Cannindah Resources hails Queensland copper and gold upside

Exploration activity at CAE’s Mt Cannindah project has confirmed opportunities to extend high-grade zones within the current 14.5Mt resource.

Mt Cannindah is about 100km south of Gladstone and represents a large porphyry copper-molybdenum-gold mineralised system. Pic: Getty Images

• Cannindah Resources receives drilling results carried out at Cannindah Breccia

• Results demonstrate opportunity for further delineation to mineralisation within the current resource

• The next phase of exploration will include drill testing extensions of the high-grade ore shoots, the breccia extensions and porphyry targets

Special report: Recent drilling at Cannindah Resources’ Mt Cannindah asset has demonstrated the opportunity for the company to delineate further high-grade mineralisation within its already significant 14.5Mt at 1.09% copper equivalent resource.

Drill testing of the initial step-out targets at the Cannindah Breccia has been completed, with four diamond core holes drilled for 1823.44m.

The holes targeted extensions and gaps within the resource, as well as induced polarisation targets to the north and southwest.

An impressive intersection of 71m at 0.95% copper equivalent comprising 0.75% copper, 0.2g/t gold and 10.4g/t silver from 127m was returned in drillhole CAE024.

That intersection sits within a significant larger mineralised interval of 274m at 0.49% copper equivalent, comprising 0.35% copper, 0.14g/t gold and 5.9g/t silver from 82m.

High-grade gold was also intersected in parts of the hole, returning 1m at 31.07g/t gold from 464m, as well as 1m at 5.14g/t gold, 0.15% copper and 18.3g/t silver from 338m.

Cannindah Resources (ASX:CAE) says CAE024 has further validated the continuity of copper mineralisation at Mt Cannindah, expanding the known system and effectively linking results between CAE013 and CAE019.

More copper to define

CAE managing director Tom Pickett said the results clearly demonstrate the opportunity to delineate further high-grade mineralisation at Mt Cannindah.

“This upside, along with the recent interpretation of pencil porphyry targets elsewhere in the project area, bode well for the Mt Cannindah Project to host substantially more copper mineralisation that we have defined in the current MRE,” he said.

“Our next phase of activity will include drill testing extensions of the high-grade ore shoots, the breccia extensions, and the pencil porphyry targets.”

Making progress

A total of 27 diamond holes has been drilled since company kicked off exploration at the site in 2021.

Twenty-five of the holes have been completed at the Cannindah Breccia, where CAE has delineated a resource containing circa 159,000t of copper equivalent.

Drillholes CAE024 and CAE026 were recently completed to infill existing data gaps and support resource expansion, while CAE025 and CAE027 served as significant step-out holes testing high-priority IP anomalies.

Mt Cannindah is about 100km south of Gladstone and represents a large porphyry copper-molybdenum-gold mineralised system that outcrops from surface and is open along strike and at depth.

What’s happening next?

CAE has made advances in understanding the breccia mineralisation system as well as strong structural and stratigraphic controls of the higher-grade shoots.

The application of this understanding has identified the Little Wonder prospect, 700m to the south as a similar target to the Cannindah Breccia.

Further exploration activities will be focussed on the identification of flexures within the regional fault and the development of dioritic intrusives.

This article was developed in collaboration with Cannindah Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Cannindah Resources hails Queensland copper and gold upside