Dec quarter roundup: Cannindah Resources (ASX: CAE) makes significant progress at Mt Cannindah project - Kalkine Media

March 04, 2024 04:24 PM AEDT | By Sonal Goyal
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp


  • Observations by Dr Alan Wilson outlined high priority targets at Mt Cannindah.
  • In the coming weeks, the company expects to complete holes 20 and 23.
  • Metallurgical testing and reporting have provided significant outcomes to the project economics.

Mineral exploration and development company, Cannindah Resources Limited (ASX: CAE) focused on developing its Mt Cannindah project during the latest quarter ended 31 December 2023. Moreover, during the quarter, the company was engaged in corporate discussions concerning due diligence from interested parties and capital raising alternatives.

The reported period saw closing of capital raising program which started in the previous quarter. Through share purchase plan and a placement, the company raised AU$1.61 million.

In this article, the activities undertaken at the Mt Cannindah project are discussed in detail.

Mt Cannindah project, a high priority target

The project lies 100km south of Gladstone, Queensland and represents a high level “porphyry style” Cu-Au-Ag mineralised system. During the reported period, Dr Alan Wilson, CAE consultant, concluded an inspection of the drill core and undertook a site visit with CAE at the project. This follows the earlier review by Dr Wilson.

Based on the observations, Dr Wilson shared an updated report which highlighted high priority targets. Dr Wilson, a porphyry system specialist, has provided services to companies like Anglo American, Rio Tinto, Newmont, and Newcrest.

Data source: Company update

The company informed that this a high priority target for CAE in upcoming months, if successful, it could add substantial tonne to the existing successful drilling campaign at Mt Cannindah.

Significant gold assays reported at Mt Cannindah project

During the reported period, substantial gold assay results were reported. In the previous period, completed holes at Cannindah East provided for 121 metres at 0.5g/t Au from hole 21, included 15m @ 1.23g/t Au from 11m to 26m. Meanwhile, hole 22 provided 41 metres at 0.75g/t Au from surface and it included 11m at 1.3g/t Au from 20-31 metres.

The company expects to complete hole 20 and 23 in next couple of weeks.

Metallurgical results reported at the project

At the project, metallurgical testing and reporting has been concluded, and positive metallurgical test results were reported. The results confirmed that the copper, silver and gold which was drilled at the Mt Cannindah breccia produces a saleable concentrate and good recoveries.

CAE shares traded at AU$0.067 apiece on 28 February 2024.


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 Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments 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 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 on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website 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 as or found to be necessary.

5 ASX Companies Leveraging AI to Drive Growth in 2024

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.