Cannindah Resources Unveils New Targets to Expand Mt Cannindah Copper-Gold Project
Cannindah Resources has completed its initial 2025 drilling program at Mt Cannindah, revealing promising extensions to its copper-gold breccia resource and identifying new porphyry targets that could significantly increase the project’s scale.
- Initial 2025 diamond drilling completed at Mt Cannindah
- Updated geological modelling identifies extensions to Cannindah Breccia mineralisation
- New porphyry copper-gold-molybdenum targets discovered through surface sampling
- High-grade gold veins confirmed adjacent to breccia zones
- Follow-up drilling planned to test expanded targets aiming for a 100-200Mt copper asset
Exploration Progress at Mt Cannindah
Cannindah Resources Ltd (ASX, CAE) has provided a detailed update on its exploration activities for the quarter ending June 2025, focusing on its flagship Mt Cannindah Copper-Gold Project in central Queensland. The company successfully completed its initial diamond drilling program for the year, which has been instrumental in refining the geological understanding of the Cannindah Breccia mineralisation.
Following this drilling, Cannindah undertook an updated geological review that highlighted the structural controls on the breccia hosting the mineral resource estimate (MRE). The modelling revealed that the higher-grade copper zones are strongly influenced by variations in fault dip and strike, suggesting untapped potential along strike and at depth, particularly to the south of previously drilled holes.
New Porphyry Targets and High-Grade Gold
Beyond the breccia extensions, surface sampling and mapping have identified two previously untested porphyry copper-molybdenum-gold centres. These targets exhibit strong geochemical signatures typical of porphyry systems, including elevated copper, gold, molybdenum, tin, tellurium, tungsten, and bismuth. Historic drill data supports the interpretation that these are upper-level exposures of deeper porphyry mineralisation, presenting exciting upside potential.
Additionally, high-grade gold veins have been confirmed adjacent to the breccia zones, associated with a late-stage structural overprint. Some drill intercepts returned gold grades exceeding 30 grams per tonne over narrow intervals, underscoring the complex mineralisation styles present within the project area.
Strategic Outlook and Funding Considerations
Cannindah’s forward plans include targeted follow-up drilling to test both the breccia extensions and the new porphyry targets. The company aims to grow the Mt Cannindah project towards a strategic goal of developing a 100-200 million tonne copper asset, a scale that would significantly enhance its market position.
On the financial front, exploration expenditure for the quarter was approximately $1.18 million, with no production activities reported. Cash reserves are currently limited, with only 0.2 quarters of funding available, prompting the company to signal intentions for additional capital raisings to sustain ongoing exploration efforts.
Meanwhile, the Piccadilly Gold Project remains on hold as the company concentrates resources on the more prospective Mt Cannindah area.
Bottom Line?
Cannindah’s latest exploration advances set the stage for a potentially transformative resource expansion, but funding and drilling results will be critical to watch closely.
Questions in the middle?
- How soon will Cannindah commence follow-up drilling on the new porphyry targets?
- What impact will the company’s limited cash reserves have on its exploration timeline?
- Could the high-grade gold veins adjacent to the breccia lead to a separate mining opportunity?
