Dual-listed gold junior Cardinal Resources has delivered an optimised ore reserve estimate for its Namdini gold project.
Ghana – The now 5.1 Moz proved and probable ore reserve estimate is from 138.6 Mt @ 1.13 g/t gold as a 0.5 g/t gold cut‐off.
This is based on a US$1 225 gold price and an optimised pit selected for the life of mine design.
Cardinal Resources’ CEO and MD, Archie Koimtsidis states:
“We are extremely pleased that our optimisation of pit designs, wall angles and mining schedules, has upgraded the company’s life of mine ore reserve position to 5.1 Moz, up from 4.8 Moz, reinforcing the Namdini gold deposit as of one of the largest undeveloped gold discoveries of the past decade.”
“We’re very fortunate to have a significant higher grade portion within the life of mine ore reserve starting essentially at surface. This allows for a rapid capital payback during production of the First Stage Pit.”
It is anticipated that the First Stage Pit will see approximately 1 Moz of gold produced over an approximate three‐year period at an expected lower strip ratio and a higher average head grade of approximately 1.3 g/t gold based on a process plant throughput of 9.5 Mpta.
“We are confident that this optimised life of mine ore reserve, can deliver strengthened financial results within the feasibility study which is rapidly advancing to completion.”
“Given the project’s large ore reserve, low strip ratio, high conversion of the mineral resource and rapid payback from the anticipated higher grade, lower strip ratio of the First Stage Pit, it is expected that the company will have access to attractive project finance to achieve the best outcome for shareholders.”