reviews of Geoservices (Perth), who have
reviews sampling techniques not made any other
and recommendations.
data.
Section 2 - Reporting of Exploration Results
(Criteria listed in section 1 will also apply to this section where relevant)
Criteria JORC Code Explanation Commentary
Mineral TType, name/reference The Mining Licence covering
enement number, location and Cardinals Namdini Project
and Land ownership over an area of approximately
including 19.54 sq.
Status agreements or material
issues with third km is located in the Northeast
parties including region of
joint Ghana.
ventures,
partnerships, The previous holder of the
overriding royalties, Mining Licence, Savannah
native title Mining Ghana Limited (Savanah)
interests, completed an initial
historical sites, Environmental Impact Statement
wilderness or (EIS) and lodged the EIS with
national park and the Environmental Protection
environmental Agency of
settings. Ghana.
The application by Savannah for
a Large-Scale Mining Licence
over an area of approximately
19.54
sq. km in the Upper East Region
of Ghana covering Cardinals
Namdini Project has been
granted by the Minister of
Lands and Natural Resources of
Ghana.
Savannah applied for the
assignment of this Large-Scale
Mining Licence to Cardinal
Namdini Mining Limited
(Namdini), a wholly owned
Subsidiary of Cardinal. The
assignment has been granted by
the Minister of Lands and
Natural Resources of Ghana.
The security of the All tenements are current and
tenure held at the in good standing. The Mining
time of reporting Lease for Namdini was granted
along with for an initial 15 years which
any is
known impediments to renewable.
obtaining a license
to operate in the
area.
ExploratiAcknowledgment and Aside from Cardinal there has
on appraisal of been no recent systematic
Done by exploration by other exploration undertaken on the
Other parties. Namdini
Parties Project.
Geology Deposit type, The deposit type comprises gold
geological mineralisation within sheared
and highly altered rocks
setting, and style of containing sulphides; mainly
mineralisation pyrite with minor
arsenopyrite. The geological
setting is a Paleoproterozoic
Greenstone
Belt
comprising Birimian
metavolcanics, volcaniclastics
and metasediments located in
close proximity to a major 30
km ~N-S regional shear zone
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