Stock Code

CDV

ASX:   ( )

TSX:   ( )

GoldUSD 1,280.10

  

NAMDINI: Ghana

The Namdini Mining Licence is located in the Bolgatanga region, 6 km south east of the operating Shaanxi underground Gold Mine and 12 km 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.

Figure 1: Namdini Project Proximity Map

Current Focus

Namdini Project

Cardinal is currently conducting a Diamond Drilling program which is yielding high grade, intercepts of gold (Figure 6).

Overview:

  • Large system
    • Mineralisation discovered over 1km strike, ~200-300m width and ~350m depth
  • Only ~13,000 Diamond metres and ~12,000 RC metres drilled to date
  • Well located for infrastructure
  • Initial JORC Resource Estimate and Metallurgical Testwork is underway
    • Results expected Q4 2016
  • 133m @ 1.61 g/t from 3m (incl 52m @ 2.40 g/t)
  • 119m @ 1.72 g/t from surface (incl 41m @ 2.57 g/t)
  • 108m @ 1.62 g/t from surface (incl 43m @ 2.52 g/t)
  • 99m @ 1.21 g/t from surface (incl 35m @ 2.50 g/t)
  • 97m @ 1.62 g/t from 147m
  • 94m @ 4.53 g/t from 33m
  • 83m @ 1.41 g/t from 14m
  • 75m @ 2.88 g/t from 130m
  • 67m @ 3.10 g/t from 3m
  • 51m @ 3.58 g/t from 85m
  • 45m @ 7.73 g/t from 168m
  • 42m @ 2.35 g/t from 61m
  • 41m @ 2.70 g/t from 98m
  • 22m @ 3.03 g/t from 73m
  • 18m @ 3.81 g/t from 80m
  • 18m @ 3.12 g/t from 16m
  • 17m @ 3.77 g/t from 30m
  • 13m @ 2.12 g/t from 20m
  • 13m @ 2.10 g/t from 51m
  • 11m @ 3.70 g/t from 10m
  • 11m @ 2.59 g/t from 1m
  • 11m @ 2.29 g/t from 18m
  • 10m @ 4.17 g/t from 47m
  • 9m @ 25.27 g/t from 50m
  • 9m @ 8.46 g/t from 85m
  • 9m @ 4.78 g/t from 55m
  • 9m @ 2.36 g/t from 14m
  • 7m @ 4.08 g/t from 55m
  • 6m @ 4.89 g /t from 95m.
Figure 2: Plan View – Drillholes with Gold Histograms
Figure 3: Long section – View East (mineralised intersections; 3m min width; 3m contiguous waste; 0.5 g/t cut off)
Figure 4: View through the Namdini deposit intersections towards N020E (mineralised intersections; 3m min width; 3m contiguous waste; 0.5 g/t cut off)
Figure 5: Plan View – Geology
Figure 6: Visible Gold within altered volcaniclastic drill core
Figure 7: Cut drill core containing visible gold (red circles) within altered volcaniclastic rock unit
Figure 8: Sheared, highly altered (silica-carbonate-chlorite-sericite) volcaniclastic/metasediment with sulphides (pyrite and arsenopyrite) from Namdini Pit
Figure 9: Brecciated, highly altered (silica-carbonate-chlorite-sericite) volcaniclastic/metasediment with sulphides (pyrite and arsenopyrite) from Namdini Pit

Known Mining Region

The Project is located in a mineral-rich region of Ghana where significant production has previously taken place from a number of gold mines and from numerous artisanal gold workings.

The producing open pit Youga Gold Mine, the historic Nangodi underground gold mine, the producing Shaanxi underground gold mine and the Namdini Mining Licence are all located along or adjacent to a major regional shear (Figure 1).

The Youga gold mine was recently sold by Endeavour Mining Corporation (TSX: EDV / ASX: EVR) and is currently in production and operated by MNG Gold. At 31 December 2013, the Proven and Probable mineral reserves at Youga and Youga Satellites are 4.0 million tonnes at 2.0 g/t gold containing 0.265 million ounces (on a project basis 100%). The Measured and Indicated mineral resources, inclusive of reserves, are 15.5 million tonnes at 1.6 g/t gold containing 0.805 million ounces, plus Inferred resources of 2.2 million tonnes at 1.4 g/t gold containing 0.099 million ounces (0.5 g/t cut-off grade). This deposit was identified through regional exploration in the early 2000’s.

The historic Nangodi gold mine produced 18,620 oz Au from 23,600 tonnes, at an average of ~23.9 g/t Au during the 1930’s from underground workings exceeding 150 m depths (Ghana Department of Mines records 1938).

The producing Shaanxi underground gold mine operates with four head frames, a large processing plant, an extensive range of equipment and company operated drill rigs. The underground workings are reported to range between 150 – 200 m depths.

Regional Setting

The Bole-Bolgatanga Fault is a major regional fault zone trending ~north east from Cote d’Ivoire, through north east Ghana, through Burkina Faso and into Niger. In Niger, the Samira Hill Gold Mine is located along the fault. This fault zone is developed over ~6 km in the north west corner of the Kungongo tenement and along the ~18 km south east SE border of the Bongo tenement and constitutes long lengths of potential gold bearing exploration targets.

The Nangodi Greenstone Belt is the southern portion of the greenstone belt that crosses into Burkina Faso where the Youga gold mine is located. Locally, the belt trends NNE-SSW over a distance of 30 km and turns to a more ENE-WSW trend in the south of the area.

The belt is comprised of Birimian interbedded metavolcanics (mainly basalt flows), metasediments (phyllites, greywackes and cherty horizons). Some small basic to intermediate intrusions occur within the belt which are associated with gold mineralisation. Metasediments of Tarkwaian age occur adjacent to the belt and host the gold mineralisation of the nearby Youga mine.

CARDINAL’S GHANA PROJECTS

BOLGATANGA: Ghana
NAMDINI: Ghana
SUBRANUM: Ghana

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