Cardinal Resources Ltd

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Cardinal Resources Limited (ASX: CDV, TSX: CDV) is an African gold-focused 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 a resource expansion drilling programme, pre‐feasibility studies, detailed metallurgical test work and process flowsheet studies. Exploration activity is also underway on the Company’s Bolgatanga and Subranum Projects.

The Board of Directors comprises Non-Executive Chairman Kevin Tomlinson, Chief Executive Officer / Managing Director Archie Koimtsidis, Executive Director Malik Easah and Non-Executive Directors Jacques McMullen, Michele Muscillo and Robert Schafer.

Cardinal is the beneficial owner of 2 gold exploration assets, the Bolgatanga Project area and the Subranum Project comprising circa 734 km² of granted tenements.

The Bolgatanga Project is located in a Paleoproterozoic granite-greenstone belt in northeast Ghana close to the border with Burkina Faso. The Subranum Project is situated in the south western portion of the country, also within a Paleoproterozoic granite-greenstone belt. Gold mineralisation in Ghana and along strike in Burkina Faso is principally located within the greenstone belts. There is significant production from a number of gold mines in both regions, as well as from numerous small artisanal workings.

The Bolgatanga Project area is located within a series of highly prospective granite-greenstone belts, being the Bole-Nangodi belts. Similarly, the Subranum project is hosted within the Sefwi-Bibiani granite-greenstone belt. The belts are a NE extension to the Paleoproterozoic aged Birimian basins that formed during the collision between the West African and Guyana Archean Shields.


Ghana has a low sovereign risk rating and has enjoyed over 20 years of continuous democratic rule. It is one of the most developed and affluent countries in Africa, with a well-developed Mining Code, infrastructure and a population with the technical skills to support modern mining projects.

Political stability in Ghana has made the country one of the most attractive new mining investment areas in Africa. After South Africa, Ghana is Africa's second-largest gold producer. Large industry players such as Newmont Mining Corporation, AngloGold Ashanti and Kinross, have been joined by smaller companies including Randgold Resources, Keegan Resources, , Golden Star Resources, PMI Gold Corp, Perseus Mining, Azumah Resources and African Gold Group, as well as individual and local artisanal miners.

Many industry participants see potential for the discovery of further significant deposits in Ghana as large parts of the country, particularly in the NE region, remain relatively under-explored.

The Bolgatanga Project is situated within the Upper East Region of Ghana near the town of Bolgatanga. The project area covers circa 660km2 of Paleo-Proterozoic greenstone belts in the Upper East Region of Ghana.

The Project consists of the Namdini Mining License, Kungongo and Bongo Reconnaissance Licences and the Ndongo Prospecting Licence. The Kungongo and Bongo tenements cover part of the NE extensions of the Bole-Bolgatanga Fault whilst the Namdini and Ndongo tenements straddle the Nangodi Greenstone Belt.

(click here for more information on BOLGATANGA: Ghana)

The Subranum tenement is situated in the southern portion of Ghana, approximately 45km northwest of the township of Kumasi, and 240 km northwest of the capital city Accra, in the Sabranomu district.

The Subranum Project covers an area of 69km² located in southwest Ghana. The license straddles the eastern margin of the Sefwi Gold Belt. There is 9km of prospective sheared contact between Birimian phyllites and greywackes to the east and mafic to intermediate volcanics and volcaniclastics to the west.  Granitoid stocks of the Dixcove suite intrude this shear zone.  The Sefwi Belt is highly prospective and is spatially related to major discoveries including the 7Moz Bibiani Gold Mine (approximately 70km southwest), Newmont’s Ahafo 23Moz Gold Mine (approximately 53km west), Kinross’ Chirano 5Moz Gold Mine (approximately 110km southwest).

Previous exploration by Newmont (soil sampling, trenching and drilling) discovered a gold mineralised zone over 5 km to a depth of only 50m.  As the drilling was on irregular, widely spaced drill fences, Cardinal plans to systematically drill this initial target area to better define and extend gold mineralisation along strike and at depth.

Cardinal has planned a systematic diamond drilling programme to cover this 5.2 km anomalous strike length to properly evaluate the gold mineralisation contained within this anomalous zone.

A soil auger programme is planned for the remaining 3.8 km strike length in the NE portion of the tenement to initially cover a ~400m width across the strike of the Bibiani Shear Zone.

Last updated 12th August 2019

Archie Koimtsidis
Chief Executive Officer / Managing Director

Mr Archie Koimtsidis has for the last 20 years been involved in all facets of gold exploration, discovery, production, and refining in West Africa and South America.
Archie’s most recent appointment prior to joining Cardinal was as the Deputy Country Manager of Ghana for PMI Gold Limited a joint TSXV and ASX listed company. During this time he was responsible for all field operational matters including coordination of exploration, drilling programs, and human resource management relating to that Company’s projects in Ghana.
Archie has been instrumental in acquiring the Ghanaian projects on behalf of Cardinal and has a unique knowledge and understanding of geopolitical and operational matters relating to resource projects in West Africa.

