ASX/TSX -listed Cardinal Resources was awarded the Thayer Lindsley prize for the 2014 discovery of the Namdini gold deposit in Ghana.
Cardinal CEO and MD, Archie Koimtsidis said that he was honoured and delighted to accept the award on behalf of the entire Cardinal Resources team.
“There had been some previous indications of gold mineralization along the Nangodi greenstone belt in northeastern Ghana, but until we began the reverse circulation (RC) drilling program in 2014, the area was largely unexplored,” Koimtsidis said.
After Cardinal’s first successful exploration pass, encouraging results from subsequent RC holes gave the company confidence to step out 600 m along strike of the mineralized trend with its first diamond drill hole in 2015.
“The step-out intersected 15m @ 0.9g/t gold, 10 m @ 1.0 g/t gold and 41 m @ 1.2 g/t gold.
“This marked the beginning of a programme of widely spaced drill fences (100 m along strike) designed to determine the extent of the Namdini deposit which is currently 1,100 m long and 350 m wide. We currently have an Ore Reserve of 4.76 Moz and it will be mined as an open pit.
“On the strength of this, and other consistently positive results, we went to Hartleys in Perth to raise AUD$5 million to further investigate the project,” said Koimtsidis.
Namdini is considered one of the most significant gold discoveries in West Africa so far this century and the discovery was judged worthy of the Lindsley Thayer award for 2019 by the PDAC committee.
“We completed the pre-feasibility study on Namdini in September 2018, and have moved to a full Definitive Feasibility study now which we expect to be completed in late 2019,” Koimtsidis said.
Cardinal Resources were presented with their award at the PDAC gala dinner and awards ceremony in Toronto on March 5.
Koimtsidis said that it was a great honour to join the ranks of previous winners such as teams from Ivanhoe Mines (2004), Anglo American Chile (2011), Barrick Gold, Goldrush Discovery Team (2014) and Arizona Mining (2018).