Join our daily newsletter At The Bell to receive exclusive market insights
- Cannindah Resources (CAE) has revised planned drilling at its namesake project in Queensland following the second round of drill results
- Results from the lower half of the first drill hole have added a further 92 metres at 1.2 per cent copper to previously reported results from the first portion of the hole
- While the first hole was abandoned, the third has been drilled to over 762 metres with assays expected shortly
- Shares are trading 15 per cent higher at 23 cents at 12:20 pm AEST
Cannindah Resources (CAE) has revised planned drilling at the Mt Cannindah copper gold silver project in Queensland after intersecting extensive copper mineralisation.
The ongoing drilling program has been designed to extend the current JORC resource, test the continuation of copper zones and identify any new areas of interest.
So far, CAE said it had intersected copper mineralisation over hundreds of metres in the first four completed holes.
The latest results come from the lower half of the second drill hole with copper mineralisation and sulphidic breccia identified over 330 metres.
CAE said this section had added a further 92 metres at 1.2 per cent copper between 205 and 297 metres.
The results are in addition to those previously reported from the first portion of the hole which returned 117 metres at 1.1 per cent copper, 0.3 grams per tonne gold and 28 grams per tonne silver between 34 to 151 metres.
Further, the company said between the surface and 34 metre portion of the hole there was a partially mined-out, high grade supergene intercept, where un-mined sections returned high grade copper.
The first hole of the program was abandoned after hitting old workings and mining voids at six metres.
Assay results are pending for the next hole, which CAE is expecting to receive shortly.
Shares were trading 15 per cent higher at 23 cents at 12:20 pm AEST.