Kevin Tomlinson
Non-Executive Chairman

Mr Tomlinson possesses over 30 years’ experience in Mining and Finance within the Toronto, Australian and London Stock markets. He was previously Managing Director of Investment Banking at Westwind Partners/Stifel Nicolaus raising equity and providing corporate advice.

Kevin has extensive experience in development and financing of mining projects internationally. Previous Directorships include Centamin Plc, an Egyptian gold producer, Orbis Gold, a Burkina Faso gold developer and Medusa Mining, a Philippines gold producer.

Malik Easah
Executive Director

Mr Malik Easah is the principal of a successful alluvial mining operation in the North West Adansi Gold Obotan concession and is currently developing additional payable gold permits within the Ashanti and Nangodi Gold belts of Ghana.

Malik specialises in the manufacture of alluvial gold wash plants and recovery equipment and is regarded as an authority in the development of alluvial mining operations in Ghana. Malik is a resident in Ghana.

Dr. Kenneth G. Thomas
Non-Executive Director

Dr. Thomas has over 45 years in the mining industry with experience in project development, construction and operations. Until July 2012 he was Senior Vice President, Projects, Kinross Gold Corporation and previously, for 6 years, a Global Managing Director and Board Director at Hatch Ltd, a leading international engineering and construction firm.

From 1987 to 2001 he served in progressively senior roles at Barrick Gold Corporation to Senior Vice President, Technical Services. Prior to Barrick Gold Corporation, he also worked for 10 years in Zambia and South Africa with Anglo American Corporation.

Ken has a doctorate in Technical Sciences (Project Implementation) from Delft University of Technology and in 2001 he was awarded the Selwyn G. Blaylock Medal by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) for advancements in mining internationally. In addition, he is a Fellow and Past President of the CIM. Ken is an experienced public company director, including his current appointment as director of Continental Gold (TSX: CNL).

Michele Muscillo
Non-Executive Director

Mr. Muscillo is a Partner with HopgoodGanim Lawyers in Australia. Michele has practised exclusively in corporate law for over 15 years and has extensive experience in capital markets transactions, including the negotiation of significant commercial contracts and agreements. As part of this role, Mr. Muscillo has acted on numerous IPOs and debt and equity raisings, and advised both bidders and targets on public market control transactions. His key areas of practice include Corporate Advisory and Governance, Capital Markets, Resources and Energy.

Mr. Muscillo is currently a Non-Executive Director with Aeris Resources Limited (ASX:AIS) and Xanadu Mines Limited (ASX: XAM). Formerly, Michele was also Non-Executive Director of Orbis Gold Limited which is currently owned by TSX-Listed SEMAFO Inc. (TSX:SMF).

Trevor Schultz
Non-Executive Director

Mr Schultz has over 45 years in the mining industry with experience in project development, construction and operations. Between 2008 and 2018 he was an Executive and Non Executive Director with Centamin Egypt and was responsible for the construction of the 12Mtpa processing plant which has a similar flowsheet to Cardinal’s proposed flowsheet.

Prior to this, he served as Chief Operating Officer at Ashanti Goldfields Corporation (now Anglo Gold Ashanti Ltd) and was a resident of Ghana for 6 years. Furthermore, he worked for BHP in Australia and America and in South Africa with Anglo American Corporation.

Trevor has an MA in Economics from Trinity College, England (1968), an MSc in Mining Engineering, from Witwatersrand University, South Africa (1972) and an Advanced Management Programme Diploma from Harvard Business School, USA (1986).

Last updated 12th August 2019

Cardinal Australia Office

Suite 1, 28 Ord Street
West Perth WA 6005

PO Box 829 
West Perth WA 6872

Phone: +61 8 6558 0573

Cardinal Ghana Office

Durugu Residential Area
Kumbosco Bolgatanga

PO Box 350

Phone: + 233 382 021 838
Email: [email protected]

Last updated 12th August 2019


Mr Kevin Tomlinson
Mr Archie Koimtsidis
Mr Malik Easah
Mr Trevor Schultz
Dr Kenneth G. Thomas
Mr Michele Muscillo


Ms Sarah Shipway BCom, CA


Computershare Investor Services Pty Limited
Level 2, Reserve Bank Building
45 St Georges Terrace
Perth WA
Australia 6000

Telephone: 1300 787 272

Computershare Investor Services Inc.
100 University Avenue, 8th Floor
Toronto Ontario M5J 2Y1

Telephone: + 1 800 465 6253


Suite 1, 28 Ord Street
West Perth WA 6005

PO Box 829
West Perth WA 6872

Tel: +61 8 6558 0573


Durugu Residential Area
Kumbosco Bolgatanga

PO Box 350

Tel: + 233 382 021 838
Email: [email protected]
Website: www.cardinalresources.com.au

Last updated 12th August 2019