Cannindah Resources Limited’s (ASX:CAE) nine mining leases at its flagship Mt Cannindah project in Queensland have been renewed until March 31, 2034.
CAE’s recent drilling programme has been conducted entirely within the mining leases which in turn form part of the much larger 71.5sq kilometre project area which includes exploration tenements EPM 15861 and EPM 14524.
CAE Executive Chairman Tom Pickett said to have the mining leases renewed is excellent news for the company.
“The results we have achieved from the recent drilling have been exceptional and the extended tenure allows us to confidently move forward with all future plans.
“Mt Cannindah is already very impressive and now it is even more attractive with the updated mining leases. We will continue to expand the significant potential of the project along with the upgrade of the current JORC resource.”
Significant of historical copper and gold intercepts at Mt Cannindah include 82m @ 2.32% Cu, 0.88 g/t Au and 42.1 g/t Ag, along with 36m @ 8.65 g/t Au and 52m @ 4.90g/t Au.
The existing JORC resource for the main Mt Cannindah mine portion of the project, determined in 2011 at 5.5Mt @ 0.93% Cu.
Previous geological interpretation of key targets within this gold earing porphyry copper system reveals similarities to the style of mineralisation at Newcrest’s Cadia and Ridgeway Cu/Au deposits in NSW.
In October 2021, the company recorded 282m @ 0.94% Cu, 0.3g/t Au, 19g/t Ag (1.28% CuEq) from new drilling.
For further information please visit: https://cannindah.com.au/