Hole 11 Continues to Impress
Hole 11 Continues to Impress

Brisbane, July 29, 2022 AEST (ABN Newswire) - Cannindah Resources Limited (ASX:CAE) is pleased to announce the next set of completed assay results from the drilling program currently underway at Mt Cannindah, copper gold silver project south of Gladstone near Monto in central Queensland (Figs 1 to 2*) pertaining to the middle section (481m to 856m) of hole 22CAEDD011.

At a final depth of 1099.4m, Hole 22CAEDD011 is the deepest hole to date at Mt Cannindah. Drilling under a weakly mineralized diorite cap intersected blind sulphidic mineralised breccia and altered diorite, porphyryries, and hornfels blocks, all the way to the bottom of the hole. On 27 June 2022 CAE reported the top of the hole (121m to 416m) that aggregates 295m @ 0.84% Cu, 0.33 g/t Au , 13.2 g/t Ag. Translating to 295m @ 1.14% CuEq. CAE reports here the middle section of the hole from 481m to 856m.

Hole CAE #11 is the northern most hole that CAE have drilled to date at Mt Cannindah . At a final depth of over 1099.4m, it is also the deepest, drilling east to west down the axis of a major tabular breccia body. The results reported here further expand the depth extent of sulphidic , copper-gold -silver bearing breccia and altered porphyry zones. CAE hole #11 was collared in unaltered diorite, targeting blind breccia mineralisation.

CAE holes in this northern zone (CAE # 9 ,10,11) have all returned thick intersections of high grade copper-gold silver (Fig 3*), reported in recent ASX announcements: CAE hole 9 - see CAE ASX announcement dated 4 - 5/4/2022: 341m of 1.03%CuEq (0.75%Cu, 0.26g/tAu, 14.6g/tAg), and CAE hole 10 -ASX announcement dated 12/5/2022: 271m @1.41% CuEq (0.98 % Cu, 0.44 g/t Au, 20.3 g/t Ag). CAE hole # 11 is collared 40m north of CAE hole # 9, similarly drilling east to west, down the axis of the breccia body at the northern extremity of drilling at Mt Cannindah.

The trace of CAE hole # 11 crosses over the paths of CAE holes # 9,10 and drills towards CAE hole # 3 during its 1km journey into the depths of the Cannindah breccia system (Fig 3 & Fig 4*). The top section of CAE hole # 11 returned a broad aggregate zone from 121m to 416m of 295m @ 0.84% Cu, 0.33 g/t Au, 13.2 g/t Ag translating to 295m @ 1.14% CuEq (reported CAE ASX announcement dated 27/6/2022).This broader zone includes a higher grade zone from 150m to 367m of 217m @ 1.47 % CuEq, (1.08% CU, 0.41 g/t Au , 17.0 g/t Ag).

These CAE holes have drilled down the long axis and demonstrably across the layering of the Mt Cannindah breccia body (refer CAE ASX Announcements: 19 October 2021, 9 November 2021, 25 January 2022, 22 February 2022 ,4 April,2022, 27 June 2022.)

Figs 3 & 4* are plan views showing CAE hole # 11 in relation to the 2021 and 2022 CAE holes in the Mt Cannindah breccia area plotted respectively with Cu & Au assays.The location of CAE holes in plan & section view in relation to historic holes is presented in Appendix 2 with figure App 2.1 showing a location plan of the cross section of CAE hole 11 plotted with historical drilling; App 2 Fig 2 & Fig 3* show plan views of CAE drillholes with downhole assays respectively of Cu and Au with CAE and historical holes. Cross section plots of hole # 11 assay results to date are presented in Fig 4 to Fig 7* respectively as downhole Cu, Au, Ag assays.

Summary drill intersections from drillhole 22CAEDD011 are presented in Table 1* (previous reported results from the top 481m) and Table 2* which summarises the middle section 481m to 856m.

A photo record of the style of sulphidic breccia , sulphidic infill structures and veins occurring in the middle and deeper sections of CAE hole # 11 is presented in Figs 8 to 19*.

EXECUTIVE CHAIRMAN COMMENTS

"The continuation of the mineralisation at depth within hole 11 provides an insight into the larger scale of the Mt Canindah breccia than was previously contemplated. Hole 11 already demonstrated excellent grades in the top 400m of the hole with 295m at 1.14% CuEq. Now with the rest of the hole adding to this zone and providing a total 726m at roughly 0.6% copper it is very impressive. Importantly within that lower zone below 400m there is 23m of gold at 1.8g/t Au including 6m at 2.7g/t Au. CAE's drilling program at Mt Cannindah has already delivered many excellent outcomes for our shareholders and we will continue to do so. As various countries push forward with a green energy transition we will need more and more copper, therefore locating more within excellent jurisdictions like Queensland is where the focus needs to be. CAE is well placed to take advantage of the looming shortage of supply by continuing these results at Mt Cannindah and being located 100km from Gladstone port within existing mining leases. We look forward to the pending results at holes 12 and 13 and we will be updating the market in due course."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/98F3WCU6


About Cannindah Resources Limited

Cannindah Resources LimitedCannindah Resources Limited is an ASX-listed (ASX:CAE) Queensland, Australia-based exploration and resource development company. We are focused on copper and gold mineral exploration, evaluation, and progressing various mineral projects.

Cannindah's goal is to preserve shareholder wealth and grow the value of the flagship asset with prudent exploration methods. Our focus is to progress further exploration work at the Piccadilly Project and review the possible strategies for Mount Cannindah Project.

 


Contact

Tom Pickett
Executive Chairman
T: +61-7-5557-8791



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