Cannindah Resources (ASX:CAE) Launches Drilling to Expand Copper-Gold Potential at Mount Cannindah

December 08, 2024 07:02 PM PST | By Sonal Goyal

Cannindah Resources (ASX:CAE) Launches Drilling to Expand Copper-Gold Potential at Mount Cannindah — Image source: Company update

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Highlights

CAE has commenced drilling operations at its Mount Cannindah Copper Gold Project to expand the updated mineral resource estimate (MRE).

The drilling program focuses on identifying high-grade copper-gold mineralisation in the Southern Breccia IP anomaly.

The updated MRE shows a significant increase to 14.5MT at 1.09% CuEq.

CAE shares saw a 9.76% increase, reaching AU$0.045 per share.

Shares of Cannindah Resources Limited (ASX:CAE) rose by 9.76% to AU$0.045 per share on 9 December 2024. The surge followed the company’s announcement of the start of drilling operations at its Mount Cannindah Copper Gold Project, Queensland. The drilling program aims to expand the recently updated mineral resource estimate (MRE) and identify additional high-grade copper-gold mineralisation in the Southern Breccia IP anomaly.

As reported on 3 July 2024, the updated MRE saw a substantial increase, now totalling 14.5MT at 1.09%CuEq. The existing resource remains open along strike and at depth, offering significant opportunities for further expansion. The focus for the remainder of 2024 and into Q1 2025 is on drilling the new target areas to the southwest (SWIP), identified during previous drilling and recent geophysical IP surveys.

The SWIP anomaly is located nearly 700m from the current resource area. This untested area holds significant potential for new discoveries.

About Mount Cannindah Project

The project has delivered impressive drilling results from surface, revealing high-grade copper and gold. For instance, the Hole 3 returned 493m at 1.17% CuEq. Data from drilling, geochemical studies and geophysical IP surveys, have identified high-quality exploration targets.

The company plans to capitalise on the large-scale potential highlighted by these exceptional drilling outcomes as it moves into 2025. The next phase will focus on further exploration and drilling in the Cannindah East area, approximately 500m to the east of the current MRE. Additionally, further exploration work will focus on the Eastern IP anomaly for further potential discoveries.

Updated MRE for the Mt Cannindah. Image source: Company update

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