Cardinal Upgrades Indicated Mineral Resource to 6.5Moz
(firmenpresse) - CARDINAL UPGRADES INDICATED MINERAL RESOURCE TO 6.5Moz
Monday, 5 March 2018, Cardinal Resources Limited (ASX/TSX: CDV) (Cardinal or the Company) is pleased to advise that it has completed an update to the Mineral Resource estimate for its Namdini Gold Project (Namdini) in Ghana, West Africa.
As a result of an additional 15,684m of HQ diamond drilling within 35 holes since the last Mineral Resource estimate in September 2017, the infill drilling program has been successful in delivering a substantial conversion of the Inferred category ounces into the Indicated Mineral Resource category which is now at 6.5Moz of Indicated Mineral Resources and 0.5Moz of Inferred Mineral Resources.
HIGHLIGHTS
- 6.5Moz of gold contained in 180Mt at 1.13g/t Au at a cut-off of 0.5g/t Au within the Indicated Mineral Resource category
- 0.5Moz of gold contained in 13Mt at 1.2g/t Au at a cut-off of 0.5g/t Au within the Inferred Mineral Resource category
- Remains open along strike and down dip
- Maiden Ore Reserve estimate and Pre-Feasibility Study due mid-2018
Cardinals Chief Executive Officer / Managing Director, Archie Koimtsidis stated:
We are extremely pleased that our intensive infill drilling campaign has significantly upgraded our confidence in the Namdini deposit with an overall lift in Indicated Mineral Resources from 4.3Moz to 6.5Moz. Further to this, we are confident that Namdini can continue to grow with more drilling given it remains open both along strike and down dip, with mineralisation intersected down to 650 vertical metres, and still open.
This upgrade to the Mineral Resource is more than a 50% increase in the Indicated category from the estimate published in the September 2017 NI 43-101 technical report and supports a long mine life as demonstrated by the results of the recently announced Preliminary Economic Assessment.
With the majority of the Indicated Mineral Resource continuous from surface to an approximate vertical depth of 400m, we anticipate a conversion of Mineral Resources to Ore Reserves within a simple, single, large-scale open pit, with a very low strip ratio of 1.2 to 1 over the life of mine as the preferred mining method.
The higher-grade areas of the deposit, close to surface, will be targeted within the Stage 1 pit in the early years of production, as the recent results of our PEA study indicate, this pit will be the area most likely to repay capital investment soonest. The Stage 1 pit will see approximately 400,000oz to 900,000oz produced over three to four years at an average head grade of approximately 1.3 to 1.5 g/t Au based upon the PEA results and the throughput size selected.
MINERAL RESOURCE UPGRADE
This Mineral Resource update incorporates the results from the latest infill drilling program which was completed in Q4 2017 totalling approximately 15,684m in 35 drill holes. The primary aim of the drilling program was to infill the deposit within the conceptual pit to focus on converting the remaining Inferred Mineral Resource to the Indicated category. This drill program also incorporated grade control, pit geotechnical, hydrogeology and tailings infrastructure drilling. With all of these programs completed, we will be able to produce an Ore Reserve estimation as part of the Pre-Feasibility study which is currently scheduled to be completed in mid-2018.
Indicated Mineral Resources
Cut off Tonnes Grade Metal
(g/t Au) (Mt) (g/t Au) (Moz Au)
0.3 240 0.9 7.2
0.4 210 1.0 6.9
0.5 180 1.1 6.5
0.6 152 1.2 6.0
0.7 128 1.3 5.5
0.8 107 1.4 5.0
Inferred Mineral Resources
Cut off Tonnes Grade Metal
(g/t Au) (Mt) (g/t Au) (Moz Au)
0.3 18 1.0 0.6
0.4 15 1.1 0.6
0.5 13 1.2 0.5
0.6 11 1.4 0.5
0.7 9 1.5 0.5
0.8 8 1.6 0.4
Table 1: Summary of the Mineral Resources at Namdini
Table 1 highlights the Mineral Resource estimation reported at a series of cut-off grades. Currently the 0.5 g/t Au cut-off grade 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 (RPEEE) per the Canadian Institute of Mining, Metallurgy and Petroleum CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). Refer to Sections 1, 2 and 3 of the JORC Code 2012 Edition Table 1 criteria in Appendix 1. The effective date of this Mineral Resource estimate is 5 March 2018.
