Cannindah Resources Limited Stock Market Press Releases and Company Profile
High Grade Au in Mt Cannindah Hole 18 Southern Extension
High Grade Au in Mt Cannindah Hole 18 Southern Extension

Brisbane, Mar 23, 2023 AEST (ABN Newswire) - Cannindah Resources Limited (googlechartASX: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 3*) pertaining to the top of hole 23CAEDD018. Interval 0m to 274m is reported here, with assay lab results awaited from the remainder of the hole from 274m to final depth 627.6m.

Hole 23CAEDD018 was collared to the south of the main drilled section of the Mt Cannindah mine area, targeting the extent and continuity of copper-gold -silver breccia and intrusive hosted mineralization that sub-parallel CAE hole # 13 intersected across section some 60m to the north-west see Fig 4*.

EXECUTIVE CHAIRMAN COMMENTS

"The gold numbers in Hole 18 are extremely impressive with a high grade hit of 41m at 3.07g/t Au including 18m at 6.3g/t Au. We started hole 18 with a strategy to link up some areas of interest from hole 13 and make an impact on the resource size. Hole 18 definitely accomplished everything we could ask for so far and we have more results to come. We have now delivered new intersections of gold, copper, silver and associated discoveries of mineralised breccia and high-grade gold bearing structures in the south-west extension of Mt Cannindah."

Hole 13 (CAE ASX Announcement 30th September,2022) reported the following:

- Drilled two extensive zones (approx. 100m downhole widths of 1% CuEq) within the primary zone of infill hydrothermal breccia.

- (1) 36m to 140m: 104m @ 1.0% CuEq, (0.63% Cu, 0.41g/t Au, 14.1g/t Ag).

- (2) 229m to 337m: 108m @ 1.01% CuEq, (0.57% Cu, 0.58g/t Au, 9.8g/t Ag.

- CAE Hole #13 also intersected some significant intervals of gold which are also prominent in other CAE drilling at Mt Cannindah (see ASX Announcement 21st March 2023 and Fig 5*).

- (1) 0m to 24m, 24m@ 2.11 g/t Au, 10.9 g/t Ag, 0.52 % Cu a high grade oxidised gold zone from surface within gossanous hydrothermal infill breccia

- (2) 314m to 329m: 15m @ 2.78g/t Au, which include 4m @ 6.50 g/t Au 9.8g/t Ag. The core of the system here is a prominent semi-massive sulphide infill zone, containing high grade gold with grades up to 22.98 g/t Au, 60.0 g/t Ag, with high Zn, Pb, elevated Bi.

The large downhole widths of mineralized breccia intersected in CAE hole #13 in September 2022, confirmed the potential of the Mt Cannindah breccia as CAE extends drilling to the south-west and south. The discovery of wide zones of mineralized breccia and high-grade gold structures in CAE Hole # 13 was highly significant, as previous, scattered, wide spaced, west to east, historic exploration drilling had only located patchy mineralised intersections to the south. CAE's drilling was designed to test the general geometry and extent of geological units such as breccias and mineralised structures and hopefully obtain better data through higher grade intercepts of copper, gold and silver grades. If CAE was able to discover new mineralization that links with intercepts such as those from CAE hole 13 and subsequent holes, then the new knowledge gained would create a great opportunity to expand the Mt Cannindah resource and understand the geological units to the south and south-west.

This exploration strategy has been successfully vindicated with the drilling of hole 18. CAE is pleased to announce new intersections of gold, copper, silver and associated discoveries of mineralised breccia and high grade gold bearing structures. In addition to results from Hole # 18 reported here, CAE is drilling Hole # 19 at the time of reporting, which traverses between Hole #13 and # 18. Geological observations and logging to date of Hole # 19 indicate intersections over 10s of metres of sulphidic, chalcopyrite bearing hydrothermal breccia dominated by clasts of hornfels with some porphyry diorite. Processing and assaying of material from the bottom of hole 18 and also hole 19 is underway. Results are awaited and will be reported in due course.

Hole # 18 drills in a south south westerly direction (magnetic direction at collar of 206 degrees). The highlights and details of the top of CAE hole # 18 are set out below. Table 1 lists the most significant aggregate intercepts from the top of Hole 18. Table 2 summarizes hole geology. A full listing of results 0m to 274m of hole 18 is presented in Appendix 1 to this report. The remainder of hole 18 from 274m to final depth 627.6m is still to be reported.

To view the Presentation to Ord's East Coast Mining Conference, please visit:
https://www.abnnewswire.net/lnk/8H3K1SA2

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/BZ4B5WO3


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.

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Contact

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



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