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Cannindah Resources Ltd.
Summary
| Project: | Piccadilly | |
|---|---|---|
| Deposit: | Piccadilly | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/11/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 11-4-2018: Cannindah Resources Ltd. announces an Exploration/Drilling Update report for its Piccadilly deposit at the Piccadilly project. Drilling results incl. 1m @ 9.06g/t Au from 31m. Cannindah Resources Limited’s 450m initial drill program at the Picc | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Simon Beams (Terra Search Pty Ltd.) | |
| ABSTRACT: | Cannindah Resources Limited’s 450m initial drill program at the Piccadilly project has shown continuity of gold grades down dip of near surface trench sampling (see Table 1). Table 2 shows that gold was intersected in all holes with PRC005 intersecting 9g/t Au over a metre at a shallow depth of 30-31m. Gold zones are open to the east and west and at depth. There is a clear association of gold with sulphide zones, supporting the proposition that electrical geophysics (particularly IP) can be an important aid to discovery at the Piccadilly project. In this regard, the previously identified IP chargeability anomalies, which occur several hundred metres south of the current drill and trench testing, have great potential as the anomalies represent significant targets across several hundred metres. The IP anomalies which have been identified as the next target area for the company are coincident with another dipping set of gold bearing sulphide lodes and multi-element zoning present in surface geochemistry. The latest results lend support to the interpretation that the mineralising driver for the whole Piccadilly Goldfield is an intrusive body with magnetic expression occurring 1km or so further south of the current trenching and drilling location. Fig 1 shows the IP anomaly referred to above which will be the focus for future drilling. Fig 2 is an interpreted cross sectional model of this area to the south showing the significant scale of the untested IP targets. This bears similarity with large scale (multi-million gold ounce) intrusive related gold systems which occur within the region, such as Mt Leyshon, Kidston and Mt Wright. | |
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