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Highlights
- Geophysical surveys have confirmed a substantial system of IP anomalism associated with the current 14.5Mt @ 1.09% CuEq Mt Cannindah Resource
- The southwest anomaly (SWIP) has been identified as a highly prospective target, with potential for economic mineralisation.
- A major drilling campaign is set to begin, targeting resource extensions and key IP anomalies around the project area.
Cannindah Resources Limited (ASX:CAE) has reported promising developments at its flagship Mt Cannindah copper-gold project in Queensland, Australia, following a recent review of induced polarisation (IP) survey results. The review revealed a significant and connected system of IP anomalies extending beyond the current 14.5Mt @ 1.09% CuEq resource at Mt Cannindah.
Detailed findings
Modelling of the survey data indicated a substantial chargeability anomaly extending to the south and west of the existing resource area, with size and intensity comparable to the current anomaly over the Mt Cannindah Resource. The anomaly remains untested by both recent and historical drilling.
A new anomaly to the southwest (SWIP) has also been identified as a highly prospective target. Should the undrilled SWIP anomaly host significant economic mineralisation, it could lead to rapid changes in the current mineral resource estimate at Mt Cannindah.
A major drilling program is set to commence soon, aimed at testing potential resource extensions to the existing copper gold resource and key IP anomalies surrounding the project area. The company remains optimistic about the significant potential for further resource expansion to the south.
CAE shares were trading 4.65% higher at AU$0.045 apiece with a market cap of AU$30.23 million at the time of writing on 22 November 2024.
