Cannindah Resources Boosts Exploration with $5M Capital Raise

The latest update is out from Cannindah Resources Limited ( (AU:CAE) ).

Cannindah Resources Limited has successfully raised $5 million through a placement to institutional and sophisticated investors, which will be used for exploration and working capital. The funds have enabled the commencement of drilling at the Mt Cannindah project, where significant mineralised breccia zones have been intersected, indicating potential resource expansion. The company has reported a substantial increase in its mineral resource estimates, with copper metal tonnes increasing by 117% and overall tonnes by 183% at a 0.3% CuEq cut-off grade. Future drilling aims to explore further Induced Polarisation (IP) targets to expand the resource. Payments to related parties totaled $849k, and commercial discussions with interested parties in the project are ongoing, although no concrete developments have been disclosed.

More about Cannindah Resources Limited

Cannindah Resources Limited is a mineral exploration company primarily focused on copper exploration projects. The company is engaged in exploring and developing its Mt Cannindah project, which includes significant copper-equivalent resources.

YTD Price Performance: 0.0%

Average Trading Volume: 497,259

Technical Sentiment Consensus Rating: Buy

Current Market Cap: A$29.12M

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