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.
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