Cannindah Resources (ASX:CAE) has uncovered ‘high-grade’ copper, gold and silver mineralisation from an ongoing diamond drilling (DD) program at its Mt Cannindah copper gold silver Project in central Queensland.
The results, generated by the ongoing drilling at the project, have returned copper equivalent (CuEq) grades up to 2.04% from within a ‘large-scale’ intrusive breccia, with evidence of porphyry affinities.
The company says the most ‘significant’ results were received from drillhole 22CAEDD016, which demonstrated that the mineralised zone at the northern section of the Mt Cannindah deposit represents a ‘high-grade’ copper (Cu) (gold (Au),silver (Ag)) rich breccia body.
“The Mt Cannindah project has again delivered excellent grade over a significant intercept”
Adding on, Cannindah notes this rich breccia body represents one of the higher grade portions of a larger resource that has ‘significant’ potential to be expanded.
Key intercepts include hole 22CAEDD016 with 155m @ 1.12% CuEq (0.81% Cu, 0.29g/t Au, 16.5g/t Ag) from 128m – 283m, including 74m @ 2.04% CuEq (1.52% Cu, 0.48g/t Au, 28.9g/t Ag) from 158m – 232m, and 8m @ 3.06% Cu, 0.6g/t Au, and 67g/t Ag from 205m.
The company also notes the presence of an infill chalcopyrite rich breccia, with results returning 41m @ 2.73% CuEq (2.13% Cu, 0.46g/t Au, 40.2g/t Ag, and 6.37% sulphur (S) from 175-213m.
Speaking on the results, Cannindah Resources Executive Chairman Tom Pickett said: “The Mt Cannindah project has again delivered excellent grade over a significant intercept. Having 155m @ 1.12% CuEq which included 74m @ 2.04% CuEq in hole 16 shows drilling at Mt Cannindah is continuing to be a great success for the company.
CAE has consistently drilled hundreds of metres of high-grade copper in various directions and depth indicative of a robust project. Hole 16 drilled north to south, at right angles to previous drilling. While Hole 15 drilled west to east, down a post mineral dyke, nevertheless it has provided excellent information and further evidence of porphyry style affinities relevant to the drivers of mineralisation within the breccia and intrusive system.
Hole 15 did intersect some reasonable copper gold mineralisation, eg :1m @ 1.19g/t Au from 27m, and 2m @ 1.24% CuEq from 253m. The thickness of mineralisation in hole 15 is also worth noting, even after being diluted by dykes, the aggregated interval is 65m @ 0.29% CuEq.
Significantly, holes 15 and 16 showed that the post mineral andesite dykes are only a few metres wide and do not negatively impact the system. We have more planned holes to be delivered with Hole 17 already finished and awaiting assay results.
We have now moved on to Hole 18 in the southern section, which is currently at a depth of approximately 288m. I look forward to our hard work continuing to provide more outstanding results from the Mt Cannindah project as we increase our exploration activity.”
In addition, Cannindah Resources has received a receipt of commitments from sophisticated and professional investors following the raising of $2.75 million through a placement of 13.75 million shares in order to continue exploration at the Mt Cannindah project.
Cannindah reports the shares were issued at a price of $0.20 per share, with funds raised expected to apply to on-going drilling and exploration at the Mt Cannindah project, working capital, and meeting the costs of the issue.
It is reported lead manager to $2.5 million of the placement was Peak Asset Management, a Melbourne-based boutique investment management firm that specialises in capital raising and advisory activities.
Cannindah Resources is an ASX-listed exploration and resource development company focused on copper and gold mineral exploration, evaluation, and progressing various mineral projects. The company’s Mt Cannindah project is located 100km south of the township of Gladstone near Monto in central Queensland and represents a ‘large’ ‘high-level porphyry style copper-molybdenum-gold (Cu-Mo-Au) mineralised system.
Other assets included in the company’s exploration portfolio include the Piccadilly Project about 80km from the city of Townsville in north Queensland.
Images: Cannindah Resources Ltd
