Cannindah Resources (ASX:CAE) has scheduled to begin a “major” drilling program at the Mt Cannindah Project in Queensland, to test the existing copper-gold resource.
The $30.23 million market capitalisation company also aims to drill test other key induced polarisation (IP) anomalies proximal to the existing resource.
This news comes after ongoing geophysical work at Mt Cannindah uncovered a connected system of IP anomalism associated with the 14.5 million tonnes at 1.09% copper-equivalent resource.
Modelling of the IP survey shows a chargeability anomaly that extends to the south and west beyond the current mineral resource area. Cannindah says this anomaly has not been tested effectively by recent and historical drilling.
As a result, the company sees potential to continue extending the resource area to the south of the project.
Managing Director Tom Pickett says the company board sees the potential for resource growth at Mt Cannindah, as it progresses exploration further to the south into new target zones.
“The IP targets available to the company in this southern section demonstrates its exploration upside potential,” Pickett says.
“The scale and tenor of the IP and geochemical anomalies within the Cannindah Project area support a large intrusive related mineralised system. Cannindah’s exploration efforts over the next few months will focus on drill targets where there is a high probability of success.”
The Mt Cannindah Project is considered prospective for copper, gold, and silver and has established resources and upside potential. The project benefits from access to local towns and corresponding infrastructure, strategically situated 100km from the port of Gladstone.
Cannindah Resources is a mineral explorer and developer primarily focused on copper and gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Cannindah Resources
