Cannindah Resources Limited (ASX:CAE) Hole 11 offers exceptional width and Cu and AU grade

Hole 11 offers exceptional width and quality of Cu and AU

Brisbane, 27 June 2022 AEST (ABN Newswire) – Cannindah Resources Limited (ASX:CAE) is pleased to announce completed assay results for the upper approximately 500m of hole 22CAEDD011 from the currently ongoing drill program at the Mt Cannindah Copper-Gold-Silver Project south of Gladstone near Monto in Central of Queensland (Figs 1 to 2*).

COMMENTS FROM THE EXECUTIVE CHAIR

“Once again delivering a massive 295m interception at 1.14% CuEq within the first 500m of hole 11, with the entire hole still terminating in mineralization at a record depth for the 1,100m project, is fantastic.The pursuit of the northern section hidden under the weakly mineralized diorite was the objective of this hole and it achieved it with the shovel.In addition, we chased the hole to a record depth of the project, the Assay results from this lower section to be announced once received and interpreted The weakly mineralized initial section of the hole in the massive copper, gold and silver intersections further opening up the northern section is a credit to the exploration team.We don’t yet have an idea of ​​the significant size of this system, so we’ve mapped the next 5 holes and the drill is lined up on hole 12 as we speak. future is very electric, which is great for CAE.

CAE #11 is the deepest hole drilled to date at Mount Cannindah. It was stopped at 1100m, still in mineralized and altered breccias and strongly altered diorite and porphyry. It was glued in unweathered diorite, targeting scattered and discontinuous blind breccia mineralization, copper intersections present in previous drilling had been left hanging at the north end of the breccia in scattered and discontinuous copper intersections present in previous drillings.

CAE holes in this northern zone (CAE #9 & 10) have returned thick high-grade copper-gold silver intersections (Fig 3*), reported in recent ASX announcements: CAE hole 9 – see announcement CAE ASX dated 4/4/2022: 341 m of 1.03% CuEq (0.75% Cu, 0.26 g/tAu, 14.6 g/tAg) and CAE hole 10 -ASX announcement dated 12/05/ 2022: 271 m @1.41% CuEq (0.98% Cu, 0.44 g/t Au, 20.3 g/t Ag).

Hole CAE #11 is drilled 40 m north of hole CAE #9, drilling in the same way from east to west, along the axis of the breach body, at the north end of the borehole at Mount Cannindah . The trace of hole CAE #11 intersects the trajectories of holes CAE #9,10 and drills under hole CAE #3 during its 1 km journey through the depths of the Cannindah breccia system (Fig 3 & Fig 4*) .

These CAE holes drilled along the longitudinal axis and obviously through the bedding of the Mount Cannindah breccia body (see CAE ASX announcements: October 19, 2021, November 9, 2021, January 25, 2022, February 22, 2022 and April 4 2022 – see also Fig. 15*, this ad).

Figure 3* is a plan view showing CAE hole #11 relative to CAE holes 2021 and 2022 in the Mount Cannindah breccia zone plotted with Cu assays. The location of the CAE holes in plan and section view relative to the historical holes is shown in Appendix 2 with Figure App 2.1* showing a cross-sectional location plan of the CAE 11 hole plotted with the historical drilling; App 2 Fig 2 to Fig 4* show CAE drilling plans with Downhole Cu and CuEQ assays with CAE and historical holes.

Cross-sectional plots of the upper 500m of hole #11 are shown in Figure 4* as downhole Cu analyses, in Figure 5* as Cu histograms along with visual estimates of chalcopyrite content, in Figure 6* as Au versus visual estimates of pyrite content and in Figure 7. *as histograms of lab test Au versus lab test Ag ( pp10 – 13). The figures in the appendix App2 Fig5* and App2 Fig 6* are the first 500 meters of hole n° 11 presented respectively as Au and Ag assays downhole.

Summary assay intervals for drillhole 22CAEDD011 are shown in Table 1*.

In conclusion, geological observations have delineated extensive zones of copper at wide intervals throughout CAE’s hole 11, which widens the northern section of Mount Cannindah and confirms that CAE’s exploration, although probing at greater depths 1 km, has not yet reached the limits of this clearly large and well mineralized breccia system. CAE is simultaneously developing a resource model that will serve as the basis for further exploration in these zones, while providing the market with up-to-date information on how the broad high-grade copper-gold-silver intersections that CAE has drilled in months, have had an impact on previous resource estimates. »

With respect to the mineralized system at Mt Cannindah remaining open to the north, we are encouraged by hole CAE #10 where chalcopyrite is noted with breccia development on the north side of the large block of hornfels drilled to depth in this hole. . In a result similar to CAE’s Hole 10, the high-grade results from CAE’s Hole 11, along the northern edge of the deposit (eg, approximately 190m) strongly encourage the development of high-grade mineralization similar to the north of this apparent east-west slope. structure. Sparse drilling to the north leaves potential; to discover more mineralized bressia.

As previously stated, Cannindah Resources’ goal and challenge is to follow the copper-rich infill breccia component along the northward, down-plunge strike and establish if other pods and lenses exist to the northeast. west and northeast. Drilling of hole CAE #11 tested this exciting potential with spectacular high grade copper gold silver intersections associated with highly sulphide sections. A major drilling program is underway to also test the possibilities of the breccia opening to the south and to establish if there are any links between the hosted copper, gold and silver breccias at Mt Cannindah and Cannindah East .

*To see all details, tables and figures, please visit:
https://abnnewswire.net/lnk/50J8YLKE

About Cannindah Resources Limited

Cannindah Resources LimitedCannindah Resources Limited is a Queensland, Australia-based resource exploration and development company listed on the ASX (ASX:CAE). We are focused on the exploration, evaluation and advancement of various copper and gold mining projects.

Cannindah’s goal is to preserve shareholder wealth and increase the value of the flagship asset with prudent exploration methods. Our objective is to advance additional exploration work at the Piccadilly project and to examine possible strategies for the Mount Cannindah project.

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