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- Cannindah Resources (CAE) has received the first batch of results from drilling at the Mt Cannindah project in Queensland
- While the first hole was abandoned, the second hole intersected mineralisation and grades of up to 1.85 per cent copper and 31g/t silver in the first portion
- Cannindah has also completed the third drill hole to a 762-metre depth which was extended after encountering copper-bearing and sulphidic mineralisation
- Assays are pending for the second portion of the second hole as well as the third drill hole
- Company shares are up 25 per cent to trade at 15 cents at 1:36 am AEST
Cannindah Resources (CAE) has received the first batch of results from drilling at the Mt Cannindah project in Queensland.
The 1450-metre diamond drilling program began in August and is aimed at extending the current 5.5 million tonne mineral resource, testing the continuity of higher-grade copper zones and possibly locating new areas of interest for follow-up and infill drilling.
While the first drill hole was abandoned after hitting old workings and mining voids, the second hole intersected copper mineralisation.
Results from the first portion of hole 21CAEDD002 include 117 metres at 1.01 per cent copper, 0.39 grams of gold per tonne (g/t), 28g/t silver from 34 to 151 metres including 21 metres at 1.85 per cent copper, 0.54g/t gold and 31g/t silver from 36 to 67 metres.
The company is waiting on assays for the 180-metre interval from 150 to 330 metres in the second hole which contains visual primary copper mineralisation.
Cannindah has just completed the third hole which was drilled to a 762.6-metre depth, making it the deepest hole drilled at the Mt Cannindah mine area. The hole was originally planned to be drilled to 250 metres but was extended after encountering copper-bearing and sulphidic mineralisation.
The company expects significant copper values over large sections of the first 500 metres of the third hole.
Company shares were up 25 per cent to trade at 15 cents at 1:36 am AEST.
