Nordgold
The Company advises that further to the press release dated
It should be noted that whilst Nordgold has already acquired a 19.9% interest in the Company's shares, it has not made any formal offer to Cardinal. Cardinal will advise shareholders if a formal offer is received from Nordgold or there are any other material developments.
Sprott Loan Facility
On
As consideration for the redraw, Cardinal has agreed to pay a redraw fee as well as apply a 5% redemption premium on all future repayments of the facility. The material terms (including interest rate) of the Credit Agreement with Sprott remain otherwise unchanged.
Upon completion of the redraw of the entire
Personnel and Wellbeing
Following advice from the
All international travel has been suspended, while on the ground in
While fieldwork has been scaled back for at least the next four weeks, the Namdini project team is still actively working on adding value to the project. In February, the Company was awarded key water extraction permits, while earlier this month, the Government approved our Resettlement Action Plan, which will have significant health and wellbeing benefits for our local community. Further, the company announced the approval of the Namdini Mining Licence expansion from 19km2 to 63km2 (ASX/TSX press release "
Regional Exploration Update
First pass limited drilling to test one of the newly identified targets at Ndongo was completed with no mineralisation of economic potential intersected. Even though this very limited scout drilling has not returned economic mineralisation, recognisable altered, silicified, sulphidic zones were intersected and provide confidence in the potential for additional drilling.
The first pass scout drilling programme of 23 shallow RC holes with 2 diamond tails was completed to test
The drilling encountered zones of variable chlorite-silica-carbonate-sericite alteration with sulphides (mainly pyrite with very minor arsenopyrite). Results were intermittent including 3m @ 0.7g/t Au in NDRC342, 1m @ 3.2g/t Au in NDRC339, 1m @ 0.7g/t Au in NDRC329 and 1m @ 0.7g/t Au in NDRC334 (Figure 1*). Geological interpretation is ongoing and this process will incorporate all new assay results, geophysical dataset and geochemical data analysis for further targeting.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/92395R8M
About
The Company is focused on the development of the
Exploration programmes are also underway at the Company's Bolgatanga (
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
Contact:
Archie Koimtsidis
CEO / MD
P: +61-8-6558-0573
IR / Corp Dev
P: +1-647-256-1922
Cannings Purple
E: arowell@canningspurple.com.au
P: +61-400-466-226
Cannings Purple
E: pbaldwin@canningspurple.com.au
P: +61-455-081-008
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