Cardinal Resources Limited (ASX:CDV) (TSX:CDV) is pleased to advise that it has now received the final tranche of assay results from its current phase of infill resource drilling at the Namdini Gold Project in Ghana.  These encouraging results follow on from the previously announced drilling results (refer to ASX/TSX announcement of 22 January 2018), and will now form the basis for an update to the Mineral Resource estimate which is expected to be delivered at the end of the March quarter.

Cardinal’s Chief Executive Officer / Managing Director, Archie Koimtsidis said:

“These are the final tranche of drill results from the infill drilling programme which was specifically designed with the objective of increasing the confidence level by targeting our 3.1Moz of Inferred Resources into the Indicated Mineral Resource category which currently contains 4.3Moz at a 0.5 g/t gold cut-off grade. The Measured and Indicated Mineral Resources will drive our Pit Design and Mining Schedule for the Pre-Feasibility Study that is well underway, and expected to be completed by mid-2018.

“While we are continuing to work towards upgrading our current Mineral Resource base at Namdini by Q1 2018, we also have drill rigs actively testing our highly prospective regional exploration licences for new discoveries, and we look forward to providing information from these first pass drill programmes”.

HIGHLIGHTS

Individual gold intersections are >0.5 g/t Au with no more than 3m of consecutive internal dilution at <0.5 g/t Au.

Detailed results of the drill programme are included below and in the attached schedules.

DISCUSSION OF RESULTS

All drilling results from the current phase of infill drilling have been returned from the comprehensive campaign designed to increase the confidence in the current Namdini Mineral Resource and enable the establishment of a maiden Ore Reserve. The current phase of drilling specifically focused on Mineral Resource conversion by infilling the existing drill pattern to within a nominal 50m x 50m spacing targeting a vertical depth of approximately 400m below surface.  In total, the Company has now completed 96,228m of drilling comprised of 62,935 HQ diamond drill metres and 33,293 5.5’ RC drill metres for the Namdini Mineral Resource. The results strongly support the continuity of mineralization and increase the confidence in the current Mineral Resource.

The Namdini Project currently has an estimated Indicated Mineral Resource of 4.3 Moz of gold and an Inferred Mineral Resource of 3.1 Moz of gold (refer to ASX/TSX announcement on 18 September 2017 for details) at 0.5 g/t cut-off grade. The infill drilling is expected to upgrade a significant portion of the current Inferred Mineral Resource into a higher category thereby increasing the current Indicated Mineral Resource base. Optimisation studies will commence after the Mineral Resource update due Q1 2018, which will then underpin the Company’s maiden Ore Reserve. The Ore Reserve will then form the basis of the Pre-Feasibility and Definitive Feasibility Studies that the Company is progressing for the Namdini Project.

Figure 1 illustrates a plan view of the collar locations of drill holes and a typical interpretive section through the mineralization which is displayed in Figure 2. Meta Data for significant intercepts are tabulated in Table 1, Schedule 1.  Details of all significant intercepts are provided in Table 2, Schedule 1.

Figure 1: Plan View of the Namdini deposit showing drill hole locations of the reported results and location of Section H – Typical Cross Section through the mineralisation

Figure 2: Typical Cross Section – H

ABOUT CARDINAL

Cardinal Resources Limited is a West African gold‐focused exploration and development Company which holds interests in tenements within Ghana, West Africa.

The Company’s Namdini Project has a declared Indicated Mineral Resource of 120 Mt @ 1.1 g/t for 4.3 Moz Au and an Inferred Mineral Resource of 84 Mt @ 1.2 g/t for 3.1 Moz (refer to Cardinal “Technical Report on Namdini” dated 11 September 2017).  The positive results of the recently released PEA of the Namdini Gold Project have confirmed that progression of the Namdini Gold Project to the Pre-feasibility Study stage is warranted.

The Company is advancing the Pre‐Feasibility study, supported by additional multi-disciplinary engineering activities.

Exploration programmes are also underway at the Company’s Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.