- Cannindah Resources (CAE) has raised $1.25 million which it will use to advance exploration at its Queensland projects
- The money was raised through the issue of more than 20.8 million shares to new and existing investors at 6 cents
- Cannindah will use the funds to begin exploration at its namesake project as well as further exploration at the Piccadilly Project
- Shares in Cannindah have dropped 4.41 per cent and are trading at 6.5 cents
Cannindah Resources (CAE) has raised $1.25 million which it will use to advance exploration at its Queensland projects.
The money was raised through the issue of 20,833,334 shares to new and existing investors at 6 cents.
Cannindah will use the funds to begin exploration at its namesake project as well as further exploration at the Piccadilly Project.
Just yesterday, Cannindah highlighted the potential of its namesake project which lies in central Queensland.
Previous work at the project by Newcrest Mining (NCM) and Mt Isa Mines has returned up to 8.65g/t gold, 2.32 per cent copper, and 42.1 g/t silver.
The project remains largely underexplored which gives Cannindah significant exploration potential.
While the demand for gold, silver and copper is high, the company intends to take full advantage of the previous work and develop the project.
Piccadilly lies 60 kilometres north of Charters Towers in Queensland and up to 79.4g/t gold has been intersected.
Planning is underway to explore an intrusive gold system, which is believed to be the source of the mineralisation.
“Cannindah Resources continues to work towards realising the potential of its high-quality exploration assets, Piccadilly and Mt Cannindah,” Chairman Tom Pickett said.
“This capital raising provides the company with the opportunity to expand the focus on both projects in a manner we have not been able to do before,” he added.
Cannindah has dropped 4.41 per cent and shares are trading at 6.5 cents at 12:17 pm AEDT.