CAE sampling points to porphyry wealth

Herald Sun

2 days ago

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Surface sampling at Cannindah's Mt Cannindah project has revealed two untested porphyry targets
Rock chips dazzle with peak results of up to 12.28% copper, 9.94g/t gold and 1.24% molybdenum
Each potential 'pencil' porphyry, which requires deeper drill testing, could host between 100Mt and 200Mt of material
Special Report: Cannindah Resources' surface rock chip sampling has identified two untested potential copper-molybdenum-gold porphyry centres at its Mt Cannindah project in Queensland.
Sampling of porphyry-style veining and skarn mineralisation returned peak results of up to 12.28% copper, 9.94g/t gold and 1.24% molybdenum along with coincident elevated key geochemical pathfinders of tellerium, bismuth, tin and tungsten.
Cannindah Resources' (ASX:CAE) notes that historical holes at the project are shallow and support the peripheral or upper level interpretation of 'pencil' porphyry systems similar to those at the Northparkes and Cadia Ridgeway deposits.
It also suggests the economic window typical of porphyry systems remains untested.
'Whilst we have been completing our drilling this year, we have also been working on increasing the scale potential at Mt Cannindah in areas outside of the current 14.5Mt mineral resource area,' CAE managing director Tom Pickett said.
'Our updated understanding of the project area indicates the potential for more than one pencil porphyry target within our project.
'Our strategic objective is to work to develop a copper asset in the range of 100-200Mt in this uniquely advantageous infrastructure location.
'To do this we are applying extensional exploration methods including data science analysis, geochemistry, geophysics and mineral deposit modelling.
'With supporting data from recent drilling and sampling, strong IP results and historical halo drill holes ending in copper mineralisation, there is good support for the presence of pencil porphyries, and we have identified at least two significant targets that we are very excited to be following up with near-term drilling.'
Recent drilling beyond the known mineralised zone returned high-grade results such as 71m at 0.95% copper equivalent.
Project areas showing the new Eastern and Southern porphyry targets. Pic: Cannindah Resources
Mt Cannindah
Mt Cannindah is about 100km south of Gladstone and represents a large porphyry copper-molybdenum-gold mineralised system that outcrops from surface and is open along strike and at depth.
It has a resource of 14.5Mt at 1.09% copper equivalent.
Recent drilling of the Mt Cannindah breccia complex identified a strong genetic and spatial affiliation of copper-gold-silver mineralisation to a postulated buried intrusive centre on the basis of geochemistry, alteration, distribution of intrusives and mineralisation style.
Vectors to this postulated buried porphyry centre suggests that the potential economic window is at a depth greater than the Eastern and Southern targets that have now been verified by surface rock chip sampling that followed up on anomalies generated by a review of historical soil, rock, shallow drill hole results, mapping and CAE induced polarisation data.
Both targets have footprints indicating the potential for 100-200Mt of material.
The Eastern target was identified following a review of halo drill hole geochemistry and geology which supported the anomalous copper results in the shallow drill holes spatially associated with a large area of skarn development on the major regional Kalpowar Fault and associated splays.
It is coincident with a large and highly significant IP anomaly and is covered by recent alluvium and has not been adequately explored using modern exploration techniques.
Meanwhile, the Southern target was defined by recent sampling and high order coincident historical >500ppm copper and >20ppm molybdenum soil results over a 1000m by 500m footprint.It includes the Monument and Lifesaver prospects where appreciable amounts of distal skarn are developed that have previously been evaluated by relatively old shallow drilling returning results typical of halo or peripheral drill intersections.
A large coincident IP anomaly is also evident.
Both targets require deeper drill testing.
Work being completed has also indicated a further additional two target zones at the Dunno/Appletree area and the Kalpowar Fault Zone, a major regional scale fault.
Additional surface sampling focusing on the two additional zones is ongoing.
This article was developed in collaboration with Cannindah Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Cannindah Resources sampling uncovers two potential porphyry targets