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Cannindah Resources Ltd (ASX:CAE) has discovered a large and connected system of IP anomalism extending from the resource at its flagship 14.5 million-tonne gold-copper Mt Cannindah project in Queensland.
The anomaly was identified through ongoing geophysical work at the project – specifically an IP survey – with modelling of the latter showing a significant chargeability anomaly which extends to the south and west beyond the project’s area of mineral resource.
Mt Cannindah is estimated to hold 14.5 million tonnes at 1.09% copper equivalent (CuEq): that is, 0.72% Cu, 0.42 grams per tonne gold, 13.7g/t silver).
The newly found anomaly was shown to have the same size and strength as the one which underpins this resource. However, it has not been effectively tested by either recent or historical drilling.
Cannindah managing director Tom Pickett said the anomaly’s discovery suggested potential for the project to grow.
“We are coming into a very exciting time for the company as a major drilling program is about to commence,” he said.
“The CAE board is thrilled to see the potential for resource growth at Mt Cannindah, as we progress exploration of this project further to the south into new target zones.
“The IP targets available to the company in this southern section demonstrate its exploration upside potential.”
Cannindah shares have been higher since the update, and by 13:25 AEDT, they were trading at 4.4 cents – a rise of 2.33% since the market opened.
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