Cannindah Resources (ASX:CAE) reports further ‘significant’ copper, gold, and silver intercepts from recent drilling across a breccia zone at its namesake project in Queensland.
The company says results, generated from drilling conducted at the Mt Cannindah Project between February 2022 and February 2023, highlight ‘significant’ gold potential that aligns with the already identified ‘significant’ copper results.
Cannindah Resources notes gold and silver results in particular are not to be overlooked, with results returned to date demonstrating peak gold grades of 81.6g/t Au, and peak silver grades of 107g/t Ag.
Key results gathered to date include hole 7 with 3m @ 28.87g/t Au including 1m @ 81.6g/t Au and 107g/t Ag from 450m; and hole 10 with 12.5m @ 1.04g/t Au and 26.8g/t Ag from surface, and 8m @ 2.25g/t Au from 287m including 3m @ 5.52g/t Au and 17.4g/t Ag from 292m from within a lower gold zone.
With these results highlighting ‘significant’ gold potential at the project, Cannindah Resources announces it looks forward to receiving additional gold and copper intercepts from drilling that is currently underway.
Speaking on the results, Cannindah Resources Executive Chairman Tom Pickett says: “The Mt Cannindah project has an abundance of copper there is no doubt, and in this current economic climate we should not discount the level of gold and silver contained in the results we have enjoyed in these past months.
“This summary highlights that there is significant gold potential at the Mt Cannindah project which aligns with the already significant copper results we are encountering”
This summary highlights that there is significant gold potential at the Mt Cannindah project which aligns with the already significant copper results we are encountering. Mt Cannindah has many other target areas for both gold and copper that we intend to pursue over the coming months to augment what we are currently proving with the drilling we have underway. I look forward to more copper and more gold numbers in upcoming drilling results for the benefit of all shareholders.”
The company also notes the current goal of ongoing drilling is to extend the current defined 5.5 million tonne mineral resource and is being supported from funds generated through a placement of 13.75 million shares, as announced by Cannindah in February 2023.
Cannindah reports the placement raised up to $2.75 million, and that Peak Asset Management represented the lead manager of the placement. Funds raised were also reported to be applied to ongoing drilling and exploration activities, as well as working capital and meeting the costs of the issue.
Cannindah Resources is an ASX-listed Queensland-based exploration and resource development company focused on copper and gold mineral exploration, evaluation, and progressing various mineral projects. The company’s namesake project is located 100km south of the township of Gladstone in Queensland and represents a large, ‘high-level’ porphyry style copper-molybdenum-gold (Cu-Mo-Au) mineralised system.
Other assets held by Cannindah include the Piccadilly Project situated within the Charters Towers region about 80km from the city of Townsville in north Queensland.
Images: Cannindah Resources Ltd
