Shares of the company jumped 6.1% on the latest drill results.

The company has released assays for 13 drill holes completed within the 6-km long Sprite corridor at its gold project in Newfoundland.

The early-stage study defined a 15-year, 11,000 t/d open pit operation, mining the Marban, Norlartic, Kierens, North-North and Gold Hawk deposits in Quebec.

Data shows gold and emerging-market dollar bonds have stopped responding in similar ways to the gyrations in the dollar.

The project is located immediately south of the Red Chris mine, which is viewed by the company as a potential tier 1 asset.

Cardinal's board of directors has urged shareholders to accept a revised off-market takeover proposal.