| Announcement Date: | 2022-03-09 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | JORC |
| Company name: | Cannon Resources Ltd. |
| Project name: | Fisher East |
| Location: | Australia |
| Commodities: | Nickel |
| Highlight: | Updated Resource Estimate for Musket Deposit |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Cannon Resources Limited (ASX: CNR) (“Cannon” or “the Company”) is pleased to announce that an update of the Musket Mineral Resource has been completed which has resulted in a 44% increase in nickel metal over the previously reported resource estimate. Musket has now been estimated to contain 2.4 Mt @ 1.9% Ni and 0.5 g/t PGE (Pt + Pd) for 45.4 Kt contained nickel at a cut–off grade of 0.9% Ni (JORC 2012). This is an increase in both tonnage and grade over the previous estimate of 1.9 Mt @ 1.7% Ni for 31.6 Kt contained Ni. The Fisher East Project now has 91,800 tonnes of contained nickel in 3 JORC 2012 resources at Camelwood, Cannonball and Musket. In addition, a comprehensive program of resampling for PGE from relevant holes as well a new and existing PGE analysis has enabled Cannon for the first time to estimate a PGE content for the Musket Mineral Resource. The combined PGE content (Pt and Pd) has been estimated within the Musket resource at 2.4 Mt @ 0.5 g/t (Pt+Pd) for 38,580 Oz contained (Pt+Pd) and is also JORC 2012 compliant. |
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