Latest drilling results support the upside potential of the Mt Cannindah mineral system. Pic: Getty Images
Cannindah reels in thick copper beyond 14.5Mt resource
Mining
share
- Cannindah hits thick, high-grade intersections during latest diamond drill program
- A standout result of 71m at 0.95% copper equivalent was landed
- More drilling is planned to test IP anomalies adjacent to the existing resource
Special report: Cannindah Resources has demonstrated upside potential of the Mt Cannindah mineral system after delivering a thick, high-grade intersection of 71m at 0.95% copper equivalent.
The hole 24 intersection is within a larger mineralised zone of 274m at 0.49% CuEq comprising 0.35% copper, 0.14g/t gold and 5.9g/t silver from 82m and extends mineralisation beyond the 14.5Mt resource.
While diamond drilling is continuing at Mt Cannindah in central Queensland – with the third hole for the year completed yesterday and the fourth to begin shortly – Cannindah Resources (ASX:CAE) believes the program has highlighted the continuity of copper mineralisation.
Its drilling program has been designed to test extensions to the resource as well as some significant adjacent IP anomalies.
The results are impressive given that only 15% of the total surface area of the system hosts the 14.5Mt resource for 158,000t copper equivalent.
Focus on expanding resource area
The Mt Cannindah project 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.
A 183% increase in tonnage was delivered during its last resource upgrade in June 2024, underscoring the potential for future growth as the company drills out more targets.
Mining personality and CAE non-executive director Tony Rovira sees great potential for further value creation at the project.
“Geologically, the Mt Cannindah deposit looks to be part of a significant copper-gold system and the data suggests that there is a strong possibility for the existing resource to grow substantially from the current 14.5Mt base,” Rovira said.
Fourth drill hole to begin shortly
CAE managing director Tom Pickett said the company was pleased to have now completed the third hole for this year.
“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,” Pickett said.
“We look forward to moving the rig to start drilling towards the large, exciting prospect known as the southwest IP anomaly.”
The company plans to begin drilling its fourth hole to test IP anomalies adjacent to the resource shortly.
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.
