Cannindah Resources (ASX:CAE) reports a 37% increase in contained copper equivalent metal at its Mt Cannindah Breccia Project in Queensland.
The updated mineral resource estimate (MRE) totals 23.2 million tonnes at 0.93% copper equivalent (CuEq), comprising 0.53% copper, 0.37 grams per tonne gold, and 10.8g/t silver.
According to Cannindah, the MRE now contains 216,500 tonnes of CuEq metal, with 85% classified in the measured and indicated categories.
Managing Director Cameron Switzer says the updated resource “significantly upgrades the project” and provides a positive path forward.
“This is an excellent result for all Cannindah stakeholders and a tremendous reward for all the effort by the team over the last 12 months,” Switzer says.
“What commenced as a scout drill program in 2025 resulting in the discovery of the Southern Shoot has expanded the entire breccia mineralisation into what looks like a significant investment opportunity.
“As our understanding of the controls and distribution of the mineralisation footprint increases, our confidence in the growth opportunities for future exploration also increases.”
The estimate incorporates data from 45 additional drill holes completed from late 2025 to July 2026, with the resource reported within optimised ‘Whittle’ open pit shells to a maximum depth of 330m below surface.
Cannindah also reports ‘significant’ copper mineralisation extends beyond the pit shell to depths exceeding 1,000m. This includes intersections of 493m @ 1.17% CuEq from surface and 1,022m @ 0.48% CuEq from 64m to end of hole.
The resource uses metal pricing of US$10,700 ($15,249) per tonne copper (Cu), US$3,450 per ounce gold (Au), and US$46 per ounce silver, reflecting 24-month rolling averages.
Meanwhile, metallurgical test work confirms recoveries of 90% for copper, 65% for gold, and 80% for silver.
Cannindah says it is looking to further expand the MRE to the south and at depth using two drill rigs. Assays also remain pending for eight completed drill holes.
“We have still only tested to any detail the upper 300m of a system that has drill intersections to over 1,000m and a strike length of 700m in a defined 2,000m strike extent. This is less than 20% of the total currently identified strike footprint of the breccia host structure and there is already in excess of 200,000 tonnes of defined CuEq,” Switzer points out.
“Our strategy moving forward is clear: unlock the full potential of this emerging breccia copper-gold system while we continue to understand the greater porphyry prize.”
Cannindah Resources is a mineral explorer and developer focused on discovering and advancing copper, molybdenum, and gold projects in Queensland.
Write to Paula Fabe at Mining.com.au
Main image: Cannindah Resources
