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 hole 22CAEDD017 (final depth 768.46m). Hole 22CAEDD017 was collared in the north east sector of the Mt Cannindah mine area and targets the extent and continuity of copper-gold -silver breccia and intrusive hosted mineralization. Hole # 17 drills in a south-south westerly direction (magnetic direction at collar of 201 degrees) which is slightly oblique to the presumed strike of the breccia deposit (approx.

magnetic bearing of 190 degrees). The hole was designed to connect at depth, across several east west cross sections, the key intersections of mineralised sulphidic breccia encountered in CAE holes #3,9,11, and to continue drilling to the south west to probe the possibility whether the deeper breccia mineralization intersected at 400m in CAE #3 extends in that direction. Historical drilling is sparse at these depths and in this south west sector of the Mt Cannindah deposit, so in this regard Hole # 17 was drilling to test the extent of mineralisation on the western margin of the breccia.

Hole 17 successfully established that the mineralized breccia does indeed extend to the south west. The deeper mineralised breccia zone intersected in hole 17 (eg 216m @ 0.7% CuEq from 233m and 70m @ 0.31% CuEq from 509m,) adds a robust addition to the earlier intercepts of CAE hole 3 (493m @ 1.28% CuEq from surface, which included a lower breccia zone of 148m @1.01% Cu, 0.22 g/t Au, 12.5 g/t Ag from 252m to 400m ­ and CAE hole 9 (341m from 58m @1.03% CuEq which included a lower breccia zone of 64m @0.81% Cu, 0.21 g/t Au, 11.0g/t Ag from 335m to 399m. The highlights and details of CAE hole # 17 are set out below.

In late 2022, CAE hole # 16 was also drilled from north to south, from the northern end of the Mt Cannindah Breccia and in a similar fashion to that hole, the target of CAE hole # 17 is blind breccia hosted mineralisation under alluvial cover and diorite intrusive. CAE hole # 17 was similarly successful with blind breccia making up the majority of rock units intersected from 280.3m till the end of the hole at 768.46m. The diorite and monzodiorite at the top of the hole is cut by some sheeted quartz sulphide veins, sericite altered argillic fault and rock crush zones.

Visible gold was observed in 5mm quartz pyrite sphalerite vein at 109m. A wedge of hornfels intruded by porphyry and cut by a vein fracture network of pyrite and minor chalcopyrite occurs downhole in Hole # 17 from 256m to 280.3m. There is a sharp contact at 280.3m with hydrothermal infill breccia, dominated by angular clasts of sericite altered hornfels and minor diorite.

Infill minerals between clasts consist of common coarse quartz, calcite -pyrite and chalcopyrite. The infill breccia is strongly sulphidic throughout: containing 4% - 8 % pyrite, 1.5% to 5% chalcopyrite between 280m and 430m. A sulphidic shear/fault zone, infilled with quartz sericite and semi-massive sulphide was intersected at 314m to 324m (10m @ 3.81 g/t Au), returning 1m high gold values in the 5g/t Au to 16 g/t Au range.

This structure has potential to be a significant mineralised high gold feeder, likely to correlate with the gold zone intersected at 288m ­ 295m in CAE hole 9 (7m @ 2.56 g/t Au). Lesser sulphide is contained in the hydrothermal infill breccia between 430m and 486m (3% pyrite, 0.3% chalcopyrite). Patchy sericite altered hornfels that appears to be essentially an in- situ block occurs between 480m and 509m.

Another infill hydrothermal breccia occurs downhole from 509m to 589m, quite pyritic averaging 3 % pyrite and copper bearing but with lower tenor in the order of 1% chalcopyrite. Below 589m there are several alternating zones of probable in situ hornfels blocks cut by porphyry dykes and close packed polymict clast supported breccia intervals. The clast supported breccias are dominated by clasts of porphyry and hornfels, often with very little rock flour matrix but can be highly sulphidic, in the order of 5% to 10% pyrite and trace chalcopyrite.

In summary,the mineralised breccia system is still open to the south-west at Mt Cannindah.