All figures in Table 1 have been rounded to reflect the relative accuracy of the estimates.
MINERAL RESOURCE ESTIMATE PARAMETERS
The following information summarizes key parameters relating to the Mineral Resource estimation:
- Geological and structural modelling: Logging, interpretation and modelling were undertaken by Cardinal Resources technical staff and specialist structural consultants Orefind Pty Ltd, (Davis and Cowan, 2016-2018) updated the three-dimensional model of key lithologies, structures and weathering zones.
- Survey Control: A detailed topographic survey was completed using Lidar technology, a remote sensing method used to examine the surface of the Earth. Drill hole collars were surveyed using differential GPS (DGPS), with down hole surveys taken at 30m intervals using electronic multi-shot and gyroscopic equipment.
- Bulk density data: Bulk densities are routinely measured as part of exploration data acquisition protocols. The bulk density database for the Mineral Resource estimate comprised 8,132 measurements. Statistical analysis was undertaken on the bulk density data and a matrix of bulk densities were applied based on lithology and weathering zone. The large majority of the Namdini deposit is fresh rock. Bulk densities vary from 1.80 tonnes per cubic metre (t/m3) for strongly weathered rock to 2.73 t/m3 (for granite) and 2.82-2.83 t/m3 for metavolcanics, diorite and metasediments.
- Grade Estimation: MPR Geological Consultants Pty Ltd (MPR) (QP/CP Mr. Nicolas Johnson) estimated recoverable Mineral Resources for Namdini using Multiple Indicator Kriging (MIK) with block support adjustment, a method that has been demonstrated to provide reliable estimates of recoverable open pit resources in gold deposits of diverse geological styles. The mineralized domain used for the current study was interpreted by MPR and Cardinal geologists on the basis of two metre down-hole composited gold grades and captures zones of continuous mineralization with composite grades of greater than nominally 0.1g/t Au. The domain trends north-northeast over 1.2km and dips approximately 60o to the west with an average horizontal width of approximately 350 m. The Mineral Resource can reasonably be expected to provide appropriately reliable estimates of potential mining outcomes at the assumed selectivity, without application of additional mining dilution or mining recovery factors. Validation of the MIK model was undertaken visually, statistically and comparatively, with an alternate Ordinary Kriged model estimate (OK). All checks were found to be within estimation accuracy.
- The Mineral Resource classification also considered the quality of the data collected (geology, survey and assaying data), the density of data, the confidence in the geological models and mineralization model and grade estimation quality.
- Variance Adjustment: MPRs resource estimates include a variance adjustment to give estimates of recoverable resources at various gold cut off grades. The variance adjustments were applied using the direct lognormal method. The variance adjustment factors reflect comparatively large scale, open pit mining consistent with Cardinals perception of potential mining scenarios. The variance adjustment factors were estimated from the variogram model for gold grades assuming mining selectivity of 5m by 10m by 2.5m (across strike, strike, vertical) with high quality grade control sampling on an 8 by 12 by 1.25m pattern.
Figure 1 below, is a perspective view of the mineralization wireframe constructed to encapsulate the data used for the block model generation. The conceptual Starter and Life of Mine pits from the recent Preliminary Economic Assessment (PEA) results, are displayed.
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Figure 1: Perspective view of the Namdini gold mineralized envelope.
Figure 2 below, shows the distribution of Indicated and Inferred Mineral Resources through a longitudinal slice of the block model.
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Figure 2: Typical Long section of the model showing Indicated and Inferred Mineral Resource blocks.
Figure 3 below, shows the grade distribution and continuity through a longitudinal slice of the block model. The higher-grade areas towards the northern part of the resource, close to surface, will be targeted in the early years of production within the starter pit.
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Figure 3: Typical Long section through the resource model showing gold grade distribution.
Figure 4 below, shows the distribution of Indicated and Inferred resources through a typical cross-sectional slice of the block model.
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Figure 4: Typical cross section through the resource model showing Indicated and Inferred blocks.
Figure 5 below, shows the grade distribution and continuity through a cross sectional slice of the block model.
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Figure 5: Typical cross section through the resource model showing gold grade distribution.
The Mineral Resource is prepared in accordance with both the Canadian Institute of Mining, Metallurgy and Petroleum CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). Refer to Sections 1, 2 and 3 of the JORC Code 2012 Edition Table 1 criteria in Appendix 1.
