Cannindah Resources Hits 75m at 1.17% Copper Equivalent, Extending High-Grade Zone
Key Takeaways
- Diamond hole 26CRD009W returned a partial intercept of 75m at 1.17% CuEq from 213m, extending the Southern Shoot high-grade zone about 50m north within the existing Mineral Resource area.
- The diamond tail more than doubled the grade of RC pilot hole 26CRC009, which returned 74m at 0.49% CuEq amid poor sample recovery.
- Gold and silver drive the result, with an 18m zone at 1.53% CuEq carrying 1.48g/t Au on just 0.29% Cu.
- The Cannindah Breccia resource stands at 23.2Mt at 0.93% CuEq for 216.5Kt contained CuEq after a 37% upgrade, yet the model covers only 700m of a 2,000m prospective strike.
- Two rigs are drilling with 11 extensional holes, three Southern Porphyry holes and remaining 26CRD009W assays pending, and no cash figure has been disclosed.
75m @ 1.17% CuEq extends Southern Shoot high-grade zone
Cannindah Resources has reported that diamond hole 26CRD009W returned a partial intercept of 75m @ 1.17% CuEq (0.30% Cu, 1.02g/t Au, 8.60g/t Ag) from 213m at the Cannindah Breccia. CuEq is copper equivalent, a single grade figure that combines copper, gold and silver.
The company says the result has extended the Southern Shoot high-grade zone by approximately 50m to the north. The intercept sits within the existing Mineral Resource area, which the company says provides additional support for future resource modelling and highlights the potential for future resource upgrades and open-pit optimisation.
Treat the figure with care. It is a partial intercept, with assays still awaited up hole (162.3m to 213m), and all intervals are downhole lengths with true widths not known.
Cameron Switzer, Managing Director and CEO
“This is an excellent result, reinforcing our confidence in the scale and quality of the Southern Shoot…”
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Diamond tail delivers higher grade after RC recovery issues
From poor RC recovery to a stronger result
The story starts with RC (reverse circulation) pilot hole 26CRC009, which encountered challenging ground conditions and poor sample recovery. It returned 74m @ 0.49% CuEq from 202m (see ASX:CAE 5 May 2026).
That prompted follow-up diamond drilling. Hole 26CRD009W was wedged from 26CRC009 at 162.3m and continued to 362.4m.
The company says the diamond drilling delivered a substantially higher-grade intersection and allowed identification of the hanging wall and footwall contacts, the upper and lower boundaries of the mineralised breccia. For you, the takeaway is that the earlier hole was hampered by recovery problems, and the diamond core gives the company a clearer picture of the grade.
Intercept detail
The table below sets the two holes side by side, using the Appendix 3 drillhole data.
| Hole | From (m) | Interval | CuEq % | Au g/t |
|---|---|---|---|---|
| 26CRC009 | **202** | **74m** | **0.49** | **0.35** |
| 26CRD009W (partial intercept) | **213** | **75m** | **1.17** | **1.02** |
| including | **216** | **18m** | **1.53** | **1.48** |
| including | **249** | **17m** | **1.35** | **0.82** |
The 17m zone also carried 0.56% Cu and 14.77g/t Ag.
What is copper equivalent (CuEq) and why it matters
Copper equivalent converts the grades of several metals into one copper-based number, so wide intercepts carrying gold and silver can be compared on a single scale. Without it, a hole with modest copper but strong gold would look weaker than it is.
The company’s pricing basis uses 24-month rolling averages:
- Copper: US$10,700/t
- Gold: US$3,450/oz
- Silver: US$46/oz
Assumed recoveries are 90% for copper, 65% for gold and 80% for silver. Because the calculations use updated pricing and recovery inputs, minor variances may exist with previous releases.
Here, gold and silver credits matter. The 18m zone grades 0.29% Cu but 1.48g/t Au, so most of its 1.53% CuEq comes from the precious metals rather than copper. That is why the company describes the Southern Shoot as gold and silver-rich.
Resource base and investment case
The Cannindah Breccia Mineral Resource, per the 29 September 2026 update, stands at 23.2Mt @ 0.93% CuEq for 216.5Kt of contained CuEq. It is reported at a 0.3% CuEq cut-off within an open pit optimisation shell.
Confidence has increased, with Measured and Indicated material now accounting for 85% of total tonnage. Higher-confidence categories generally carry more weight in mine planning.
The 37% resource upgrade lifted contained metal from 158.3Kt in the 2024 estimate to 216.5Kt, while the current model covers only 700m of a 2,000m identified prospective strike extent.
- Measured: 11.1Mt
- Indicated: 8.5Mt
- Inferred: 3.5Mt
The thesis rests on three points: grade extension within the existing resource area, a growing pipeline of drill results, and a company the announcement describes as well-funded to continue its exploration and resource expansion drilling program. The announcement does not disclose a cash figure.
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Two rigs drilling with 11 holes pending
Two rigs continue drilling at the Cannindah Breccia. The program targets resource growth within and adjacent to the existing Mineral Resource, plus extensions along strike to the north and south, and at depth.
Pending results and preparation include:
- Assays from 11 additional extensional Cannindah Breccia holes
- Assays from three Southern Porphyry holes
- 13 pre-collar holes drilled in readiness for diamond tails
- Remaining assays for 26CRD009W
Planned drilling includes upwards of 10,000m in the Cannindah Breccia and extensions to the north and south. The amount of drilling is dependent on drill results.
Cameron Switzer, Managing Director and CEO
“With two rigs continuing to drill and a substantial number of assays pending, we see considerable opportunity to further define and extend mineralisation at the Cannindah Breccia Resource, both along strike and at depth.”
The Mt Cannindah Project is located 90km southwest of Gladstone in central Queensland. It comprises nine Mining Leases and two enveloping Exploration Permits for Minerals, with exploration conducted on tenure the announcement states is 100% owned by Cannindah Resources Pty Ltd.
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