Outstanding Mt Cannindah Drilling Returns 282m @ 1.28% Copper Equivalent

GOLD COAST, Australia, Oct. 20, 2021 /PRNewswire/ -- Queensland copper-gold explorer Cannindah Resources today announced the first full-hole result from their current Mt Cannindah Copper-Gold Project drilling program.

The hole (21CAEDD002) was drilled to 330m and encountered thick copper mineralised and sulphidic breccia throughout. The top half of the hole (0-151m) assayed 117m @ 1.08% Cu, 0.38g/t Au, 28g/t Ag. Today's announcement also reports that the bottom half of the hole assayed 92m @ 1.2% Cu. Combined, the hole assayed:

• 282m @ 1.28% CuEq (0.94% Cu, 0.3g/t Au, 19 g/t Ag), including- 2m @ 6.24% Cu, 0.59g/t Au, 65g/t Ag (from 23m)- 4m @ 3.12% Cu, 1.08g/t Au 49g/t Ag (from 30m)- 117m @ 1.08% Cu, 0.38g/t Au, 28g/t Ag (from 34m)- 92m @ 1.2% Cu, 13.5g/t Ag, 0.3g/t Au (from 205m)

These results are significant not only due to their thick intersection, but also because of the rich copper, gold and silver encountered throughout. This drilling result comes at a time of strong copper market prices, with LME copper trading at ~$10,500 per tonne.

The next hole (21CAEDD003) is shaping up to be even more significant. The hole was drilled to the limit of rig capacity of 762.6m, well above the 250m planned due to the extensive copper-gold mineralisation encountered throughout the entire hole length. Assay results are pending and expected in the near term.

These results position Cannindah Resources as the 100% owner of an emerging tier-1 copper-gold resource.

Background

The Mt Cannindah project is located ~100km south of Gladstone. The project itself contains 5.7km2 of granted mining leases surrounded by 71.5km2 of exploration permits. Previous geological interpretation of key targets within this gold-bearing porphyry copper system reveals similarities to the style of mineralisation at Newcrest's Cadia and Ridgeway Cu/Au deposits in NSW. The Mt Cannindah project currently holds a 5.5Mt @ 0.92% Cu, 0.34 g/t Au, 14.9g/t Ag JORC-compliant resource.

Previous copper and gold assays include:

• 82m @ 2.32% Cu, 0.88 g/t Au and 42.1 g/t Ag (QMCMDD017: From 28m to 110m);
• 118.3m @ 1.99% Cu, 0.52 g/t Au and 33.4 g/t Ag (QMCMDD020: 2.39m to 120.7m);
• 36m @ 8.65 g/t Au (CE19: From 2m to 38m); and
• 52m @ 4.90 g/t Au (CE01: From 0m to 52m)

For further information, please contact: Tom Pickett Executive Chairman Ph: 61 7 3357 3988