Cannon Resources Limited (ASX: CNR) has delivered a 72% increase with the completion of an updated Mineral Resources Estimate (MRE) for the Sabre prospect at the company’s Fisher East Nickel Project in Western Australia.
The Sabre Mineral Resource now stands at 2.9 Mt @ 1.5% Ni & 0.4 g/t (Pd + Pt) for 42.3 Kt of contained nickel and 32,800 oz (Pd+Pt) at a cut–off grade of 0.9% Ni (JORC 2012). The resource has been audited by RPMGlobal.
The Fisher East Project now has a total of 134,100 tonnes of contained nickel at an average grade of 1.8% Ni in 4 high-grade sulphide JORC 2012 resources at Musket, Camelwood, Cannonball and Sabre.
“The Sabre resource update to 42.3 Kt of nickel is a significant advancement on our understanding of this mineral system and is a 72% uplift on the maiden Sabre resource delivered in April 2022,” CEO, Steve Lynn, said.
“This update has delivered both an increase in tonnes and an increase in Ni grade. Now Sabre is proving to be a deposit of scale at up to 700 metres strike extent, with substantial further resource growth likely as mineralisation is only defined down to 300 metres depth and remains open.
“Cannon listed on the ASX on August 12, 2021, exactly 12 months ago. In that time we have discovered 56.1 Kt of new nickel resource – all at Fisher East; at a discovery cost of A$104 per nickel tonne. Both are industry leading metrics.”
Sabre scale and exploration upside
The updated Sabre resource incorporates all recent diamond drill holes completed by Cannon in the period March to June 2022 and importantly includes the newly discovered high-grade massive sulphide zone along the northern channel margin as drilled in holes MFED103, MFED105, MFED117 and MFED118.
The updated resource extends over a strike length of 670 metres and to a vertical depth of approximately 300 metres. The resource remains open along strike and down plunge.
The resource update has included an estimate of the PGE content for the first time at 0.4 g/t combined palladium and platinum (Pd+Pt) for a total of 32,800 oz. This is of a similar tenor to the grade at Musket at 0.5 g/t (Pd+Pt). Cannon’s drilling is now beginning to reveal the large scale and nickel endowment of the Sabre channel.
The Sabre mineralised channel is interpreted to dip to the east at about 56° and plunge on that dip to the north at a similar 56°. The nickel mineralisation has a strike length of approximately 700 metres, almost all of which is contained within the resource, and has a depth extent well beyond the current resource outline.
Cannon recently drilled deep hole MFED122, which is some 520 metres below the base of the current Sabre resource and indicates that the channel mineralisation is still present at depth.
The most recent round of drilling has defined a high-grade zone, with up to 3.7m of massive sulphide mineralisation grading 6.0% Ni (hole MFED117), along the northern channel margin that is now incorporated in the updated resource. This high-grade zone remains open down plunge. The top 80 metres from the surface (oxide zone) is excluded from the resource and the maximum depth is limited to approximately 300 metres. The resource remains open at depth and is only limited by the current drilling.
For further information please visit: https://www.cannonres.com.au/
