USD $4,111.97
Goldman Cannindah Resources’ flagship copper-gold project is located approximately 90 kilometres southwest of Gladstone, a major regional city in Queensland.
The company is exploring a potentially large, porphyry-style mineralised system across a 3.5-kilometre by 1.2-kilometre footprint identified through geophysical surveys.
Drilling has already defined a Mineral Resource of 14.5 million tonnes at 1.09% copper equivalent (CuEq), containing:
- 105,000 tonnes of copper
- 197,000 ounces of gold
- 6.4 million ounces of silver
Using the metal prices cited in this analysis, the indicative gross in-ground value is:
- Copper: 105,000 tonnes at US$14,000 per tonne = US$1.47 billion
- Gold: 197,000 ounces at US$4,520 per ounce = US$890.4 million
- Silver: 6.4 million ounces at US$67 per ounce = US$428.8 million
Total indicative gross in-ground value: approximately US$2.789 billion. (AU$3.929 billion)
These figures help put the Cannindah story into perspective, particularly given the company’s stated market capitalisation of approximately A$42 million. However, gross in-ground metal value should not be confused with the recoverable or economic value of a mining project.
Drilling continues to extend the mineralised system along strike, with substantial intersections of up to 103 metres. The five previous holes drilled along the Southern Shoot returned an average of 97.6 metres of continuous copper-gold mineralisation, suggesting that significant tonnage may be developing.
Recent drilling identified a high-grade gold-copper zone of 44 metres at 2.78 grams per tonne gold and 0.69% copper within the Southern Shoot of the Cannindah Breccia. This interval was contained within a broader intersection of 103 metres at 1.04% CuEq, including 1.08 grams per tonne gold and 0.40% copper.
This was one of several significant intersections returned from five diamond holes drilled across more than 100 metres of strike and approximately 200 metres of vertical extent. The mineralisation remains open along strike and at depth, while the company has recently identified the Southern Shoot over a strike length exceeding 550 metres.
No revised Mineral Resource estimate has been released since the 2024 statement. Since then, the company has extended the Southern Shoot beyond 550 metres and further defined the Northern Shoot, which also remains open along strike and at depth. A total of 33 reverse-circulation and diamond holes are planned or underway during 2026.
The scale and width of the copper-gold intersections make Cannindah Resources a company worth following. The project also benefits from its proximity to Gladstone, established ports, power and other important infrastructure.
Two major mineralised zones—the Northern and Southern shoots—have now been identified. The drilling results have attracted the attention of CODELCO, one of the world’s largest copper producers. Representatives of the Chilean state-owned company recently visited the project to conduct due diligence and assess its progress.
The emerging pattern is compelling: the more Cannindah drills, the larger the mineralised system appears to become.
