The Mt Cannindah project is one of the contenders to become Australia’s next producing copper mine. Pic: Getty Images
Fresh off Azure success story, Tony Rovira returns to bolster Cannindah board on Queensland copper quest
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- Cannindah Resources adds former Azure Minerals MD Tony Rovira as non-executive director
- 2024 Dealer of the Year sees great potential for value creation
- Drilling underway to swell an already significant copper-gold resource
Special Report: Cannindah Resources has added mining legend Tony Rovira to the board as it moves towards development of its Queensland copper-gold flagship.
Most recently managing director of Azure Minerals, Rovira has had some time on his hands after its $1.7bn all cash acquisition by Hancock Prospecting and SQM, which netted the majors the world class Andover lithium discovery in Western Australia.
That deal led to Azure and Rovira being awarded as the Dealer of the Year at last year’s Diggers & Dealers, 24 years after he led the discovery of the Cosmos nickel mine, and he now joins Cannindah Resources (ASX:CAE) as non-executive director with shared excitement for its prospects.
The company’s eponymous Mt Cannindah project currently holds a from-surface 14.5Mt at 1.09% copper equivalent resource estimated to contain 104,000t of copper, 197,300oz of gold and 6.4Moz of silver.
Cannindah delivered a 183% increase in tonnage to the project in its last upgrade, and first results from ongoing diamond drilling are soon expected to start coming in looking towards the next.
Rovira sees great potential for further value creation at Cannindah, where he sees the possibility of another world class discovery.
“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.
“Intersections such as 493m at 1.17% CuEq from surface are very rare and this suggests that there is potential for Mt Cannindah to be a world class deposit.
“I look forward to assisting the team in really progressing the project at pace to create substantial value for shareholders.”
Cannindah chairman Michael Hansel added that Rovira’s experience and leadership within the mining industry will benefit the company and its shareholders as it moves into the next stage of development.
And though Dr Simon Beams resigned as director on the appointment, he will remain closely involved as director of geology consultants Terra Search.
“I also extend my thanks to Dr Simon Beams for his contribution to the board and look forward to continuing to work with him on the company’s projects,” Hansel said.
Mining Mt Cannindah
But its smelter will continue operating and with the Queensland Government keen to stimulate new investment in its copper sector, Mt Cannindah has a realistic shot at entering production in the short to mid-term.
CAE dusted off the project after a review found resources of scale large enough to pique some major attention.
It shone even brighter on the radar of canny investors after Chilean big-timer Codelco revealed it was taking a look at CAE in what would be a first Australian foray for what was until recently the world’s most prolific copper producer.
Cannindah believes its resources are already significant, but if it can get enough of an uplift in tonnage through a large, deep porphyry, it would become a likely target for Codelco or someone else interested in a lower-grade, bulk tonnage operation.
Results from its multi-target drill campaign are likely to attract at least a few notable eyeballs.
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.
