- Cannindah Resources (CAE) raises $2.75 million via a placement to fund further exploration at the Mt Cannindah in Queensland
- The placement consisted of 13.75 million shares at an issue price of 20 cents each
- Mt Cannindah covers a total of 71.5 square kilometres-worth of exploration permits, and 5.7 square kilometres of mining leases
- The company has identified the project as a large high-level porphyry copper-molybdenum-gold mineralised system
- Shares in CAE were down 3.26 per cent, trading at 22.3 cents at 1:10 pm AEDT
Cannindah Resources (CAE) has raised $2.75 million through a placement to fund its further exploration at Mt Cannindah in Queensland.
The placement consisted of 13.75 million shares at an issue price of 20 cents per share. It is expected to be settled on February 20, 2023.
CAE Executive Chairman Tom Pickett said the funding boost will go towards accelerating efforts at the Mt Cannindah project.
“The receipt of these funds allows us to accelerate the planned Mt Cannindah drilling and exploration program which will contribute to the reassessment of the existing JORC resource currently underway,” he said.
The company confirmed the project represents a large high-level porphyry copper-molybdenum-gold mineralised system.
CAE is particularly interested in the the potential for gold mineralisation at the project.
Historically, copper and gold intercepts at Mt Cannindah have included 82 metres at 2.32 per cent copper, 0.88 grams per tonne (g/t) gold and 42.1 g/t silver, along with 36 metres at 8.65 g/t gold and 52 metres at 4.90 g/t gold.
The Mt Cannindah project commenced in 2018 and is wholly-owned by the company. It covers a total of 71.5 square kilometres of exploration permits and 5.7 kilometres of mining leases.
Shares in CAE were 3.26 per cent, trading at 22.3 cents at 1:10 pm AEDT.