- Cannindah Resources (CAE) has found high grade-gold at an under-explored section of its Piccadilly Mining Lease in Queensland
- Rock chip samples from an area termed “The Bend” returned results of 7.4 grams per tonne of gold
- According to geologists, The Bend is a prime candidate to produce space during the mineralising phase and a channel way for gold bearing hydrothermal fluid to exploit
- Cannindah says the recent results are encouraging for further developments in The Bend Zone
- Cannindah shares have soared 193 per cent, trading at 8.5 cents each
Shares in Cannindah Resources (CAE) more than tripled in value during early trade this morning after the company found high grade-gold at an under-explored section of its Piccadilly Mining Lease in Queensland.
Around two kilograms of rock chip and weathered material samples were taken from the east section of ML 1442, with results from the main East/West lode area up to 15.02g/t gold.
Comb textured quartz vein samples from an area termed “The Bend” returned results of 7.4g/t gold.
The main Piccadilly lode strikes east–west through the mining lease, but in “The Bend” the lode changes strike to the northeast, paralleling a fold in the host stratigraphy.
According to the company, The Bend is a prime candidate to produce space during the mineralising phase, and a channel way for gold bearing hydrothermal fluid to exploit.
Consequently, geological prospecting has focussed on the abrupt bend in the main historical workings as a potential niche for gold mineralisation.
Cannindah says the recent results are encouraging for further developments in The Bend Zone.
Cannindah shares have soared 193 per cent, trading at 8.5 cents each at 12:07 pm AEDT.