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 22CAEDD014 (final depth 750.2m). CAE hole # 14 drilled to the east (magnetic azimuth 081 degrees). The main objectives were to drill from west to east in a similar fashion to historic holes at Mt Cannindah and establish whether the long intervals of high-grade copper-gold -silver drilled east to west in CAE hole 9 could be replicated when drilled from the opposite direction.

Previous CAE holes on this east west section line are: CAE hole #9 was drilled towards 261 degrees magnetic azimuth, 180 degrees in the opposite direction to CAE Hole # 14. In April 2022, CAE reported a massive downhole intercept of copper-gold-silver from hole # 9 from surface 399m at 0.91% CuEq which includes high grade sections: 39m at 1.08% Cu, 0.32 g/t Au, 25.6 g/t Ag (1.48% CuEq 61m to 100m). 107m at 1.23% Cu, 0.28 g/t Au, 22.0 g/t Ag (1.58% CuEq 160m to 267m); 64m at 0.81% Cu, 0.21 g/t Au, 11.0g/t Ag (1.02% CuEq 335m to 399m); A significant gold zone occurs below the high-grade copper: 14m at 1.65 g/t Au,0.32% Cu, 22.0g/t Ag, (1.5% CuEq 287m to 301m) Similarly, CAE hole #11, collared 40m north of CAE hole #9 was drilled essentially to the west.

CAE hole # 11 was directed slightly to the west south-west on a magnetic azimuth of 251 degrees magnetic. The result is that deeper down hole, the path of hole #11 passes approximately 15m to the north, close to the path of hole # 14. In this vicinity, CAE hole #11 returned 217m at 1.08% Cu, 0.41 g/t Au, 17.0 g/t Ag (150m To 367m), translating to 217m at 1.47 % CuEq.

Within a broader aggregate zone from 121m to 416m which returned 295m at 0.84% Cu, 0.33 g/t Au, 13.2 g/t Ag translating to 295m at 1.14% CuEq. CAE hole #10 is collared approx. 170m to the east of CAE hole # 14.

Hole # 10 was drilled to the north-west (magnetic azimuth 310 degrees), hole 14 crosses the path of hole 10 at approximately 200 m downhole. Hole # 10 returned some impressive down hole width and grade: 295m from surface at 0.99% Cu, 0.48 g/t Au, 21 g/t Ag, Translates to. 295m at 1.45% CuEq.

CAE hole # 14 is scissoring the above holes, particularly holes 9 and 11. CAE announce that the assay and drill results from hole # 14 confirm that the thickness and grade of these previously reported intersections, drilled east to west, extend laterally west to east across the breccia body: see Table 1, Plans & Cross Sections. The objective of hole # 14 was to confirm the thickness of the high-grade breccia body drilled from the west, obtaining state of the art data with excellent core recoveries utilizing triple tube and reliable core orientation methodologies.

This high-quality data set will provide key structural and geological inputs to the ore body modelling, supporting a cross section which traverses the 800m across strike from the bottom of CAE holes #9 & 11 (respectively 877m & 1100m holes drilled to the west) and CAE hole # 14 (750m hole drill to the east). The overall geological interpretation built up from the CAE holes and historical drilling is of a steeply west dipping, roughly north south oriented, tabular body of breccia, bounded on the east by hornfels and on the west by diorite and wedges of hornfels. In the order of 250m to 400m below surface.

An apparent transition is noted from chalcopyrite rich hydrothermal infill breccia to a pyritic clast supported breccia often with a chlorite matrix and variable, but lower amounts of chalcopyrite. The boundary between the hydrothermal infill breccia and the clast supported breccia appears deeper in the northern section of the breccia deposit, suggesting a northerly plunge for this contact. Bleached, altered, diorite porphyries and post mineral andesite dykes cut the clast supported breccia.