The Board of the Company is pleased to announce the successful completion of the Entitlement offer previously announced on the 22 August 2025.
Chairman Mr Michael Hansel stated 'The Board is very pleased at the high level of interest and support for the company and the Mt Cannindah Copper-Gold Project from our existing shareholders.
The proceeds from securing $4.5 million of new equity capital will be utilized via drilling to aggressively grow the copper and gold resources at our 100% owned Mt Cannindah Project.' 'The technical team is well advanced in drill planning and on-ground preparations and expect to commence shortly the drill-testing of the extensions of the current Cannindah Breccia Mineral Resource and the recently identified potentially transformational Eastern and Southern Targets. It's an exciting time for all stakeholders as we look to unlock the true value and potential of the Mt Cannindah Project.'
Agreement
Excess applications will be refunded to Shareholders without interest. The New Shares and Attaching Options under the Offer will be issued on 29 September 2025. Normal trading in the New Shares is expected to commence on 30 September 2025. The Board of Cannindah Resources Ltd would like to thank all shareholders for their continued support.
MT CANNINDAH PROJECT OVERVIEW
Mt Cannindah is located 90km southwest of Gladstone in central Queensland and 27km northeast of the town of Monto. The project comprises nine Mining Leases and two enveloping EPM's. Small-scale mining operated from 1884-1920, followed by a leaching operation from 1947-1965. Within the Mt Cannindah leases there are at least 17 significant copper (Cu), gold (Au) and molybdenum (Mo) mineralised occurrences located adjacent to and peripheral to the Triassic-age Monument Intrusive Complex. These include Cannindah Breccia (Cu-Au), Blockade (Au), Cannindah East (Au), Mount Theodore (Au), Midway (Au), Li le Wonder (Au), United Allies (Cu-Mo), Monument (Cu-Mo-Au), Lifesaver (Cu-Mo-Au), Appletree (Cu-Mo-Au), Dunno (Cu-Mo-Au) and the Barrimoon Structure (Au-As) prospects. Deposit styles including porphyry-related breccias (e.g. the Cannindah Breccia), skarns, stockworks and late-stage Au-As veins with high sulphidation characteristics.
Cannindah Breccia Cu-Au Deposit
Recently updated geological modelling utilising both recent and historical data has provided an improved understanding of the Cannindah Breccia, which has a current MRE of 14.5Mt @ 1.09% CuEq for 158Kt CuEq. Mineralisation is strongly influenced by bounding and cross-cutting structures which control and localise zones of higher-grade copper and gold through variations in dip and strike. High-grade mineralisation remains open along strike to the north and south of the current MRE boundaries, presenting highly prospective drill targets. Multiple veins containing high gold grades are present on the margins of the breccia and these have not been specifically targeted.
Southern Target (refer ASX:CAE 27 August 2025)
The Southern Target is characterized by a large soil anomaly measuring 1400m by 100 to 400m with coherent Cu anomalism of 1000ppm, 0.1ppm Au and 70ppm Mo. All datasets including geological mapping, rock chip sampling, trench data, previous drill data, geophysical IP chargeability anomalism, along with magnetic anomalism all support the interpretation that the Southern Target has the potential for the development of pencil type porphyry Cu Au centres under the outcropping zones of skarn.
Contact:
Cameron Switzer
Email: admin@cannindah.com.au
Tel: 08 6188 8181
Competent Persons Statement
The information in this report that relates to exploration results is based on information compiled by Mr Cameron Switzer who is a geological consultant with 37 years' experience having worked on numerous gold and copper systems on a global basis including porphyry and porphyry related Cu Au deposits. Mr Switzer has BSc Honours and MSc degrees in geology; he is a Member of the Australasian Institute of Mining and Metallurgy (112798) and a Member of the Australian Institute of Geoscientists (3384). Mr Switzer has sufficient relevant experience in respect to the style of mineralization, the type of deposit under consideration and the activity being undertaken to qualify as a Competent Person within the definition of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('JORC Code)
Copper equivalent has been used to report the wide copper-bearing intercepts that carry Au and Ag credits, with copper being mostly dominant. CAE. have confidence that existing metallurgical processes would recover copper, gold and silver from Mt Cannindah as exemplified by the test work carried out on the Cannindah Breccia samples in 2023 by Core Metallurgical Consultants (ASX:CAE 15 November). CAE have confidence that the Mt Cannindah ores are amenable to metallurgical treatments that result in excellent recoveries and produce concentrate of a saleable quality. These metals are commonly traded on worldwide metal markets. In the opinion of Cannindah Resources Ltd all the elements included in the metal equivalents calculation have reasonable potential of being recovered and sold
(C) 2025 Electronic News Publishing, source ENP Newswire