Cannindah Resources Limited Stock Market Press Releases and Company Profile
Wide Copper, Gold and Silver Intersections at Mt Cannindah
Wide Copper, Gold and Silver Intersections at Mt Cannindah

Brisbane, Mar 9, 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 hole 22CAEDD017 (final depth 768.46m).

EXECUTIVE CHAIRMAN'S COMMENTS

"Cannindah Resources is showing that Mt Cannindah is shaping up to be larger than previously thought. Not only do we consistently see evidence of high-grade copper, gold, silver in the breccia but also porphyry affinities with larger bulk tonnage being possible. Hole 17 was designed to link areas together to assist with further resource calculation. It achieved its goal and provided further evidence with high grade gold hits and significant copper intercepts which is an amazing result. We are committed to pursuing our stated objectives of increasing known mineralisation at Mt Cannindah, and confirmation of the extension to the south-west has certainly done this so we are very pleased. We have now also completed hole 18 and from visual observations it has encountered interesting copper breccia as well. I look forward to pushing the exploration activity into new zones and outlining more interesting targets within the project area into the near future."

Hole 22CAEDD017 was collared in the north east sector of the Mt Cannindah mine area and targets the extent and continuity of copper-gold -silver breccia and intrusive hosted mineralization. Hole # 17 drills in a south-south westerly direction (magnetic direction at collar of 201 degrees) which is slightly oblique to the presumed strike of the breccia deposit (approx. magnetic bearing of 190 degrees). The hole was designed to connect at depth, across several east west cross sections , the key intersections of mineralised sulphidic breccia encountered in CAE holes #3,9,11, and to continue drilling to the south west to probe the possibility whether the deeper breccia mineralization intersected at 400m in CAE #3 extends in that direction.

Historical drilling is sparse at these depths and in this south west sector of the Mt Cannindah deposit , so in this regard Hole # 17 was drilling to test the extent of mineralisation on the western margin of the breccia. Hole 17 successfully established that the mineralized breccia does indeed extend to the south west. The deeper mineralised breccia zone intersected in hole 17 (eg 216m @ 0.7% CuEq from 233m and 70m @ 0.31% CuEq from 509m, ) adds a robust addition to the earlier intercepts of CAE hole 3 (493m @ 1.28% CuEq from surface, which included a lower breccia zone of 148m @1.01% Cu , 0.22 g/t Au , 12.5 g/t Ag from 252m to 400m - see ASX Announcement Nov 9, 2021 and CAE hole 9 (341m from 58m @1.03% CuEq which included a lower breccia zone of 64m @0.81% Cu , 0.21 g/t Au , 11.0g/t Ag from 335m to 399m - see ASX Announcement April 4, 2022.

The highlights and details of CAE hole # 17 are set out below. Table 1* lists the most significant aggregate intercepts of Hole 17, Table 2* lists selected gold intervals. Table 3* summarises the hole geology. A full listing of results of hole 17 is presented in Appendix 1* to this report.

In late 2022, CAE hole # 16 was also drilled from north to south, from the northern end of the Mt Cannindah Breccia and in a similar fashion to that hole, the target of CAE hole # 17 is blind breccia hosted mineralisation under alluvial cover and diorite intrusive. CAE hole # 17 was similarly successful with blind breccia making up the majority of rock units intersected from 280.3m till the end of the hole at 768.46m. The diorite and monzodiorite at the top of the hole is cut by some sheeted quartz sulphide veins, sericite altered argillic fault and rock crush zones.

Visible gold was observed in 5mm quartz pyrite sphalerite vein at 109m (see Fig 10*).

A wedge of hornfels intruded by porphyry and cut by a vein fracture network of pyrite and minor chalcopyrite occurs downhole in Hole # 17 from 256m to 280.3m. There is a sharp contact at 280.3m with hydrothermal infill breccia, dominated by angular clasts of sericite altered hornfels and minor diorite. Infill minerals between clasts consist of common coarse quartz, calcite -pyrite and chalcopyrite. The infill breccia is strongly sulphidic throughout: containing 4% - 8 % pyrite, 1.5% to 5% chalcopyrite between 280m and 430m ,see Figs 11-17*.

A sulphidic shear/ fault zone, infilled with quartz sericite and semi-massive sulphide was intersected at 314m to 324m (10m @ 3.81 g/t Au), returning 1m high gold values in the 5g/t Au to 16 g/t Au range. This structure has potential to be a significant mineralised high gold feeder, likely to correlate with the gold zone intersected at 288m - 295m in CAE hole 9 (7m @ 2.56 g/t Au).

Lesser sulphide is contained in the hydrothermal infill breccia between 430m and 486m (3% pyrite, 0.3% chalcopyrite). Patchy sericite altered hornfels that appears to be essentially an insitu block occurs between 480m and 509m. Another infill hydrothermal breccia occurs downhole from 509m to 589m, quite pyritic averaging 3% pyrite and copper bearing but with lower tenor in the order of 1% chalcopyrite.

Below 589m there are several alternating zones of probable in situ hornfels blocks cut by porphyry dykes and close packed polymict clast supported breccia intervals. The clast supported breccias are dominated by clasts of porphyry and hornfels, often with very little rock flour matrix but can be highly sulphidic, in the order of 5% to 10% pyrite and trace chalcopyrite. In summary ,the mineralised breccia system is still open to the south-west at Mt Cannindah.

*To view tables and figures, please visit:https://abnnewswire.net/lnk/1K81J27J


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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