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An announcement from Cannindah Resources Limited ( (AU:CAE) ) is now available.
Cannindah Resources has launched a resource expansion drilling program at the Cannindah Breccia deposit, targeting a high-grade “GAP” zone within its existing 14.5Mt at 1.09% CuEq Mineral Resource Estimate, where historical drilling density, orientations and sampling have left an apparent under-drilled segment. Significant previous intersections at both ends of this 275m-long zone, combined with 25 prior diamond holes that defined substantial copper, gold and silver resources, underpin expectations that the new 12-hole, 3,000m campaign could both increase total metal inventory and raise the average grade, with results to feed into an updated resource and a second rig to soon test a promising Southern Porphyry copper-gold target.
Management highlights that grade uplift at Cannindah Breccia would be a key financial driver for any future development, as drilling has already shown mineralisation well below the current open-pit constrained resource envelope. The parallel program at the Southern Target, where recent drilling intersected mineralisation interpreted as the halo of a high-grade porphyry system, suggests Cannindah is seeking to consolidate its position over a broader copper-gold system at Mt Cannindah, potentially enhancing project scale and strategic appeal for investors and industry partners.
The most recent analyst rating on (AU:CAE) stock is a Sell with a A$0.05 price target. To see the full list of analyst forecasts on Cannindah Resources Limited stock, see the AU:CAE Stock Forecast page.
More about Cannindah Resources Limited
Cannindah Resources Limited is an ASX-listed mineral exploration company focused on copper, gold and silver, with its flagship Mt Cannindah project in Queensland centred on the Cannindah Breccia copper-gold deposit. The company targets resource growth and grade enhancement through drilling programs aimed at expanding its Mineral Resource Estimate and defining higher-grade zones within a substantial breccia and porphyry system.
Average Trading Volume: 1,031,281
Technical Sentiment Signal: Buy
Current Market Cap: A$54.68M
Learn more about CAE stock on TipRanks’ Stock Analysis page.