Cannindah up 21 pc on a massive copper hit
The first assays of an ongoing drilling program on the historic Mt Cannindah copper-gold-silver project in central Queensland are underway – and they look very good.
The recent increase in copper prices has highlighted the significant value of Cannindah Resources’ (ASX: CAE) Brownfield Copper-Gold-Silver Project, which has an existing JORC resource of 5.5 million tonnes @ 0 , 93% copper and significant exploration potential. .
The company is currently undertaking a 1,450 m drilling program to explore new and existing areas.
Success came quickly, with the top of hole two reaching 117m at 1.01% copper, 0.39g / t gold and 28g / t silver from 34m to 151m.
Analyzes are pending for the next 180m interval from 150m to 330m. This lower portion “contains visual primary copper mineralization, several meters of which have a grade similar to that of the 34m-151m interval,” the company said.
Coming up – hole 3 (21CAEDD003) – completed over 762.2m versus the expected 250m – also encountered a significant amount of copper, according to the company. The kernel’s exciting visuals resulted in the significant increase in footage.
The hole was drilled to the capacity of the rig and ended in a sulphide breccia rich in copper.
It is now the deepest hole drilled in the Mount Cannindah mine area, according to the company.
“Copper assays are expected, [but] preliminary testing from visual chalcopyrite estimates and PXRF analyzes of sludge samples to date all indicate that significant copper values ââshould be returned over large sections of at least the first 500 meters or so of the hole 21CAEDD003 â, explains Cannindah.
The results received to date support the potential extension of the current JORC resource by 5.5 Mt, the supergene zones offering an increase in grade upon incorporation.
âAlthough analyzes are required to confirm the significance of the discovery, CAE is strongly encouraged by the success of this strategy and a major extension of the known Cu-Au-Ag resources at the Mt Cannindah mine will likely result from the drilling of the hole. 21CAEDD003, âsays the company.
“This objective has eluded the big mining houses who have already explored Mount Cannindah.”
New diamond drilling has yet to be done on other targets such as Cannindah East, where the explorer also expects encouraging results. Cannindah East has a non-JORC gold resource of 245,000 t grading 2.8 g / t.
The share’s market cap of $ 77 million is up 383% year-to-date.
Cannindah Resources share price today:
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