The campaign is looking to add some significant multi-metal tonnage. Pic: Getty Images
Cannindah set to spin at copper-gold flagship
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- The Diamond rig has arrived at Cannindah Resources’ namesake project
- Mt Cannindah has already caught the attention of copper giant Codelco
- Large, undrilled anomaly holds the potential to add significant tonnage to the established resource
Special Report: The diamond rig is on site and drilling is now imminent for a keenly awaited copper-gold campaign over Cannindah Resources’ Queensland flagship.
While overlooked by some, Mt Cannindah has attracted some major attention for greater potential as its owner looks towards the prospect of adding some significant heft to its resource.
After standing idle since 2011, the estimate now stands at 14.5Mt at 1.09% copper equivalent after Cannindah Resources (ASX:CAE) logged a 183% tonnage upgrade in July.
This next campaign is directed at both expanding the known resource area and investigating an excitingly undrilled IP anomaly looming large about 800m away.
Queensland copper lives on beyond Mt Isa, and Cannindah sees a real chance of short to mid-term production through established infrastructure 100km away from the port of Gladstone.
Cannindah managing director Tom Pickett said the delivery of the diamond rig to site has marked the beginning of the next phase of drilling at its flagship project.
“The extension of the resource by testing the extension into the southern breccia zone, and the significant SW IP anomaly is the current focus of the company,” Pickett said.
“CAE looks forward to the possibility of generating some more excellent outcomes from this high-quality copper gold project in the very near future.”
The deeper prize
Cannindah believes it already has an attractive resource in place from the higher-grade breccia systems seen close to surface, but Chilean copper titan Codelco’s interest in the area lies in deeper, bulk-tonnage porphyry.
Codelco wants to take a look at a large-scale, lower-grade proposition likely to add decades of life to a potential mine, and while discussions over any deal continues, Cannindah will take the multi-national’s data at zero cost in the event of a split.
Drilling will soon begin, set to bring in a stream of updates as it runs through the remainder of the year and into 2025.
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.
