Exploration company Cannindah Resources (ASX:CAE) believes its namesake project located in Queensland has the potential to become a mine one day.
Speaking to Mining.com.au Executive Chairman Tom Pickett details how the company believes the Mt Cannindah Project, represents a large ‘high-level’ porphyry style copper-molybdenum-gold mineralised system, which is on an existing mining lease area that has been previously underexplored.
Pickett tells this news service the company is also “hunting for more as we go”.
Due to the project being on a mining lease, he says this will continue to improve the size and scale of the project, as it will not have to convert to a mining lease. This reduces the number of years of approval processes.
Pickett says: “I think it could be an open-cut mine. As we sort of sit today, we’ve got a bit of work to do in terms of improving that.
We’ve started drilling over 500m away toward Cannindah East from where the previous drilling had been, which, when you think about it, could expand the size quite considerably, particularly if there are some more interesting hits at surface over there and then we could potentially link that up.
The other thing is that we’re only 100km away from the port of Gladstone. So we’ve got sort of all the boxes ticked from a logistics perspective and we’re sort of moving forward in increasing our size.
So we’ve got size on our side, we know there’s copper, we know there’s gold, and we’re just hunting more as we go.”
“So we’ve got size on our side, we know there’s copper, we know there’s gold, and we’re just hunting more as we go”
Additionally, the Chairman says that ‘high-quality’ projects such as the Mt Cannindah Project are rare at the moment, as there are not a lot of ‘new’ projects coming to light that satisfy the copper demand.
Pickett adds how the company has been receiving very ‘interesting’ grades and down to considerable depths.
In early May 2023, the company reported ‘significant’ results including 104m @ 1.46g/t Au, including 20m @ 5.5g/t Au.
The Executive Chairman adds: “Piccadilly is an interesting one. It’s a pure play and it’s nice. It’s an intrusive related gold system and these things typically occur in clusters.
We had a look at some historical drill hits within that zone. And I get excited when you see high-grade stuff and there were some hits in there over a couple of metres at over 100 grams per tonne of gold. Now that’s significantly high-grade.”
Cannindah Resources is an ASX-listed Queensland, Australia-based exploration and resource development company. The company is focused on copper and gold mineral exploration, evaluation, and progressing various mineral projects.
Images: Cannindah Resources Ltd
