Cannindah Resources Ltd (ASX:CAE) Reports Significant Drill Results at Mt Cannindah
Drilling Results
Cannindah Resources Ltd (ASX:CAE) announced significant drill results from Hole 24 at the Mt Cannindah Copper Gold Project. The first hole from the new drilling program returned an impressive 71 metres at 0.95% CuEq from 127 metres, within a larger 274 metres at 0.49% CuEq. High-grade gold was also intersected, including 1 metre at 31.07 g/t Au from 464 metres.
Project Expansion
The intersections highlight the continuity of copper mineralisation and extend the known resource area. Drilling continues with assays pending for additional holes, aiming to test major IP anomalies near the existing 14.5Mt @ 1.09 CuEq MRE.
Executive Comments
Managing Director Mr Tom Pickett stated, “These outstanding results further demonstrate the continuity of the high grade zone and support the clear upside potential of the Cannindah Mineral System given that only 15% of the total surface area of the system hosts the 158,000t Cu equivalent that currently makes up the 14.5Mt Cannindah Mineral Resource. Future work will continue to focus on the extensions and upside of the Cannindah breccia, the high grade gold zones, along with a reinterpretation of the many remaining prospects that comprise the remainder of the substantial Cannindah Mineral System. We are pleased to have now completed the third hole for this year. We look forward to moving the rig to start drilling towards the large exciting prospect known as the south west IP anomaly.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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