Cannindah Resources Launches Drilling at Mt Cannindah Copper-Gold Project
CAE (CAE) Share Update November 2024 Tuesday 26th
Cannindah Resources Begins Major Drilling Program at Mt Cannindah
Cannindah Resources Limited (ASX: CAE) has announced the start of a significant drilling program at its flagship Mt Cannindah Copper Gold Project in Queensland, Australia. This development marks a pivotal step in expanding the current resource and exploring new targets.
Instant Summary:
- Diamond drill rig arrives at Mt Cannindah site.
- Focus on extending the resource area and testing new IP targets.
- Drilling to commence imminently, targeting large SW IP Anomaly.
- Potential to expand beyond the current 14.5Mt @ 1.09% CuEq resource.
Drilling Program Details
The arrival of the diamond drill rig at the Mt Cannindah site signifies the beginning of a major drilling initiative aimed at expanding the existing resource area and testing new geophysical targets. The initial phase will focus on extending the resource into the Southern Breccia anomaly, an area identified as having significant potential.
The program will also explore the large SW IP Anomaly, located approximately 700 meters southwest of the current resource. This anomaly is considered significantly larger than the existing resource footprint, presenting a promising opportunity for resource expansion.
Geophysical Insights
Recent geophysical surveys have revealed a substantial chargeability anomaly extending from the current resource area. This anomaly, which remains largely untested, suggests the presence of a connected mineral system that could enhance the project's overall resource potential.
The IP survey results, first reported in August 2023, highlight the exploration potential of the southern areas, including the SW IP anomaly. If drilling confirms significant mineralization, it could lead to a substantial upgrade in the mineral resource estimate at Mt Cannindah.
The commencement of this drilling program is likely to have a positive impact on Cannindah Resources' stock, as it signals the potential for significant resource expansion. The exploration of new targets could lead to increased investor interest and confidence in the company's growth prospects.
Investor Reaction:
Analysts are optimistic about the potential outcomes of the drilling program, noting the strategic focus on high-potential targets. The market is likely to respond favorably if initial drilling results indicate resource expansion.
Conclusion:
Investors should keep a close watch on Cannindah Resources as the drilling program progresses. Updates on drilling results will be crucial in assessing the project's impact on the company's valuation and future prospects.