Cannindah Resources Limited Stock Market Press Releases and Company Profile
Bonanza Grades up to 96.2 g/t Au in Hole 18
Bonanza Grades up to 96.2 g/t Au in Hole 18

Brisbane, April 3, 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 bottom of hole 23CAEDD018. The latest results are from the next 200m down hole from the 0m to 274m reported in CAE ASX Announcement 23/3/2023. Hole 19 is currently being drilled and we are eagerly awaiting the assays from same.

EXECUTIVE CHAIRMAN COMMENTS

"The further existence of high-grade gold within the Mt Cannindah breccia is a huge step forward in the extension of the mineralisation to the south-west. The area has been significantly under explored and we are providing excellent data to upgrade the knowledge and resource size from this zone. The huge intercept in this hole will hopefully be replicated in hole 19 which is currently underway so we can give our resource geologist enough data to really open up this south west area. Our team has worked very hard towards locating exactly what we have found over many months, and these results are a testament to their dedication to providing shareholders with excellent outcomes."

As described previously, 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*.

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.

Hole # 18 drills in a south south westerly direction (magnetic direction at collar of 206 degrees). On 23/3/2023 CAE reported on the first 274m at the top of hole # 18:

Hole # 18 was collared in flinty hornfels , which is cut by an extensive vein fracture network as the Hydrothermal Infill Breccia is approached downhole, crossing the contact at 138.6m.

Copper and gold bearing sulphidic breccia occurs below 138m , cut by some bleached altered , argillized porphyry and thin post mineral andesite dykes. Results reported from the top of CAE Hole # 18 (ASX Announcement, March 23, 2023) are highly significant with the announcement of a high grade gold discovery (18m@6.3g/t Au) within polymetallic sulphidic breccia , which along with long intervals of significant copper mineralisation opens up the extension to the south at Mt Cannindah. Drilling highlights from the top 274m of hole # 18 include:

- An open ended copper and gold bearing sulphidic breccia, that at the time of reporting, extended 171m from 103m to 274m: with an aggregated intersection of 171m @ 0.89 Au, 0.31% Cu, 8.1 g/t Ag, (0.91 % CuEq).

This interval includes:

- 67m @ 1.96 g/t Au (195m-262m), which includes:

- 41m @ 3.07 g/t Au, 0.34%Cu,14,4g/t Ag (2.32%CuEq) (221m-262m), with a high-grade zone of

- 18m @ 6.34 g/t Au, 0.18%Cu, 17.2g/t Ag(4.18CuEq) (244m-262m) up to 23.93 g/t Au, 61g/t Ag.

- The highest copper zone occurs 138m - 159m which returned 21m @ 0.98% CuEq, 0.75% Cu,0.22 g/t Au,11.0g/t Ag

As discussed in previous CAE ASX announcements, as CAE extends drilling to the south west and south the large downhole widths of mineralized breccia intersected in CAE holes #13 and the top of hole #18 confirm the tremendous potential of the Mt Cannindah breccia. Previous, scattered, wide spaced, west to east, historic exploration drilling had only located patchy mineralised intersections to the south. CAE's drilling has outlined the general geometry and extended geological units such as breccias and mineralised structures and has discovered significant high-grade intercepts of copper, gold and silver. CAE's drilling strategy is to create a great opportunity to expand the Mt Cannindah resource, by discovering new mineralisation and understanding the geological units to the south and south west. CAE has progressed a long way along this path with the drilling of holes 13,18,19 and similar good results will hopefully continue with the drilling of subsequent holes.

CAE is pleased to announce new intersections of gold, copper , silver and associated discoveries of mineralised breccia and high grade gold bearing structures from the continuation of hole # 18 below 274m. As stated in the ASX Announcement of 23/3/2023 in addition to results from the deeper section of 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.

The highlights and details of the combining the previously reported top 274m of CAE hole # 18 down to a depth of 463m are set out below. Table 1* lists the most significant aggregate intercepts received to date from the top and middle interval of Hole # 18 (0m to 463m). Table 2* summarizes hole geology. A full listing of results 0m to 463m of hole 18 is presented in Appendix 1* to this report. The remainder of hole 18 from 463m to final depth 627.6m is still to be reported.

In Appendix 1 ,Table 1*, reports on a 1m basis all Cu,Au,Ag,S assays and chalcopyrite/pyrite visual estimates for 22CAEDD018 for those intervals 0m-463m containing significant mineralization. Lesser mineralized sections are grouped and summarized along geological unit lines.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/69X3C2IA


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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