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Highlights
- Cannindah Resources reported high-grade copper-gold intersections at the Cannindah Breccia, supporting resource expansion potential.
- A newly defined “Southern Shoot” mineralisation zone has emerged as a key growth driver, extending over 100m strike and remaining open.
- The other high-grade zone is Northern Shoot.
- These two ore shoots enhance geological understanding and future drill targeting.
- Drilling at the Southern Porphyry Target has highlighted large-scale mineralisation potential, including indicators of a gold-rich intrusive system.
- The company raised AUD 18 million, strengthening its cash position to fund ongoing exploration.
Cannindah Resources Limited (ASX:CAE) reported steady progress in its March 2026 quarterly update, including promising drilling results at the Cannindah Breccia. The company also advanced work at the Southern Porphyry Target and secured AUD 18 million through an institutional placement and an oversubscribed share purchase plan to support ongoing exploration.
Resource Expansion at Cannindah Breccia
During the quarter, exploration focused on the Cannindah Breccia Resource Expansion and the Southern Porphyry Target. A total of 17 reverse circulation drill holes covering 4,140 metres were completed, targeting extensions of the Cannindah Breccia Mineral Resource Estimate (MRE). Assay results received from six drill holes indicated mineralisation with widths and grades exceeding those within the current resource.
Drillhole 26CRC011returned 90 metres at 1.11% copper equivalent from 178 metres, including 54 metres at 1.61% copper equivalent from 204 metres.
These preliminary results, combined with earlier drilling from 2025, have defined a continuous zone of copper-gold mineralisation referred to as the Southern Shoot. This zone extends over more than 100 metres along strike, with a vertical extent exceeding 200 metres, true thickness of up to 132m and remains open to further expansion.
The Southern Shoot, which was not recognised in the existing MRE, is considered as a significant growth driver to update the MRE.
The other higher-grade zone within the Cannindah Breccia is the Northern Shoot, already included in the existing resource. Structural controls influencing both Northern Shoot and Southern Shoot have been interpreted, providing guidance for further exploration.
Historical drilling located south of the current resource boundary has also identified breccia with sulphide mineralisation, with assay results pending. Additional 16 drill holes have been deployed to test these extensions and validate historical data gaps.
Southern Porphyry Target Shows Large-Scale Potential
In addition, 374.2 metres of diamond drilling was conducted at the Southern Target to test porphyry-style mineralisation. Results from 2025 drilling at the Southern Porphyry Target were reported during the quarter, indicating large-scale potential.
The results highlight several important porphyry targeting indicators, including the presence of high-grade zones and rising copper values in nearby drill holes, which provide clear direction for further targeted drilling. They also point to the emergence of a gold-rich intrusive phase.
Diamond drilling to extend one of the key holes - 25CRC016, reached a depth of 694.2 metres before termination due to ground conditions, with core samples undergoing analysis.
Capital Raising Supports Exploration Plans
During the quarter, Cannindah completed a placement of AUD 15 million to institutional investors and existing shareholders, alongside an oversubscribed share purchase plan that raised an additional AUD 3 million. The funds are being allocated toward drilling programs and exploration activities.
The company reported a cash position of approximately AUD 14 million at the end of the quarter.
Cannindah Resources’ March quarter update outlines continued drilling activity, new mineralisation zones, and funding secured to advance exploration. With work ongoing at both the Cannindah Breccia and Southern Porphyry targets, the company is progressing resource expansion and further testing of identified mineralised systems.
CAE shares traded at AUD 0.046 per share on 08 May 2026.
