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Highlights
- During the September quarter, CAE raised AU$1.61 million through latest capital raising program.
- Currently, the company is running a drill programme at Mt Cannindah Project to identify new areas of interest and expand the current JORC resource area.
- The September quarter saw significant gold and copper hits at Mt Cannindah.
- The Induced Polarisation geophysical survey led to several new drill targets, providing excellent upside for continued exploration. .
- Through its latest development, CAE has gained access to over 170km2 around the mining lease at Piccadilly.
ASX-listed Cannindah Resources Limited (ASX: CAE) recently released its activities report for the three month-period ended 30 September 2023. The quarter was marked with significant progress at CAE’s high-quality assets including Mt Cannindah and Piccadilly.
During the reported period, the company raised AU$1,610,000 through a share purchase plan and a placement during the quarter. To know more, click here.
Data source: Company PPT
Encouraging outcomes from Mt Cannindah exploration
Currently, the company is running a drill programme at the project site to identify new areas of interest and expand the current JORC resource area.
Impressive results from current drilling at Mt Cannindah include: 282m @ 1.28%CuEq in hole 2, 493m @ 1.17CuEq for 21CAEDD003, and 81m @ 1.3%Cu for 21CAEDD004.
Also, CAE received assays for key gold intercepts at Cannindah East during the quarter. The results highlighted: 121m @ 0.5g/t Au from hole 21 which included 15m @ 1.23g/t Au from 11m to 26m. Hole 22 provided 41m @ 0.75g/t Au from surface which included 11m @1.3g/tAu from 20m-31m.
The ongoing Induced Polarisation geophysical survey has suggested presence of excellent Cu-Au-Ag at Mt Cannindah. It has identified numerous new drill targets. When results from previous sampling are compared with the recent IP results, many blind undrilled targets are identified. Thus, there exists excellent upside for continued exploration for the undrilled targets on the basis of IP chargeability depth slices.
Piccadilly Project
Through its purchase of Piccadilly Gold Mine Holdings Ltd, CAE has access to and operational control of 174.35 km2 around the mining lease at Piccadilly.
In the recent drilling program, the company focused on checking the presence of more gold bearing veins and detecting a bulk-tonnage target. CAE intends to conduct more covering the Piccadilly Mining District.
CAE shares traded at AU$0.099 apiece on 14 November 2023.
