- Cannindah Resources (CAE) confirms structural thickening of The Bend which lies within the Piccadilly Gold Project in Queensland
- The company drilled 31 holes to identify the significance of the area and potentially locate sulphides within the induced polarisation (IP) anomaly
- Drilling has returned high grades of up to 12.81 and 14.56 grams of gold per tonne (g/t)
- Cannindah will now conduct multi‐element analysis on all drill samples which will be followed by further geochemistry and trenching work
- Company shares are down 5.80 per cent to trade at 6.5 cents at 2:50 pm AEST
Cannindah Resources (CAE) has received pleasing results from drilling at the Piccadilly Gold Project in Queensland.
The 31- hole reverse circulation (RC) program tested vein structures over a 1.7-kilometre strike length.
The program also aimed to identify the significance of the The Bend area and potentially locate sulphide material within the induced polarisation (IP) anomaly.
Drilling showed that IP is an effective exploration tool to locate sulphide material, which is an important component of the mineralisation associated with gold at Piccadilly.
Importantly, the program confirmed structural thickening of The Bend and returned encouraging wide intercepts of semi‐continuous gold mineralisation.
Best results include three metres at 3.04 grams of gold per tonne (g/t) including one metre at 14.56g/t gold, two metres at 7.85g/t gold including one metre at 12.81g/t gold, and six metres at 2.69g/t gold including one metre 9.21g/t gold.
Executive Chairman Tom Pickett said the board was very happy with the latest results.
“What we have now demonstrated is the potential for a longer strike length and a much wider area which we can follow up with a greater level of certainty. Having regard to what we now know, there is much more to this project to be explored and we look forward to what the future holds.”
Cannindah will now conduct multi‐element analysis on all drill samples which will be followed by further geochemistry and trenching work.
Company shares were down 5.80 per cent to trade at 6.5 cents at 2:50 pm AEST.