- Cannindah Resources (CAE) has hit high-grade gold intervals in trenching at its Piccadilly Gold Project in North Queensland
- The explorer dug 26 trenches, measuring 1.5 metres deep, at irregular 50- to 150-metre intervals
- The program sought to understand surface gold distribution within central and eastern sections of the mining lease
- Cannindah found significant intervals in almost all trenches, including five metres at 14 g/t gold, containing one metre at 29.34 g/t gold
- CAE says the results point to a larger area of interest within the existing lease and north of an induced polarisation anomaly
- Cannindah Resources shares last traded at 8 cents each
Cannindah Resources (CAE) has identified what it calls “significant” high-grade gold intervals in trenching at the Piccadilly Gold Project in North Queensland.
The company recently completed extensive trenching over vein structures at the project to understand the distribution of surface gold within the central and eastern sections of the mining lease.
CAE excavated 26 trenches, measuring roughly 1.5 metres deep, over several semi-parallel gold-bearing loads in an area of shallow historical mining, extending to the east.
The trenches were dug at irregular 50- to 150-metre intervals and total 1500 metres.
Assays from the program returned several highlights, including five metres at 14 g/t gold, which also contained one metre at 29.34 g/t gold.
Other trenches returned intervals of four metres at 10.14 g/t gold, and 12 metres at 4.19 g/t gold.
Notably, the explorer found significant intervals in almost all of the trenches, particularly in the eastern trenches — far from known historical workings — with higher grades coincident with the mapped structures.
Overall, CAE says the results point to a larger area of interest within the existing mining lease and directly north of the induced polarisation anomaly upon which the area’s mineralisation is modelled.
Looking ahead, drilling is scheduled to commence at Piccadilly within the coming weeks, following the compilation and reporting of the most recent results.
Cannindah Resources shares last traded at 8 cents each on May 6.