Highlights

• Drill hole CAE2024 from the recently initiated drilling program at Mt Cannindah returned 71m @ 0.95% CuEq from 127m.
• Notable gold assays included 1m @ 31.07 g/t Au from 464m and 1m @ 5.14 g/t Au from 338m.
• Results confirm the continuity of copper mineralisation, extending beyond the known deposit and bridging gaps between previous drill holes.
• Managing Director Tom Pickett highlighted upside potential of the Cannindah Mineral System with further drilling planned.

Cannindah Resources Limited (ASX:CAE) has announced encouraging assay results from the first hole of its recently launched drilling campaign at the Mt Cannindah Copper-Gold Project. The campaign is designed to explore extensions to the existing Mineral Resource while also investigating significant Induced Polarisation (IP) anomalies adjacent to the resource.

Significant Copper-Gold Intersection in First Drill Hole

Drill hole CAE2024 intersected a notable 71m at 0.95% CuEq 127m, including 20m @ 1.1% Cu and 0.28 g/t Au from 132m. This is part of a broader mineralised zone of 274m @ 0.49% CuEq, comprising 0.35% Cu, 0.14 g/t Au, and 5.9 g/t Ag from 82m to 356m

Additionally, high-grade gold mineralisation was encountered in several sections, including:

• 1m @ 31.07 g/t Au from 464m to 465m
• 1m @ 5.14 g/t Au, 0.15% Cu, and 18.3 g/t Ag from 338m

These results confirm the continuity of copper mineralisation at the Mt Cannindah deposit. Notably, the new intersection extends mineralisation beyond the known resource and helps bridge a data gap between previously reported high-grade intersections in drill holes 13 and 19.

The findings confirm the continuity of breccia mineralisation and suggest the potential formation of shallow-plunging, high-grade zones within the broader Cu-Au mineralised material. Additionally, the consistent presence of high-grade gold in most drill holes completed so far is highly encouraging.

Notably, drill hole 24 extends beyond the known resource area and lies outside the existing resource block model from a depth of 278m.

What’s ahead?

Currently, the company is focused on finalising its diamond drilling campaign at Mt Cannindah. The third hole for 2025 was completed on 24 March 2025, with the fourth hole set to begin shortly and assays pending.

Drilling is targeting major IP anomalies near the current 14.5Mt @ 1.09 CuEq MRE.

CAE shares were trading at AU$0.078 per share at the time of writing on 25 March 2025.