Cannindah Resources Limited Stock Market Press Releases and Company Profile

HIGH GRADE COPPER GOLD AND SILVER AT Mt CANNINDAH INCLUDING 74 m @ 2.04% CuEq* (1.52% Cu)

High Grade Cu Au and Ag at Mt Cannindah Holes 15 and 16
High Grade Cu Au and Ag at Mt Cannindah Holes 15 and 16

Brisbane, Feb 14, 2023 AEST (ABN Newswire) - Cannindah Resources Limited (googlechartASX:CAE) has today announced successful raise of $2.75 million to fund further exploration activity.

LATEST DRILLING RESULT HIGHLIGHTS - HOLE 16 (Downhole intervals): -

- BRECCIA ZONE 155m @ 1.12 %CuEq (0.81%Cu,0.29 g/t Au, 16.5 g/t Ag) 128m-283m. Includes High grade sections eg:

- 74m @ 2.04% CuEq (1.52%Cu,0.48g/t Au,28.9 g/t Ag) 158m232m. INCLUDES STAND-OUT HIGH-GRADE ZONE:

- INFILL CHALCOPYRITE RICH BRECCIA: 41m @ 2.73%CuEq (2.13%Cu, 0.46 g/t Au, 40.2 g/t Ag. 6.37% S) 175m-213m)

- High grade section 8m from 205m @ 3.06%Cu, 0.6 g/t Au, 67 g/t Ag

- Lower zone of 44m @ 0.27%Cu,0.05g/t Au, 4.8 g/t Ag (304-348)

EXECUTIVE CHAIRMAN COMMENTS

"The Mt Cannindah project has again delivered excellent grade over a significant intercept.

Having 155m @ 1.12% CuEq which included 74m @ 2.04% CuEq in hole 16 shows drilling at Mt Cannindah is continuing to be a great success for the company. CAE has consistently drilled hundreds of metres of high-grade copper in various directions and depth indicative of a robust project. Hole 16 drilled north to south, at right angles to previous drilling. While Hole 15 drilled west to east, down a post mineral dyke, nevertheless it has provided excellent information and further evidence of porphyry style affinities relevant to the drivers of mineralization within the breccia and intrusive system. Hole 15 did intersect some reasonable copper gold mineralisation, eg. :1m @ 1.19g/t Au from 27m, and 2m @ 1.24% CuEq from 253m. The thickness of mineralisation in Hole 15 is also worth noting, even after being diluted by dykes, the aggregated interval is 65m @ 0.29% CuEq. Significantly, holes 15 and 16 showed that the post mineral andesite dykes are only a few metres wide and do not negatively impact the system. We have more planned holes to be delivered with Hole 17 already finished and awaiting assay results. We have now moved on to hole 18 in the southern section, which is currently at a depth of approximately 288m. I look forward to our hard work continuing to provide more outstanding results from the Mt Cannindah project as we increase our exploration activity."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/75UYE677


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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