Cannindah Resources Grows Copper-Gold Resource 37% to 216Kt CuEq at Mt Cannindah
Key Takeaways
- The 2026 Cannindah Breccia MRE has grown to 23.2Mt at 0.93% CuEq containing 216.5Kt of copper equivalent metal, a 37% increase in contained metal from the 2024 estimate of 158.3Kt.
- 85% of the resource now sits in the Measured and Indicated categories, a material confidence uplift that provides a more reliable foundation for downstream study work.
- Mineralisation has been intersected to 1,086m depth, well below the 330m open pit shell used for the MRE, with standout intercepts including 493m at 1.17% CuEq from surface.
- The current resource covers only 700m of a 2,000m identified prospective strike extent — less than 20% of the total strike footprint — with two rigs actively drilling and assays pending on 8 holes.
- Cannindah held $14.069M in cash at end of June 2026, funding an active two-rig drill programme targeting strike and depth extensions without near-term capital pressure.
Cannindah delivers 37% jump in contained copper equivalent metal at Mt Cannindah
Cannindah Resources (ASX: CAE) has delivered a significant upgrade to its Cannindah Breccia Mineral Resource Estimate (MRE), with the resource growing to 23.2Mt at 0.93% CuEq containing 216.5Kt of copper equivalent metal, a 37% increase from the previous estimate. Released on 29 September 2026, the upgraded MRE incorporates data from 45 new drill holes completed between late 2025 and July 2026, substantially improving the geological understanding of the deposit. Notably, 85% of the total resource is now classified in the Measured and Indicated categories, a meaningful confidence uplift for investors assessing project risk.
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What the updated resource numbers show
The full breakdown by classification category is presented below.
| Category | Tonnes (Mt) | CuEq % | CuEq (Kt) |
|---|---|---|---|
| Measured | 11.1 | 1.09% | 120.8 |
| Indicated | 8.5 | 0.85% | 72.5 |
| Inferred | 3.5 | 0.66% | 23.1 |
| Total | 23.2 | 0.93% | 216.5 |
Three individual metals drive the copper equivalent calculation:
- Copper: 0.53% grade, 121.9Kt contained
- Gold: 0.37g/t, 274.3Kozs contained
- Silver: 10.8g/t, 8.0Mozs contained
The metal pricing assumptions underpinning the CuEq calculation are US$10,700/t for copper, US$3,450/oz for gold, and US$46/oz for silver, reflecting 24-month rolling averages. These same parameters were applied to derive the 0.3% CuEq cut-off grade used to report the resource.
How this compares to the previous resource
The 2024 MRE stood at 14.5Mt at 1.09% CuEq containing 158.3Kt CuEq. The updated estimate represents a 60% increase in tonnage, with grades moderating as the expanded geological interpretation incorporated more peripheral material. The net outcome is contained metal up 37%, a positive result for investors. The updated estimate significantly expands the defined resource base rather than representing a first-ever figure.
What is a JORC mineral resource estimate, and why does the classification matter?
A JORC Mineral Resource Estimate (MRE) is an independently verified estimate of the quantity and grade of mineralisation that has reasonable prospects of eventual economic extraction. JORC refers to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the industry standard for resource reporting in Australia.
The classification system within a JORC MRE carries direct implications for investor confidence:
- Measured — highest confidence level, based on close-spaced drilling. Sufficient data exists to assume grade and tonnage continuity with a high degree of reliability.
- Indicated — good confidence, supported by adequate drilling to assume geological and grade continuity. Generally sufficient to support prefeasibility-level studies.
- Inferred — lower confidence, based on limited sampling. Requires further drilling to upgrade to a higher category.
The shift to 85% Measured and Indicated material in the 2026 MRE is a material de-risking event. Earlier estimates carried a higher proportion of Inferred material, which carries greater uncertainty. When the bulk of a resource sits in the top two confidence categories, it provides a more reliable foundation for downstream study work and development decisions.
The independent resource estimate was completed by H&S Consultants Pty Ltd (HSC), with grade interpolation performed using Ordinary Kriging methodology and Surpac software.
Mineralisation extends well beyond the current pit shell
The resource as currently defined sits within an optimised open pit shell to a maximum depth of 330m below surface. What makes the growth story compelling is the scale of mineralisation that already lies outside that boundary.
The 2026 MRE growth traces directly back to the copper-gold discovery drilling that commenced in late 2025, when the Southern Shoot was first identified and the mineralisation footprint began expanding well beyond initial expectations.
Significant copper mineralisation has been intersected to a depth of 1,086m, well below the pit shell used for the MRE. Standout drill intersections outside the resource shell include:
- 493m at 1.17% CuEq from surface (21CAEDD003)
- 341m at 1.03% CuEq from 58m (22CAEDD009)
- 1,022m at 0.48% CuEq from 64m to end of hole (22CAEDD011)
The current MRE covers a strike length of 700m within a 2,000m identified prospective strike extent, meaning less than 20% of the total strike footprint has been tested in detail. Two drill rigs are currently active targeting southern and depth extensions, with assays outstanding on 8 holes already drilled but not yet included in the resource.
Beyond the Breccia itself, the broader Mt Cannindah Project hosts additional exploration opportunities including the Southern Target, Eastern Target, Monument, and United Allies prospects, all part of a larger porphyry system.
The Mt Cannindah porphyry system context matters here: breccia-hosted deposits of this type frequently sit within or adjacent to larger porphyry copper-gold systems, meaning the current resource boundary may represent only a fraction of the total mineralised envelope.
Cameron Switzer, Managing Director and CEO, Cannindah Resources
“What commenced as a scout drill program in 2025 resulting in the discovery of the Southern Shoot has expanded the entire breccia mineralisation into what looks like a significant investment opportunity. As our understanding of the controls and distribution of the mineralisation footprint increases, our confidence in the growth opportunities for future exploration activity also increases. We have still only tested to any detail the upper 300m of a system that has drill intersections to over 1000m and a strike length of 700m in a defined 2000m strike extent. This is less than 20% of the total currently identified strike footprint of the breccia host structure and there is already in excess of 200Kt of defined CuEq.”
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Well-funded to pursue aggressive exploration
Cannindah held a cash position of $14.069M at the end of June 2026, providing a strong foundation for its ongoing drill programme. Two rigs are currently operational, meaning exploration is active rather than planned.
The forward programme includes a range of identified growth opportunities:
- Drill testing for immediate resource extension targets adjacent along strike and at depth at the Cannindah Breccia
- Strike extensions to the south along the identified 2km prospective fault zone
- Further metallurgical upside, with updated testwork already incorporated in the 2026 MRE (see ASX:CAE 22 September 2026)
- Metal pricing upside, with management citing increasing global demand for copper driven by electrification and AI technology
Cameron Switzer, Managing Director and CEO, Cannindah Resources
“Our strategy moving forward is clear. Unlock the full potential of this emerging breccia copper-gold system while we continue to understand the greater porphyry prize. Our exploration enablers still remain the current 2 drill rigs and we have a strong cash balance to continue our aggressive exploration activities…”
The Mt Cannindah Project is located approximately 90km southwest of Gladstone in central Queensland, with access to port, grid power, and water. Those infrastructure advantages are relevant context for any eventual development pathway, though no development decisions have been made at this stage of exploration.
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