Cannindah Resources (ASX: CAE) Delivers High-Grade Gold Intercepts and Expands Drilling at Mt Cannindah Project

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Highlights

• Cannindah Resources completed 1,024 metres of diamond drilling in the March 2025 quarter, advancing four drillholes, including CAE024 to CAE027.
• Drillhole CAE024 has intersected 71m @ 0.95% CuEq, including high-grade gold hits of 1m @ 31.07 g/t Au and 1m @ 5.14 g/t Au.
• CAE025 and CAE026 have been completed, with assay results pending and visible sulphides observed in both holes.
• Drilling has commenced at CAE027, targeting a high-priority southwest IP anomaly.
• Cannindah has initiated rock chip sampling and soil analysis, revealing a 500m x 300m copper anomaly with porphyry-style veining.

Cannindah Resources Limited (ASX:CAE) has released its March 2025 quarterly activities report, highlighting continued exploration success at its flagship Mt Cannindah copper-gold project in Queensland. The quarter saw intensified drilling efforts, the discovery of high-grade gold zones, and strategic board appointments to support future growth.

CAE has been actively advancing exploration at the Mt Cannindah Project since 2021, with a total of 26 diamond drill holes completed to date. The current drilling program is focused on extending known mineralisation, with drillholes CAE024, CAE025, and CAE026 recently completed, and CAE027 now underway.

Ongoing Diamond Drilling Yields Encouraging Results

• A total of 1,024 metres of diamond drilling was completed in the March quarter.
• Drilling focused on extending the Cannindah Breccia Mineral Resource and other high-priority targets.
• Completed drillholes include CAE024, CAE025, and CAE026, while CAE027 commenced late in the period.

CAE024 delivered standout results, intersecting:

• 71m @ 0.95% CuEq within a broader zone of 274m @ 0.49% CuEq.
• Notably, the hole revealed high-grade gold hits, including:
• 1m @ 31.07 g/t Au
• 1m @ 5.14 g/t Au

A follow-up review of past drill holes from 2021 revealed multiple high-grade gold intercepts with similar geological characteristics, reinforcing the project’s expanding potential.

 Pending Results and Target Expansion

• CAE025 targeted an induced polarisation (IP) anomaly to the northwest of the breccia zone.
• CAE026 was drilled at the Southern Breccia area, with both holes showing visible sulphides and brecciation.
• Results for both are currently pending laboratory assay.

Drillhole CAE027 is now underway, targeting a prominent southwest IP anomaly, another potential copper-gold target.

Surface Exploration and Soil Geochemistry

Rock chip sampling began in areas believed to extend the Cannindah Breccia strike, including the below Cu-Au-Mo prospects:

• Monument
• Lifesaver
• Dunno Porphyry

Initial analysis of historic soil data revealed a coherent 500m x 300m zone with over 1000ppm copper anomalism, supported by observed porphyry-style veining and alteration. Verification and further sampling are ongoing.

Strategic Leadership Strengthened

During the quarter, Cannindah welcomed two seasoned mining executives to its board:

• Mr John Morrison and Mr Tony Rovira joined as Non-Executive Directors, bringing deep expertise in mining investment and exploration.
• Mr Cameron Switzer was appointed Exploration Manager and Technical Advisor.

Cannindah Resources Managing Director, Mr Tom Pickett, expressed optimism:

“The first quarter of 2025 has been an extremely busy period with the ongoing diamond drilling activities focused on expanding the Cannindah Breccia footprint. The results now demonstrate the potential hydrothermal system size and metal fertility. The Southern Porphyry Target represents a potential step change in target size and metal inventory. We will continue to prioritise our larger-scale activities and rapidly evaluate all appropriate targets. This is an exciting opportunity.”

Shares of CAE were trading at AUD 0.048 at the time of writing on 1 May 2025.