A technical report in support of the mineral resource estimate described herein and prepared in accordance with NI 43-101 will be filed on SEDAR https://www.sedar.com within 45 days from the date hereof.
ABOUT CARDINAL
Cardinal Resources Limited (ASX/TSX: CDV) is a West African goldfocused 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 advancing the PreFeasibility study, supported by additional multi-disciplinary engineering activities.
Exploration programmes are also underway at the Companys Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
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
Competent Person / Qualified Person Statement
Mr Nicolas Johnson, MAIG, who is an employee of MPR Geological Consultants Pty Ltd, has compiled the information relating to the Mineral Resource in Resource Summary Table (Table 1) and the attachment in Appendix 1, Section 3 of JORC Code 2012 Edition Table 1 which relate to Mineral Resources of the Namdini Project. Mr Johnson has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person, as defined in the JORC Code and Qualified Person as defined by the NI43-101 instrument. Mr Johnson has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has reviewed and approved the inclusion of technical and scientific information in this report.
The information in this press release has been compiled and reviewed by Mr. Richard Bray, a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr. Ekow Taylor, a Chartered Professional Geologist with the Australasian Institute of Mining and Metallurgy. Mr. Bray and Mr. Taylor have more than five years experience relevant to the styles of mineralization 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 and Mr. Taylor are full-time employees of Cardinal and hold equity securities in the Company. Mr. Bray and Mr. Taylor have consented to the inclusion of the matters in this report based on the information in the form and context in which it appears.
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, 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. 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.
Forwardlooking 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, 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.
APPENDIX 1
JORC CODE 2012 EDITION - TABLE 1
Section 1 - Sampling Technique and Data
Criteria JORC Code ExplanationCommentary
Sampling teNature and quality Sampling is by a combination of
chniques of sampling (e.g. diamond drill and reverse
cut channels, circulation
random chips, holes.
or
specific
specialised Nature and quality of sampling
industry standard is carried out under QAQC
measurement tools procedures as per industry
appropriate standards.
to the minerals
under
investigation, such Diamond sampling include both
as down hole half-core and quarter-core
gamma samples of HQ core size and RC
sondes, or handheld samples are collected by a
XRF instruments, three-tier riffle splitter
etc.). These using downhole sampling hammers
examples should with nominal 127 to 140mm
not holes.
be taken as
limiting the broad
meaning of
sampling.
Include reference to Sampling is guided by Cardinal
measures taken to Namdini protocols and Quality
ensure sample Control procedures as per
industry
representivity and standard.
the appropriate
calibration of any
measurement tools To ensure representative
or sampling:
systems
used. 1m RC samples are collected from
a cyclone, passing them through
a 3-tier riffle splitter, and
taking duplicate samples every
2
0th sample.
1m length HQ core sampling is
taken through
the various lithological units. T
he original system used was to
sample each unit separately,
but after statistical analyses
of the results found there was
no material grade variation
between the units, the half
core was sampled at 1m
intervals throughout the drill
hole.
Aspects of the Diamond drill samples are
determination of firstly crushed
mineralisation that using
are Material to a Jaw Crusher and thereafter
the crushed to -2mm using a RSD
Public Report. Boyd crusher. A less than 1kg
split sample is then pulverised
In cases where via LM2 to a nominal 85%
industry standard passing -75µm.
work has been done
this would be
relatively simple
(e.g. reverse Reverse circulation drill
circulation samples are only crushed
drilling was used through a RSD Boyd crusher to
to obtain 1 m -2mm and pulverised via LM2 to
samples from which a nominal 85% passing -75µm.
3 kg was pulverised
to produce a 30 g
charge for fire
assay). In other A 200g sub-sample is taken for
cases, more analysis. A 50g charge weight
explanation may be is fused with
required, such as
where there is litharge-based flux, cupelled and
coarse gold that the
has inherent
sampling problems. prill dissolved in aqua regia and
Unusual commodities
or mineralisation gold tenor is determined by AAS.
types (e.g.
submarine nodules)
may warrant
disclosure of
detailed
information.
