Cannon Resources Limited (ASX: CNR) has grown the Fisher East Resources in Western Australia at 134.1 Kt contained nickel, growth of 72% in 12 months, with the deposits remaining open laterally and down plunge.
Since listing in August 2021, Cannon has achieved strong resource growth and defined a new deposit, Sabre, at its flagship Fisher East Project.
The Fisher East Project now has a total of 134,100 tonnes of contained nickel at an average grade of 1.8% Ni in four high-grade sulphide JORC 2012 resources at Musket, Camelwood, Cannonball and Sabre.
In the 12 months since listing, the company has completed 42 diamond holes for 16,700m and accomplished a significant number of major achievements. Highlights are outlined below. Internal mining and economic study underway for optimum plant location and highest value add future drilling.
• Drill planning for Sabre significantly advanced
Collurabbie Project:
• Multiple Ni anomalous historical drill intercepts within the sills, with subsequent testing to
be undertaken; and
• Anomalous gold and VMS style mineralisation intersected in historical drilling, with
subsequent follow up to be undertaken.
CNR has a relatively high grade and large size resource relative to its EV.
The company is focussed on three main activities which are outlined below:
1) Internal Mining and Economic Studies
As a result of the rapid growth in the resource at Fisher East, the Company has engaged an independent external consultant to undertake an internal mining study comprising in the following key areas:
• Geology
• Geotechnical
• Mine design and schedule; and
• Financial modelling
The internal mining study will also consider the suitable locations for positioning long term capital development.
The intent of the internal mining study is to guide the Company with future drilling programmes, to ensure that they are targeted for best value add to mine economics and plant location as well as a basis for future feasibility studies.
2) Drill Planning
The Company has been progressing designing a drill programme for Sabre, given the successful recent deep diamond hole intersected 520m down plunge from previously drilled mineralisation, which more than doubled the known depth extent of mineralisation at Sabre.
Drilling is planned to strategically target high-grade north plunging channels and define a resource between the existing Sabre resource and the deep hole intersection of 6.4m @ 1.3% Ni (MFED122)
3) Senior Leadership
The company is progressing an executive search for a new Chief Executive Officer to lead Cannon into its next phase.
For further information please visit: https://www.cannonres.com.au/
