Sponsored

Cannindah Resources (ASX:CAE) Highlights Significant Resource Upgrade in Latest Quarterly Report

November 06, 2024 09:37 PM EST | By Aditi Sarkar
 Cannindah Resources (ASX:CAE) Highlights Significant Resource Upgrade in Latest Quarterly Report

Highlights

  • Cannindah Resources announced a notable upgrade to the mineral resource estimate (MRE) at its flagship Mt Cannindah project during the September quarter.
  • The company completed a capital raise of AU$5 million.
  • Additional drilling is planned to expand the MRE and explore other high-priority IP targets.

During the September quarter, Cannindah Resources Limited (ASX:CAE), a Queensland-based exploration and resource development company, announced a significant upgrade to the mineral resource estimates (MRE) for its flagship Mt Cannindah Cu/Au project.

The company also concluded a capital raise of AU$5 million. Additionally, Cannindah Resources engaged in commercial discussions with interested parties regarding the Mt Cannindah project.

On 3 July 2024, Cannindah Resources announced a significant upgrade to the Mineral Resource Estimate (MRE) for the Mt Cannindah project, with notable increases in key resources:

Data source: Company update

  • Copper metal tonnes increased by 117%. The overall increase in tonnes was 183% at a cut-off grade of 0.3%CuEq.
  • Gold ounces increased by 229% in the updated resource
  • Silver was improved with a 148% increase in ounces.

The company plans additional drilling to expand the MRE and explore high-priority IP targets, located approximately 800m southwest of the current resource area. A significant portion of the updated resource is classified as Measured and Indicated under the 2012 JORC code.

No exploration drilling occurred during the quarter as the company focused on completing the capital raise and preparing for the upcoming drilling program, which is expected to start soon.   

The company closed the September quarter with a cash position of AU$4,688,285.

The share price of CAE was AU$0.038 at the time of writing on 07 November 2024.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.


Canadian AI All-Stars: Unveiling the Top Stocks for 2025

Send OTP Resend OTP in 30s

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.