Quarterly Activities Report
Brisbane, Jan 31, 2023 AEST (ABN Newswire) - Cannindah Resources Limited (ASX:CAE) report holes 15,16, and 17 have been completed and the drill rig remains on site with drilling recommencing for the 2023 year with hole 21CAEDD018 at Mt Cannindah. This hole is currently at shallow depths. After completing hole 13 and opening the southern section, the rig was moved further to the north-west to drill back across the Mt Cannindah breccia zone to outline the width potential of the area which was investigated in hole 14, returning the results reported above. Completed assay and reporting results of holes 15,16, and 17 are expected to be received shortly from both the lab and our geologists whereupon they will be released with 15 and 16 being first followed later by 17. We have been very fortunate with recent rain and weather events which affected other areas of Queensland but missed the Mt Cannindah project area. Work is currently being undertaken to update the resource estimate. This will be completed after inclusion of new and existing drill dta in the resource modelling.
The stated intention of the company with this current program is to deliver on improving the grade and size of the current resource at Mt Cannindah.
The program has identified areas which will likely extend the current JORC resource, determine the continuity of higher-grade copper and gold zones, and identify new areas for follow up both to the North and to the South at Mt Cannindah. All the aims of the current program, as outlined in the previous quarters, continue to be met and drilling is on-going. Metallurgical testing and reporting is also currently being undertaken and a summary of the results of an updated metallurgical study will be released once it is completed.
The Mt Cannindah project is going to provide the company with a significant amount of target area to explore in the coming months. The current exploration successfully being undertaken by the company demonstrates the underlying value of the Mt Cannindah copper gold project. This is a massive opportunity for our shareholders and is located within existing mining leases approximately 100km from the port of Gladstone. The nearby town of Monto ervices all the current project needs for accommodation, hardware and transport. During 2022 the mining leases were renewed until 2034 which is an excellent outcome for the company and its future plans.
CAE has budgeted for 6 more holes to be completed in H1 of calendar year 2023, along with some geophysical surveys in the surrounding areas to confirm further drill targets. The company will update the market with respect to its available funding options to conduct all of its future exploration activities in due course.
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About Cannindah Resources Limited
Cannindah 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.
Cannindah Resources Limited