Excellent Hole 11 results push Cannindah Resources (ASX:CAE) shares up on ASX

Highlights

• Cannindah Resources has received tremendous results from drilling at Hole 11, delivering exceptional width and grade of copper and gold
• The results have delivered a high-grade zone of 217m @ 1.08% CU, 0.41 g/t Au, 17.0 g/t Ag (150m to 367m), translating to 217m @ 1.47% CuEq
• Hole 22CAEDD011is the northernmost and the deepest hole that CAE has drilled to date

Cannindah Resources Limited (ASX:CAE) has continued its streak of impressive drilling results at its flagship Mt Cannindah project. The Company has again received tremendous drill results that indicate high grades over considerable downhole depths at the project.

On back of the upbeat update, CAE shares zoomed up by 28.571% to AU$0.225 on ASX (27June2022).

Source: CAE Announcement 27/06/2022

Tremendous drill results from Hole #11

CAE has announced outstanding results from drilling at Hole #11, which follows up the earlier successful drill holes in the north targeting copper-bearing breccia. The Hole 22CAEDD011 is the deepest and the northernmost one that the Company has drilled to date at the project, finishing at a depth in the order of 1,100m.

Source: CAE Announcement 27/06/2022

A high-grade zone of 217m @ 1.08% CU, 0.41 g/t Au, 17.0 g/t Ag, translating to 217m @ 1.47 % Copper Equivalent (CuEq) was intersected below diorite.  

The results indicate the presence of substantial high-grade zones of copper, gold and silver associated with highly sulphidic sections of infill breccia or possible sulphidic feeder veins. Below are some of the results, reported as downhole depths:

Source: CAE Announcement 27/06/22

Current results similar to hole #9

The Company had intersected similar impressive primary zone intercepts in hole #9. The current results are the outcome of the initial priority of CAE hole 11, which was intended to prove high grades and continuous mineralisation sitting beneath the diorite at the northern end of the Mt Cannindah Breccia as currently drilled.

HQ Core photo hole 22CAEDD0011, 190m Massive chalcopyrite -pyrite (Source: CAE Announcement 27/06/20220)

CAE is currently awaiting assay results for the lower zones, and it is yet to establish the size of a large mineralized system in the current phase.

The Company’s Mt Cannindah breccia system continues to deliver exceptional width and grade copper-gold-silver. The upper section hole 11 shows the breccia system persistent along the current northern margin and down plunge to west.

On 29 June 2022, CAE shares were trading at AU$0.190 (as at 1:53PM AEST)