EXCEPTIONAL, THICK Cu INTERSECTIONS MT CANNINDAH HOLE 3H

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ASX RELEASE

9 November, 2021

ASX Code: CAE

EXCEPTIONAL, THICK COPPER INTERSECTIONS AT MT CANNINDAH IN HOLE 3 AGGREGATING TO 493m @ 1.17% Copper Equivalent (0.89% Cu, 0.26 g/t Au, 15.2 g/t Ag) FROM SURFACE..

HIGHLIGHTS

• Cannindah Resources is pleased to announce that recent assay results from drillhole 21CAEDD003 have resulted in a major expansion to known copper , gold and silver mineralisation at its 100% owned Mt Cannindah project.
• The total aggregated extent of mineralisation from surface in hole # 3 amounts to :
• 493m @ 1.17% Copper Equivalent,
• The significant copper, gold, silver mineralised zones can be divided into :
• A surface oxide zone (0m to 14m) leached of copper : 14m @ 0.4 g/t Au, 24 g/t Ag
• The supergene zone (14m to 33m) is enriched with copper : 19m @ 3.11%Cu, 0.74 g/t Au, 34 g/t Ag
• A supergene and upper primary zone (14m to 177m) : 163m @ 1.44 % Cu, 0.40 g/t Au, 36 g/t Ag.
• The upper primary zone contains significant intersections including :
• High grade primary zone (33m to 83m) : 50m @ 2.02%Cu, 0.75 g/t Au, 40 g/t Ag
• Wide chalcopyrite prominent zones eg. 32m @ 1.0% Cu, 28g/t Ag (83m to 115m)
• A lower primary zone (252m to 400m) : 148m @ 1.01% Cu, 0.22 g/ Au, 12.5 g/t Ag
• Hole 21CAEDD003 is testing the deep plunge of the copper mineralised zone at Mt Cannindah.

Hole # 3 is nearly at a right angle to the direction drilled by hole 21CAEDD002, recently reported which returned significant intercepts aggregating to 282m @ 1.28% Copper Equivalent including :

117m @ 1.08% Cu, 0.38 g/t Au ,28 g/t Ag. (34m to 151m).

92m @ 1.2% Cu, 13.5 Ag, 0.3 g/t Au.(205m to 297m).

Cannindah Resources Limited ("Cannindah", "CAE") is pleased to announce the next set of assay results from the drilling program currently underway at Mt Cannindah, copper gold silver project south of Gladstone near Monto in central Queensland (Figs 1 to 3). This drilling program was planned such that it may extend the current JORC resource, as well as test the continuity of higher-grade copper zones within the project area, and possibly locate new areas of interest for follow up and potential in-fill drilling. CAE has made major revisions to the planned drilling after Intersecting copper mineralisation over hundreds (100s) of metres in the first 7 completed holes. (Figs 4).

As CAE have stated previously, these intervals highlight the success of holes within the current drilling program in confirming the continuity of higher-grade copper zones within the project area, with the potential to increase the current JORC resource.It is also worth noting that the Cannindah Infill breccia mineralisation carries significant silver and gold in addition to copper. The controls on the higher grade Au and Ag zones are still to be delineated.

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ASX RELEASE

9 November, 2021

ASX Code: CAE

Summary Highlights from the top of hole 21CAEDD003 include

From	To		m	Cu	Au	Ag	Comment
							Note this includes
0.00		493.00	493.00	0.89	0.26	15.2	some low Cu zones
Includes
0.00		14.00	14.00	0.11	0.43	24.0	Oxide
							Supergene &
14.00		474.00	460.00	0.94	0.26	15.4	Primary
which Incudes
upper intervals
14.00		177.00	163.00	1.44	0.40	26.1	Supergene & Primary
which Incudes
14.00		33.00	19.00	3.11	0.74	34.0	Supergene
33.00		83.00	50.00	2.02	0.75	40.1	Primary
lower intervals
include
							Primary, Note this
							includes some low
252.00		400.00	148.00	1.01	0.22	12.5	Cu zones

Table 1: Summary of Results - hole 21CAEDD003

Fig 4 shows hole 21CAEDD003 in plan in relation to historic holes. This hole was designed to test the plunge of the mineralisation to the west, it was drilled approximately west (260o magnetic), which is effectively 50 plus degrees different to the south-south-west (207o magnetic) bearing of hole 21CAEDD002. It is also drilling in the opposite direction to the previous (one hundred plus) Mt Cannindah historic holes. A significant point is that 21CAEDD003 confirms the continuity and extent of mineralisation in cross section (Fig 5), linking many of the mineralied zones intersected in previous holes drilled from the opposite direction. Significantly, hole 21CAEDD003 pushed on further down plunge to the west and discovered previously unknown or poorly delineated copper zones. This successful strategy led to the extension of hole 21CAEDD003 in order to establish the extent of the Mt Cannindah copper-gold-silver mineralised system down plunge. Eventually the hole was terminated at 762.6m, at the limit of the drill rig's capability. Although copper values had dropped off, chalcopyrite blebs are present. Sulphidic mineralised hydrothermal breccia is present at the end of the hole , just as it is in hole 21CAEDD002 which contains elevated silver at depth. In spite of drilling the Cannindah system to great depths, we have not reached the limit of the mineralisation, encountering shows of copper, elevated silver and extensive intrusive-driven alteration and sulphidic breccia to the bottom of all deep holes drilled to date. CAE are encouraged that results to date show that adopting this targeted drilling approach will find more copper, gold and silver at Mt Cannindah in the future.

Both holes 21CAEDD002 and now 21CAEDD003 significantly contribute to understanding the geometry , control and continuity of grade in the Cannindah Cu-Au-Ag Breccia deposit , essential to maximising the opportunity to expand upon the existing JORC resource.

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ASX RELEASE

9 November, 2021

ASX Code: CAE

The close relationship of observed chalcopyrite , chalcocite and Cu grade is shown in histogram form on the cross section in Fig 6. The table in the appendix lists the complete Cu,Au,Ag assays and pyrite , chalcopyrite, chalcocite visual estimates for first 493m of hole 21CAEDD003..

Figs 8 to 13 and core photos which illustrate the chalcocite rich supergene iand nfill chalcopyrite rich breccia zones accompanied by their assayed copper grades, distributed for 19m to 364m.

ASX RELEASE

9 November, 2021

ASX Code: CAE

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Fig 1. Mt Cannindah project Granted Mining Leases and EPMs, Central Queensland.

ASX RELEASE

9 November, 2021

ASX Code: CAE

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Fig 2. Mt Cannindah project Location of identified resources & known targets