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Cardinal Resources Ltd receives initial substantial holder, global mining and metals fund

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Cardinal Resources Ltd (ASX:CDV) has received a notice of initial substantial holder, from the Precious Capital Global Mining and Metals Fund, which now holds 5.52%.

Cardinal is well-funded having raised $21.75 million in a placement.

The company recently completed its Phase 1 framework drilling program at the emerging, world class Namdini gold deposit in Ghana.

Drilling at Namdini has identified a mineralised gold zone with a strike length of 1,000 metres, widths of 200-300 metres and depths of over 350 metres.

Every hole drilled at Namdini since discovery has intersected wide zones of gold mineralisation including:

- 67 metres at 3.1 g/t from 3 metres;
- 51 metres at 3.58 g/t from 85 metres; and
- 45 metres at 7.73 g/t from 168 metres.

Cardinal remains on track to deliver a maiden JORC Exploration Target this quarter.

The share price is up 375% over the past year, currently trading at $0.475.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Cardinal Resources Ltd

Price: 0.41 AUD

ASX:CDV
Market: ASX
Market Cap: $205.01 m
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Cardinal Resources recognised for Namdini gold discovery with Thayer...

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on 03/20/2019

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