Cannindah Resources Limited Stock Market Press Releases and Company Profile
Hole 19 pXRF Results Show 110m of Copper Bearing Breccia
Hole 19 pXRF Results Show 110m of Copper Bearing Breccia

Brisbane, May 22, 2023 AEST (ABN Newswire) - Cannindah Resources Limited (googlechartASX:CAE) is reporting preliminary results of CAE hole # 19 at Mt Cannindah, where a significant zone of copper bearing hydrothermal breccia has been intersected. These are the latest developments 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*).

Core is being processed and assay lab results are awaited from the bottom of hole # 18, and hole # 19. Hole # 20 is currently being drilled.

CAE has intersected 110m of mineralised copper breccia from 156m to 267m in Hole 19. Visual estimates are in the order of 2% - 4% chalcopyrite, with some individual metres greater than 5% chalcopyrite. Although laboratory assay results are awaited, preliminary data suggest this zone is expected to return a copper intersection of around 110m downhole with copper values in the range 0.8%-1.2% Cu*. This estimate is based on visual comparisons with similarly copper mineralised intervals from previous drilling at Mt Cannindah, as well as utilizing PXRF analyses of 3m sludge samples of representative diamond drill cuttings. Sludge sampling has proved to be highly effective at determining Cu grades at Mt Cannindah. Final Cu, Ag, Au grades will be reported upon receipt of lab results.

Copper bearing breccia also continues further downhole in CAE #19, a lower zone between 291m and 450m has visual estimates generally in the 0.5% to 1.5% chalcopyrite range, but with several metre intervals of expected higher grades. Based on assaying of adjacent holes and PXRF sludge analyses, CAE is expecting to report in the 0.25% to 0.4% Cu range over 150m downhole as a lower breccia interval (291m to 450m).

EXECUTIVE CHAIRMAN COMMENTS

"The great work completed by our geological team continues to deliver the right outcomes for the Mt Cannindah project. The existence once again of significant copper intercepts to the southwest at Mt Cannindah opens up the new area possibly providing excellent additional tonnage to future resource calculations. The XRF numbers have traditionally correlated very well with lab assay numbers so it is very encouraging that we have had this success in hole 19.

Exploration continues with hole 20 now complete and 21 already commenced at Cannindah East some 500m away from the collar of hole 20. We look forward to more high quality results in the near future once assays are received and reported."

Hole 23CAEDD019 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 intersected in sub-parallel CAE holes # 13 & 18. Fig 4* shows the location and key drill intercepts in these holes. CAE Hole # 19 drills between CAE Holes # 13 & 18, with the section containing the trace of CAE hole #13 some 50m to the north west, and CAE hole # 18 some 75m to south east of the trace of CAE hole # 19. Previously reported results from these holes are show in Fig 4*. CAE ASX Announcement 23 March 2023.

Hole # 13 (CAE ASX Announcement 30 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, 0.41 g/t Au, 14.1 g/t Ag).

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

- CAE Hole #13 also intersected some significant intervals of gold:

- (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 @ 2.78 g/t Au, which include 4m @ 6.50 g/t Au 9.8 g/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). CAE reported results in CAE ASX Announcements 23rd March, 2023, and 3rd April, 2023. 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, 23 March 2023) are highly significant with:

- a high copper breccia zone of 21m @ 0.98% CuEq, 0.75% Cu,0.22 g/t Au,11.0 g/t Ag occurring 138m - 159m.

and two high grade gold zones :

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

- 20m @ 5.5 g/t Au, 0.81% Cu, 23g/t Ag (4.34 CuEq) (355m-375m) up to 23.93 g/t Au, 61 g/t Ag, with 1m of 96.16 g/t Au, 1.46% Cu, 123.2 g/t Ag.

The intervals in CAE hole # 18 aggregate to :

- 275m @ 1.03% CuEq, 0.29% Cu, 1.11 g/t Au, 7.9 g/t Ag, 4.33 % S (103m-378m) which includes a more sulphidic, higher gold zone of:

- 104m @ 1.22% CuEq, 0.27% Cu, 1.46 g/t Au, 7.5 g/t Ag, (274m-378m)

Hole # 19 is located in the southern section of Mt Cannindah Mine area (see Fig 5*) and drills in a south westerly direction (magnetic direction at collar of 216 degrees) with an inclination at the drill collar of -55 degrees.

Fig 6 is a cross section showing simplified geology over the trace of Hole # 19 traverses. Similar geology to Hole # 18, is noted: collaring in flinty hornfels, which is cut by an extensive vein fracture network, which grades into an hornfels dominated shatter breccia at 131m. At 156m, there is a faulted contact with hydrothermal sulphidic infill breccia which is clast supported, dominated by angular blocks and fragments of hornfels, some porphyry clasts, with prominent infill of calcite, quartz, pyrite and chalcopyrite. (see Fig 4*).

Chlorite is dominant in some of the uphole sections of the breccia, sericite alteration becomes more prominent down hole and dominates from 175m or so. The infill breccia is cut by some bleached altered, argillized porphyry and thin late and post mineral andesite/trachy-andesite dykes, which are often argillized.

Sulphide content is generally high throughout the hydrothermal infill breccia, although there is a variation in chalcopyrite content. Sulphide content can build up to semi-massive levels either side of dykes.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8613A9ID


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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