Drilling teDrill type (e.g. Diamond core drilling is
chniques core, reverse completed with core size of HQ
circulation, with a standard tube. Triple
openhole hammer, tube is used in saprolite at
rotary the tops of the hole.
air
blast, auger, Core is orientated using
Bangka, sonic, digital Reflex ACT II RD
etc.) and details orientation
(e.g. core tool.
diameter,
triple Reverse circulation drilling
or standard tube, uses sampling hammer of nominal
depth of diamond 127 to 140mm
tails, holes.
face-sampling bit
or All holes are inclined at
other varying angles for optimal zone
type, whether core intersection.
is oriented and if All drill collars are surveyed
so, by what method, using Trimble R8 RTK GPS with
etc.). downhole surveying every
30m.
Drill samplMethod of recording Diamond core recovery is logged
e and assessing core and captured into the database.
recovery and chip sample
recoveries The Method of recording chip and
and results core sample
assessed.
recoveries was to enter the
relevant data on a hand-held
Motion F5te Tablet PC using a
set of standard templates
supplied by Maxwell
Geoservices, Perth (Maxwell).
Reverse circulation sampling is
good. Chips are logged and
weighed and captured to the
database.
RC sample recoveries are
assessed by weighing 1m samples
from the cyclone on a scale in
the field and comparing with
the theoretical volume
contained in a 1m x 140mm
diameter hole to calculate an
estimated percentage sample
recovery.
For RC drilling, average
recoveries are in the order of
76% and considered
acceptable.
Core recovered from each drill
run is measured and compared
with the drill run length
drilled to calculate an
estimated percentage core
recovery.
For core drilling overall
recoveries are excellent,
weighted average recovery
greater than
98%.
Measures taken to Measures taken include the use
maximise sample of bigger HQ core size diamond
recovery and drilling to maximise recovery,
ensure having a geologist onsite to
representative examine core and core metres
nature of the marked and orientated to check
samples. against the drillers blocks
and ensuring that all core loss
is taken into
account.
At the reverse circulation rig,
sampling systems are routinely
cleaned to minimise the
opportunity for contamination
and drilling methods are
focused on sample quality. The
measures taken to maximize RC
sample recovery are through a
cyclone and a 3-tier riffle
splitter. Each 1m sample is
passed twice through the
splitter before sampling to
ensure maximum homogenisation
of each sample and to collect
an unbiased representative
sample to be assayed.
Most of the reverse circulation
rigs have auxiliary compressors
and boosters to help maintain
dry samples. Where wet samples
are encountered, the reverse
circulation drilling is
discontinued and is progressed
with diamond core
drilling.
Whether a No relationship is seen to exist
relationship exists between sample recovery and
between sample grade, and no sample bias
recovery and grade
and is due to preferential loss/gain
whether sample bias of any fine/coarse material due
may have occurred to the acceptable sample
due to preferential recoveries obtained by both
loss/gain drilling methods
of fine/coarse employed.
material.
Logging Whether core and All drill holes are fully
chip samples have logged.
been geologically
and The lithology, alteration and
geotechnically geotechnical characteristics of
logged to a level core are logged directly to a
of detail to digital format on a Field
support Toughbook laptop logging system
appropriate following procedures and using
Mineral Resource Cardinal geologic codes. Data
estimation, mining is imported into Cardinals
studies and central database after
metallurgical validation in
studies.
LogChief. All geological
logging is to a level of detail
to support Mineral Resource
estimation.
Whether logging is Logging is both qualitative and
qualitative or quantitative depending on the
quantitative in field being
nature. Core logged.
(or Both RC chips in trays and HQ
costean, channel, core are photographed both in
etc.) dry and wet
photography. form.
The total length and All holes are logged in full and
percentage of the to the total length of each
relevant drill
intersections hole.
logged. 100% of each relevant
intersection is logged in
detail.
Sub-samplinIf core, whether cut Core orientation is completed
g or sawn and whether for all diamond holes and all
techniques quarter, half or are marked prior to sampling.
all
and sample core Longitudinally cut half core
preparation taken. samples are produced using a
Core Saw. Samples are weighed
and recorded.
Some quarter core samples have
been used and statistical
test-work has shown them to
be
as equally representative as hal
f
core.
If non-core, whether RC samples are split using a
riffled, tube three-tier riffle splitter. The
sampled, rotary majority of RC samples are dry.
split, etc.
and On occasions that wet samples
whether sampled wet are encountered, they are dried
or prior to splitting with a
dry. riffle
splitter.
