Cannindah Resources aims to build its footprint in the Piccadilly gold project area, 60km north of Charters Towers, with an application for more highly prospective ground.
Previous drilling on the tenement, named Percy Marlow, had intersected significant high-grade gold mineralisation, the company said.
It would joins the Piccadilly tenements EPM 16198,18322 and ML 1442 to form a coherent tenement area covering about 440sq km.
In an announcement to the ASX, Cannindah Resources said it was excited about turning the Marlow target into a significant gold project, building
on the encouraging exploration results now available and adding to its Piccadilly project block.
The company said the known high-grade gold zones at Piccadilly remained its immediate focus, and that costeaning and drilling would occur there in the next few weeks, weather permitting.
“The gold system at Piccadilly is significant in scale and certainly
warrants the extra attention we have been giving it prior to completing further drilling,” executive chairman Tom Pickett said.
“I am very excited to see that the company is moving forward with drilling in the coming weeks and am also very excited to see that we
have applied to extend our footprint in the region.
“Cannindah Resources is now 100 per cent in control of the significant Mount Cannindah copper/gold project with a JORC resource of 5.5MT of copper at .93 per cent copper, with significant exploration upside potential, along with 100 per cent of the Piccadilly gold project which is a fantastic gold exploration project.
“Importantly late last year we reached agreement with Aquis Finance to remove debt, with them converting debt to equity.
“This potential new ground further bolsters the high-quality gold and copper assets we currently hold, putting us in a great position for shareholders to benefit from the gold and copper markets.”