Cannindah Resources Limited (ASX:CAE) Quarterly Activities Report
Quarterly Activity Report Brisbane, 31 January 2023 AEST (ABN Newswire) – Cannindah Resources Limited (ASX:CAE) reports holes 15,16 and 17 have been completed and the rig remains on site with drilling commencing for the 2023 year with hole 21CAEDD018 at Mt Cannindah. This hole is currently at shallow depths. After hole 13 was completed and the southern section opened, the rig was moved further to the northwest to drill back over the Mt Cannindah breccia zone to outline the width potential of the area investigated in hole 14, which results which is reported above. Completed testing and reporting results from holes 15,16 and 17 are expected to be received from both the laboratory and our geologists soon, after which they will be released with 15 and 16 to be followed by 17 later. We have been very lucky with recent rain and weather events that have 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 incorporating new and existing drilling dta into the resource modelling.
The stated intention of the company with this current program is to improve the grade and size of the current resource at Mt Cannindah.
The program identified areas likely to expand 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 objectives of the current program, as outlined in the previous quarters, are still being met and drilling is underway. Metallurgical testing and reporting is also currently being undertaken and a summary of the results of an updated metallurgical study will be released once completed.
The Mt Cannindah project is set to provide the company with a significant amount of target area to explore in the coming months. The current exploration being successfully 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 provides 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 regarding its available funding options to carry out all of its future exploration activities over time.
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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 the progress of various mineral projects.
Cannindah’s objective is to preserve shareholder wealth and grow the value of the flagship asset using 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
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