For all sample Drill core samples are sorted,
types, the nature, dried at 105°C for 4 hours and
quality and weighed.
appropriateness of
the Samples are firstly Jaw Crushed
sample preparation and a second stage crushing is
technique.
effected through RSD Jaques crush
er to a nominal -2mm and then
split to <1.0kg.
The reject sample is retained
in the original bag and stored.
The split is pulverised in a
LM2 to a nominal 85% passing
75%µm and approximately 200g
sub-sample of the pulverised
material is used for
assay.
Chip samples are sorted and
dried in an oven for
eight hours and weighed. They
are then crushed to -2mm using
a RSD Boyd crusher and a <1.0kg
split is
taken.
The reject sample is retained
in the original bag and stored.
The split is pulverised in a
LM2 to a nominal 85% passing
75µm and a 200g sub-sample is
used for
analysis.
All preparation equipment is
flushed with barren material
prior to commencement of the
job.
Quality control Cardinal Resources has protocols
procedures adopted that cover the sample
for all preparation at the laboratories
sub-sampling stages and the collection and
to assessment of data to ensure
maximise representiv that accurate steps are used in
ity producing representative
of samples. samples for the analytical
process. Key performance
indices
include:
· Contamination index of 95%
(that is at least 95% of blanks
pass
); failures can only be
attributed to probable minor
laboratory
contamination.
· Crushed Size index of 95%
passing 2mm (1:50 sample
screened).
· Grind Size index of 85%
passing 75 microns (1:50 sample
screened).
· Check Samples returning at
worst 20% precision at
90
th percentile and bias of 5% or
better.
Crusher and pulveriser are
flushed with barren material at
the start of every
batch.
Measures taken to Sampling is carried out in
ensure that the accordance with Cardinal
sampling is protocols as per industry best
representative of practice.
the Quality control procedures
in adopted for all sub-sampling
-situ material stages to maximize
collected, represent
including for ativeness of samples is to
instance results insert commercial certified
for reference material (CRM) for
field standards
duplicate/secondhal
f and blanks every 20 samples.
sampling.
The Laboratory assays duplicate
samples of each sample batch
(20%) so that
representation of the samples
can be
checked
. Field duplicates have been
taken and analysis of
results have shown the sampling
to be
representative.
Whether sample sizes Measures taken to ensure that
are appropriate to the RC sampling is
the grain size of representative of the in-situ
the material collected are to take
material field duplicate samples every
being sampled. 2
0th sample. Approximately 3kg
samples from the splitter are
retained from each sample and
stored
at the companys secured premises
for possible
reassay.
Measures taken to ensure that
the core sampling is
representative is to sample
half core at 1m intervals
irrespective of lithologies due
to the similarities in grade of
the main lithologies.
Results of field duplicates,
standards and blanks are all
evaluated to ensure that the
results of each assay batch are
acceptable.
Quality of The nature, quality Samples are analysed for gold by
Assay and appropriateness lead collection fire assay of a
of the assaying 50g charge with AAS finish; the
data and la and assay charge is fused with the
boratory laboratory
tests procedures used and litharge-based flux, cupelled and
whether the
technique is prill dissolved in aqua regia and
considered gold
partial or total.
tenor determined by flame AAS.
The analytical method is
considered appropriate for this
mineralization style and is of
industry
standards. The quality of the
Fire Assaying and laboratory
procedures are considered to be
entirely appropriate for this
deposit type.
For geophysical No hand held geophysical tools
tools, are
spectrometers, used.
handheld XRF
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 Sample preparation checks for
control procedures pulp fineness are carried out
adopted (e.g. by the laboratory as part of
standards, their internal procedures to
blanks, ensure the grind size of 85%
duplicates, passing 75µm is being attained.
external laboratory
checks) and whether Laboratories QAQC involves the
acceptable use of internal lab standards
levels using
of accuracy (i.e.
lack of bias) and certified reference material (CRM
precision have been )
established. and blanks.
Cardinals QAQC protocol is
considered industry standard
with CRMs submitted on a
regular basis with routine
samples.
The CRMs having a range of
values and blanks are inserted
in the ratio of
1:20
. Duplicates are taken at the
riffle splitter
every 20th sample. No duplicate
samples are taken from core
samples.
Pulps are submitted to a
secondary laboratory for checks
on accuracy and precision of
the primary
laboratory
. Coarse rejects are submitted
back to the primary laboratory
to
a
ssess the adequacy of the
sub-sampling
process.
