The stated intention of the company with this current program is to deliver on improving the grade and size of the current resource at Mt Cannindah.
The program has identified areas which will likely extend 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 aims of the current program, as outlined in the previous quarters, continue to be met and drilling is on-going. Metallurgical testing and reporting is also currently being undertaken and a summary of the results of an updated metallurgical study will be released once it is completed.
The Mt Cannindah project is going to provide the company with a significant amount of target area to explore in the coming months. The current exploration successfully being 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 ervices 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 with respect to its available funding options to conduct all of its future exploration activities in due course.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/E0PO0W0A
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 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.
Source:
Cannindah Resources Limited
Contact:
Tom Pickett Executive Chairman T: +61-7-5557-8791