Image Source: CAE
- Cannindah Resources (ASX:CAE) has been reporting strong progress with encouraging results from drilling at its Mt Cannindah Project.
- CAE has received significant results from its exploration, with recent exploration success from holes 11 and 12.
- CAE has raised capital via a placement to finance its present drilling program at Mt Cannindah.
Explorer and resource developer Cannindah Resources Limited (ASX:CAE) is focused on the exploration and evaluation of copper and gold minerals while progressing multiple mineral projects. The company aims to preserve shareholder wealth and enhance the value of its flagship project via a prudent exploration approach.
CAE has witnessed multiple key developments over the recent month that have been fuelling the advancement of CAE’s project development initiatives at its Mt Cannindah Project.
Let us look at these recent developments of the Company.
CAE’s latest results from hole 12 at Mt Cannindah comprise a huge copper result. The company further encouraged by the high-grade copper hits, including 4.52%Cu and 3.10%Cu, part of the excellent 126m intercept.
Copper, gold and silver intersections are indicated in CAE hole 12 for the top 291m in assays from the top section drill hole 22CAEDD012.
Source: CAE Announcement 29/08/2022
The Company further believes that its goal of substantially boosting the size of the project with the present program is being achieved successfully as the Company progresses each hole.
Furthermore, CAE has also mapped numerous additional hole locations to move forward with its strategy to increase the Mt Cannindah project area. The company looks to complete these drill holes over the next few months while focusing on delivering more significant copper and gold outcomes.
CAE received impressive results from the lower section of hole 11 beyond 850m recently. The results confirmed the extension of the depth of the Mt Cannindah breccia is highly impressive as it delivered a highly encouraging total of around 1022m @ 0.50%CuEq.
The occurrence of substantial copper and gold beneath 850m further underpins the company’s strategy of developing possible scale at the project. Key highlights include intersections from two gold zones, comprising the following:
Source: CAE Announcement
CAE looks to build on the encouraging results received from its Mt Cannindah project.
Recently, CAE has also concluded an AU$2 million capital raising by way of placement to sophisticated and professional investors. The placement comprises the issue of 9.3 million shares at a price of AU$0.215.
The company plans to use the proceeds from the placement for financing the current drilling program at Mt Cannindah as it is presently drilling hole 13.
Going forward, CAE has numerous holes planned and expects that the second rig to arrive shortly to help the company complete drilling at Mt Cannindah.
The Company’s drilling at Mt Cannindah has provided several encouraging results. CAE is focused on locating more copper within prolific jurisdictions like Queensland with the global shift towards green energy acting as strong tailwinds.
CAE believes that it is suitably positioned to benefit from the looming shortage of supply by continuing these results at the flagship asset. Results from holes 13 and 14 are awaited.
CAE stock was trading at AU$0.235 on 12 September 2022.
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