Highlights

• Cannindah Resources has reported high-grade gold intersections, with the best result reaching 96.85g/t gold.
• Multiple high-grade gold intercepts suggest the potential for zoned mineralisation within the Cu-Au Cannindah Breccia system.
• Managing Director Tom Pickett points to promising gold-rich zones developing in the southern part of the Mt Cannindah project.

Cannindah Resources Limited (ASX:CAE) shares saw a notable increase on Monday following the company’s update on high-grade gold mineralisation at its Mt Cannindah Copper-Gold project. Located in central Queensland, the 100%-owned Mt Cannindah project has yielded some impressive drilling results, including:

• 1m at 96.85g/t gold from 450m (CAE007)
• 1m at 24.00g/t gold from 225m (CAE011)
• 1m at 22.98g/t gold from 322m (CAE013); and
• 1m at 31.07g/t gold from 464m (CAE024).

Reflecting on the development, Cannindah Resources Managing Director Mr Tom Pickett, said: “The recognition of the repeated development of high-grade gold results associated with a late-stage overprint on the Cu Au Cannindah Breccia system requires further assessment to quantify the gold opportunity. Early indications suggest a possible metal zonation with higher level gold anomalism developed in the south, which is encouraging.”

Notably, substantial high-grade gold mineralisation has been intersected at Mt Cannindah, both within the Mineral Resource Estimate (MRE) envelope and in the surrounding mineralised system. Early indications suggest the presence of a possible metal zonation, with higher levels of gold anomalism developed in the southern portion of the deposit, which is highly encouraging. These gold veins have now been observed over a strike length of 600 metres and a vertical depth exceeding 800 metres.

Moving forward, Cannindah’s exploration efforts focused on gold will concentrate on defining the controls and continuity of these zones, as well as identifying any additional areas that may host high-grade gold mineralisation.

Cannindah is primarily a copper-focused exploration company, with the added advantage of significant high-grade gold and silver mineralisation present in its projects. The ongoing drillhole CAE027, located in the southern part of the project area, is a critical part of the company's copper exploration strategy, targeting a high-order induced polarisation (IP) anomaly. This drillhole has intersected historic broad intervals of low-grade gold and extensive copper mineralisation in associated stockwork veining, providing valuable insights for future exploration efforts.

CAE shares last traded at AUD 0.057 on 14 April 2025.