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- Drilling program expanded by a further 17 holes.
- Ongoing drilling identifies multiple significant avenues for resource growth.
- Several historical diamond drill holes south of the southern MRE boundary.
- Southern Shoot remains open, is considered key growth driver.
Cannindah Resources (ASX: CAE) is expanding its large program, looking for more opportunities at the Cannindah Breccia copper-gold deposit in Queensland, after very positive results were returned from recent drilling.
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The drilling program has been increased by a further 17 holes and will look to upgrade to resource expansion, the company told shareholders today.
“The prospectivity and the substantial upside potential at the Cannindah Breccia continues to be apparent with each additional phase of investment,” the explorer’s managing director and CEO, Cameron Switzer, said.
“The more data we generate, the more upside is realised. The now expanded drilling program will enable the Company to fully assess the deposit and provide the additional data necessary for a potentially significant upsizing.
“While ore shoot extensions and the recognition of the impact of incomplete historical data are significant, a more substantial impact would be the definition of mineralised material over an additional 550m to the south of the existing resource envelope.”
Exploration to date in CT26 has focused on the drill testing of both the Cannindah Breccia resource expansion and the southern porphyry target.
Cannindah Breccia is a 600m-long by 100m-wide zone of variably fractured and brecciated material located on a NNE-trending faulted lithological contact between an intrusive diorite and a hornfelsed metasedimentary sequence.
“This major fertile fault has a demonstrated mapped strike in excess of four km with numerous associated under-explored historical mineral occurrences, most of which have not been previously adequately tested.”
Ongoing drilling at the 14.5M tonne at 1.09% copper equivalent, Cannindah Breccia has unveiled multiple significant avenues for potential material resource growth.
Recent work identified historical holes within the current MRE envelope, which have incomplete historical assay data with selective assays for gold, copper, or both, highlighting the opportunity to potentially upgrade the MRE.
The Western Australian company has also identified further outcropping Breccia, the host rock to the MRE, which has now been mapped for around 400m along strike to the south of the 600m-long MRE envelope.
Cannindah has also been boosted with results, finding the Southern Shoot remains open and is now considered a key growth driver to upgrade the current MRE after delivering an intersection of 94m at 1.11% CuEq from 178m.
An updated MRE is planned following the completion of the current drill program.
CAE is steady at 4.3c. Mkt cap $61.56M.
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