VerificatioThe verification of Significant intersections have
n 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 are captured on
primary data, data field tough book laptops using
entry procedures,
data LogChief Software. The software
verification, data has validation
storage (physical
and electronic) routines and data is then
protocols. imported onto a secure central
database.
Discuss any The primary data is always kept
adjustment to assay and is never replaced by
data. adjusted or interpreted
data.
Location ofAccuracy and quality Planned drill hole collar
data of surveys used to coordinates are surveyed using
points locate drill holes handheld Garmin
(collar
and GPSmap 62s GPS within ±3m
downhole surveys), accuracy.
trenches, mine
workings and other All drill collars are accurately
locations surveyed using Trimble R8 RTK
used GPS system within ±10mm of
in Mineral Resource accuracy (X, Y, Z).
estimation.
Coordinates are based on 12
control stations established on
the Namdini site by Sahara
Mining Services.
Downhole survey is completed by
using Reflex
Ez-Shot survey instrument at
regular
intervals.
Gyroscopic downhole surveys were
completed on selected drill
holes for the recent drilling
using
a Reflex Ez-Gyro (North Seeking)
instrument as part of the
quality checks on the downhole
surveys.
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 a series of
12 surveyed control
points.
A 1m ground resolution DTM was
produced by Sahara Mining
Services from the survey
completed in 24 flights using
the DJI Inspire 1 UAV at an
altitude of 100m with an
overlap of
70%.
Data Data spacing for Drill spacing is at 50m x 100m
spacing reporting of line spacing with infill to 50m
and distri Exploration x 50m and 10m x 15m in areas to
bution Results. establish mineralization
continuity and upgrade the
Mineral
Resource.
Whether the data Drill data spacing and
spacing and distribution are sufficient to
distribution is establish the geological and
sufficient to grade continuity appropriate
establish for reporting Mineral Resource
the and Ore Reserve and
degree of classifications
geological and applied.
grade continuity
appropriate for the
Mineral Resource
and Ore Reserve
estimation
procedure(s) and
classifications
applied.
OrientationWhether sample No sample compositing has been
of compositing has applied.
data in been
relation applied.
to geologic
al
structure
Whether the The majority of the drill holes
orientation of are orientated to achieve
sampling achieves intersection angles as close to
unbiased sampling perpendicular to the
of mineralization as practicable.
possible structures This achieves unbiased
and the extent to sampling of possible structures
which this is as drilling is orientated
known, normal to the dip and foliation
considering of the deposit. Structural
the deposit type. measurements confirm that the
foliation of the entire deposit
dips -60W so that the sampling
achieves unbiased sampling of
the
lithologies.
If the relationship No significant orientation-based
between the sampling bias is known at this
drilling time.
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 secuThe measures taken An independent Ghanaian security
rity to ensure sample contractor is used to ensure
security. sample security.
The drilling contractor is
accountable for drill core and
RC
chip production at the drill
site. Final delivery from the
drill site to the laydown
area within the core yard is
managed by Cardinal. The
core
yard technicians, field
technicians and Geologists
ensure the core and chips are
logged, prepared and stored
under security until collected
by SGS for delivery to the
laboratories.
At the time of sample
collection, a sign-off process
between Cardinal and the SGS
delivery truck driver ensures
th
at samples and paperwork
correspond. The samples are
then transported to the SGS
Tarkwa (Ghana) or SGS
Ouagadougou (Burkina Faso)
laboratory where they are
receipted against the dispatch
documents. The assay
laboratories are responsible
for the samples from the time
of collection from Namdini
Project site until final
results are returned and
checked by Cardinal
Geologists.
Sample pulps and coarse rejects
are retained by the
laboratories and are shipped
back to Namdini after final
results are returned where they
are stored under
security.
Audits or rThe results of any Sampling techniques are of
eviews audits or reviews industry standards. Data is
of sampling audited by Maxwell
techniques and
data. Geoservices (Perth), who have
not made any other
recommendations
.
