Cannindah Resources Limited announced the next set of completed assay results from the drilling program currently underway at Mt Cannindah, copper gold silver project south of Gladstone near Monto in central Queensland pertaining to the top of hole 23CAEDD018. Interval 0m to 274m is reported here, with assay lab results awaited from the remainder of the hole from 274m to final depth 627.6m. Hole 23CAEDD018 was collared to the south of the main drilled section of the Mt Cannindah mine area, targeting the extent and continuity of copper-gold -silver breccia and intrusive hosted mineralization that sub-parallel CAE hole # 13 intersected across section some 60m to the north-west.

Hole 13 reported the following: Drilled two extensive zones (approx. 100m downhole widths of 1% CuEq) within the primary zone of infill hydrothermal breccia. 36m to 140m: 104m at 1.0% CuEq, (0.63% Cu, 0.41g/t Au, 14.1g/t Ag); 229m to 337m: 108m at 1.01% CuEq, (0.57% Cu, 0.58g/t Au, 9.8g/t Ag.

CAE Hole #13 also intersected some significant intervals of gold which are also prominent in other CAE drilling at Mt Cannindah. 0m to 24m, 24mat 2.11 g/t Au, 10.9 g/t Ag, 0.52 % Cu a high grade oxidised gold zone from surface within gossanous hydrothermal infill breccia; 314m to 329m: 15m at 2.78g/t Au, which include 4m at 6.50 g/t Au 9.8g/t Ag. The core of the system here is a prominent semi-massive sulphide infill zone, containing high grade gold with grades up to 22.98 g/t Au, 60.0 g/t Ag, with high Zn, Pb, elevated Bi.

The large downhole widths of mineralized breccia intersected in CAE hole #13 in September 2022, confirmed the potential of the Mt Cannindah breccia as CAE extends drilling to the south-west and south. The discovery of wide zones of mineralized breccia and high-grade gold structures in CAE Hole # 13 was highly significant, as previous, scattered, wide spaced, west to east, historic exploration drilling had only located patchy mineralised intersections to the south. CAE's drilling was designed to test the general geometry and extent of geological units such as breccias and mineralised structures and hopefully obtain better data through higher grade intercepts of copper, gold and silver grades.

If CAE was able to discover new mineralization that links with intercepts such as those from CAE hole 13 and subsequent holes, then the new knowledge gained would create a great opportunity to expand the Mt Cannindah resource and understand the geological units to the south and south-west. This exploration strategy has been successfully vindicated with the drilling of hole 18. CAE announced new intersections of gold, copper, silver and associated discoveries of mineralised breccia and high grade gold bearing structures.

In addition to results from Hole # 18 reported here, CAE is drilling Hole # 19 at the time of reporting, which traverses between Hole #13 and # 18. Geological observations and logging to date of Hole # 19 indicate intersections over 10s of metres of sulphidic, chalcopyrite bearing hydrothermal breccia dominated by clasts of hornfels with some porphyry diorite. Processing and assaying of material from the bottom of hole 18 and also hole 19 is underway.

Results are awaited and will be reported in due course. Hole # 18 drills in a south south westerly direction (magnetic direction at collar of 206 degrees). Hole # 18 was collared in flinty hornfels, which is cut by an extensive vein fracture network as the Hydrothermal Infill Breccia is approached downhole, crossing the contact at 138.6m.

Copper and gold bearing sulphidic breccia occurs predominantly from 138m to 274m, cut by some bleached altered, argillized porphyry and thin post mineral andesite dykes. The general porphyry style mineralizing environment is illustrated by the common presence of quartz pyrite stockwork veins and fracture vein networks evident in some of the hornfels and porphyry clasts. Structures noted include steep argillized faults, infilled with quartz and semi-massive sulphide and argillized dykes cutting the breccia.