Cardinal Resources (ASX: CDV) - Major Gold Ambitions
We first introduced Cardinal Resources on livewire around two months ago, when the stock was trading around $0.28 - and it's since maintained the positive momentum established over the past 12 months, where it's risen from a low of $0.06 to a recent high of $0.57. Cardinal isn't a producer, it doesn't even have a defined JORC resource estimate - it's still a pure exploration play. But the reason it's attracting such strong interest is simple - the scale and potential of the gold mineralised feature it's currently investigating in West Africa. The scale of the company's Namdini prospect in Ghana is vast. Gold mineralisation has so far been intersected over a strike length of 1km, whilst averaging between 200 and 300 metres in width, whilst being traced to more than 350 metres vertical depth over the majority of its strike length. It simultaneously remains open both at depth and along strike to the south. Importantly from a development perspective, the gold mineralization starts right from surface. The next step will be an initial Resource Target that's expected this quarter.
Gavin has been a senior resources analyst following the mining and energy sectors for the past 25 years, working with Intersuisse and Fat Prophets. He is also the Executive Director, Mining & Metals with Independent Investment Research (IIR).