Section 2 - Reporting of Exploration Results
(Criteria listed in section 1 will also apply to this section where relevant)
Criteria JORC Code ExplanationCommentary
Mineral TenType, name/reference The Mining Licence covering
ement number, location Cardinals Namdini Project over
and Land S and ownership an area of approximately 19.54
tatus including sq. Km is located in the
agreements or Northeast region of
material issues Ghana.
with third parties
including
joint The previous holder of the
ventures, Mining Licence, Savannah Mining
partnerships, Ghana Limited (Savanah)
overriding completed an initial
royalties, native Environmental Impact Statement
title (EIS) and lodged the EIS with
interests, the Environmental Protection
historical sites, Agency of
wilderness or Ghana.
national park and
environmental
settings. 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 in
tenure held at the good
time of reporting standing.
along with
any
known impediments
to obtaining a
license to operate
in the
area.
ExplorationAcknowledgment and Aside from Cardinal there has
appraisal of been no recent systematic
Done by Oth exploration by exploration undertaken on the
er other Namdini
Parties parties. Project.
Geology Deposit type, The deposit type comprises gold
geological setting mineralization within sheared
and style of and highly altered rocks
mineralisation containing sulphides; mainly
pyrite with minor arsenopyrite.
The geological
setting is a Paleoproterozoic
Greenstone
Belt
comprising Birimian metavolcanic
s,
volcaniclastics and
metasediments located in close
proximity to a major 30 km ~N-S
regional shear zone with
splays. The style of
mineralization is hydrothermal
alteration containing
disseminated gold-bearing
sulphides.
Drill hole A summary of all Further information referring to
information information the
material to the drill
understanding of hole results can be found on
the Cardinal website or SEDAR
exploration results
including
tabulation of the http://www.cardinalresources.com.
following au/asx-announcements/2018-2/
information
for all Material or from
drill http://www.sedar.com
holes:
Easting and
northing of the
drill hole
collar
Elevation or RL
(Reduced Level -
elevation above sea
level in
meters)
of the drill hole
collar
Dip and azimuth of
the
hole
Down hole length
and interception
depth
Hole length
If the exclusion of There has been no exclusion of
this information is information.
justified on the
basis that
the
information is not
Material and this
exclusion does not
detract
from
the understanding
of the report, the
Competent Person
should
clearly
explain why this is
the
case.
Data aggregIn reporting Not applicable in this document
ation Exploration as no exploration results are
methods Results, weighting announced.
averaging
techniques,
maximum and/or
minimum grade
truncations (e.g.
cutting of
high
grades) and cutoff
grades are usually
Material and should
be
stated.
Where aggregated Not applicable in this document
intercepts as no exploration results are
incorporate short announced.
lengths of high
grade results and
longer lengths of
low grade results,
the procedure used
for
such aggregation
should be stated
and some typical
examples of
such
aggregations should
be shown in detail.
The assumptions used Not applicable in this document
for any reporting as no exploration results are
of metal equivalent announced.
values
should be clearly
stated.
RelationshiThese relationships Not applicable in this document
p are particularly as no exploration results are
between mi important in the announced.
neralisatio reporting
n widths of
and exploration results.
intercept
lengths
If the geometry of Not applicable in this document
the mineralisation as no exploration results are
with respect to the announced.
drill
hole
angle is known, its
nature should be
reported.
If it is not known Not applicable in this document
and only the down as no exploration results are
hole lengths are announced.
reported,
there
should be a clear
statement to this
effect (e.g. down
hole length,
true
width not known).
Diagrams Appropriate maps and Not applicable in this document
sections (with as no exploration results
scales) and are announced.
tabulations
of
intercepts should
be included for any
significant
discovery
being
reported. These
should include, but
not be limited to a
plan view
of
drill hole collar
locations and
appropriate
sectional
views.
Balanced ReWhere comprehensive The accompanying document is
porting reporting of all considered to represent a
Exploration Results balanced
is report.
not
practical,
representative
reporting of both
low and high grades
and/or
widths should be
practiced to avoid
misleading
reporting
of
Exploration Results.
Other substOther exploration Other exploration data collected
antive data, if meaningful is not considered material to
exploratio and material, this document at this stage.
n should be
data reported
including (but not
limited to): Further data collection will be
geological reviewed and reported when
observation; considered
geophysical material.
survey results;
geochemical survey
results; bulk
samples - size
and
method of
treatment;
metallurgical test
results; bulk
density,
groundwater,
geotechnical and
rock
characteristics;
potential
deleterious or
contaminating
substances.
Further The nature and scale Exploration drilling will
Work of planned further continue to target projected
work (e.g. tests lateral and depth extensions of
for lateral the mineralization and infill
extensions or depth drilling to increase the
extensions or large confidence in the Mineral
- s
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