- Cannon Resources (CNR) releases assay results from the first three holes from the current diamond drilling program at Musket within the Fisher East Nickel Project
- The initial results have extended Musket mineralisation down dip by 100 metres
- The current drilling program is ongoing and has been extended from 4000 metres to 6300 metres, with assays pending from Camelwood and Sabre
- Cannon shares have spiked 53.6 per cent to 43 cents per share at 3:12 pm AEDT
Cannon Resources (CNR) has released assay results from the first three holes from the current diamond drilling program at Musket within the Fisher East Nickel Project.
The company commenced a diamond drilling program at the Camelwood, Musket and Sabre prospects in August.
A total of four holes have been drilled at Musket, with assay returned from three.
The drilling has intercepted substantial thickness of mineralisation on the northern margin of the main channel and has extended mineralisation to around 100 metres below and down-plunge of the exisiting Musket resource.
Results from drilling include 14.94 million at 1.90 per cent nickel from 366.15 metres and 4.94 million at 1.79 per cent nickel from 559.77 metres.
The drilling program is ongoing and has been extended from 4000 metres to 6300 metres, with assays pending from Camelwood and Sabre.
CEO Steve Lynn commented on the results.
“The diamond drilling results and DHEM modelling are an excellent and significant
development at Musket and highlight our ability to predict mineralisation trends and grow the orebody,” he said.
“The assay results show that the mineralisation continues down-plunge at better
then the average grade of the existing resource. The system is totally unconstrained at
depth and laterally within the northern mineralisation trend. This current round of drilling confirms that significant resource growth can be expected with well targeted future drilling.”
The Fisher East Nickel Project is located around 430 kilometres north of Kalgoorlie in the North-Eastern Goldfields region of Western Australia. The project covers eleven granted exploration licences covering a total of 330.6 kilometres squared.
Cannon shares had spiked 53.6 per cent to 43 cents per share at 3:12 pm AEDT.