| Announcement Date: | 2022-08-15 |
|---|---|
| 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 Project |
| 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 a Mineral Resource update has been completed for the Sabre prospect at the Company’s Fisher East Nickel Project. The Sabre Mineral Resource now stands at 2.9 Mt @ 1.5% Ni & 0.4 g/t (Pd + Pt) for 42.3 Kt of contained nickel and 32,800 oz (Pd+Pt) at a cut–off grade of 0.9% Ni (JORC 2012). The resource has been audited by RPMGlobal. The Fisher East Project now has a total of 134,100 tonnes of contained nickel at an average grade of 1.8% Ni in 4 high-grade sulphide JORC 2012 resources at Musket, Camelwood, Cannonball and Sabre. The updated Sabre resource incorporates all recent diamond drill holes completed by Cannon in the period March to June 2022 and importantly includes the newly discovered high-grade massive sulphide zone along the northern channel margin as drilled in holes MFED103, MFED105, MFED117 and MFED118. The updated resource extends over a strike length of 670 metres and to a vertical depth of approximately 300 metres. The resource remains open along strike and down plunge. The resource update has included an estimate of the PGE content for the first time at 0.4 g/t combined palladium and platinum (Pd+Pt) for a total of 32,800 oz. This is of a similar tenor to the grade at Musket at 0.5 g/t (Pd+Pt). |
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