Cannon Resources (ASX: CNR) has delivered an updated JORC 2012 Mineral Resource for the Musket deposit, part of the flagship Fisher East Project in Western Australia, increasing its nickel resource by 44% to 45.5 Kt of contained nickel.
The Musket deposit has now been estimated to contain 2.4 Mt @ 1.9% Ni for 45.4 Kt contained nickel at a cut–off grade of 0.9% Ni. This is an increase in both tonnage and grade over the previous estimate of 1.9 Mt @ 1.7% Ni for 31.6 Kt contained nickel.
With the new update, the Fisher East Project now has 91,800 tonnes of contained nickel across three resources at the Camelwood, Cannonball, and Musket deposits.
JORC 2012 compliant PGE content has also been estimated for the first time at Musket. The combined PGE content (Pt and Pd) was estimated at 2.4 Mt @ 0.5 g/t (Pt+Pd) for 38,580 Oz contained (Pt+Pd).
The company notes that Musket remains open laterally, internally, and down plunge.
Speaking on the resource update, Cannon Resources CEO Steve Lynn said: “Musket is now delivering on the potential we expected. The 44% jump in Mineral Resource to 45.5 Kt of contained nickel is an exciting development. In addition, we have estimated the combined PGE grade at 0.5 g/t Pt + Pd. The PGE number is dominated by palladium, which is a fantastic and welcome outcome as well.
“The 44% jump in Mineral Resource to 45.5 Kt of contained nickel is an exciting development”
The resource mineralisation remains open down plunge and laterally along the northern and southern margins, as well as internally within the zones without drill data. The current extent of drilling is approximately 600 metres vertically. This means there is ample scope to substantially grow the resource beyond the current limits.”
The Musket resource estimation utilised all existing historical holes and the 8 new Cannon holes drilled in 2021. Cannon also analysed existing mineralised pulp material from those historical samples where PGE data was non-existent or deficient, and this extra data was added to the dataset to estimate the PGE grade for the resource.
In addition, a comprehensive program of resampling for PGE from relevant holes as well a new and existing PGE analysis enabled Cannon for the first time to estimate a PGE content for Musket.
The Fisher East Project is located in the northern Goldfields region of Western Australia, approximately 200 km north-east of Leonora. The project’s primary deposits are Kambalda-style, komatiite-hosted massive and disseminated nickel sulphide mineralisation designated Class 1 ore. All deposits are located on 100% Cannon tenements.
Moving forward, the company is planning a 9,000m diamond core and RC drill campaign to infill known mineralisation and to locate extensions to mineralisation both at depth and along strike. Drilling at Fisher East is expected to recommence this week across all key prospects.
Images: Cannon Resources Limited
