Projects & Royalties

Mount Cannindah

Project: Mount Cannindah
Commodity: Gold , Copper , Silver
Royalty: 0.9% NSR
Subsidiary: Altus Royalties Holdings Ltd
Location: Australia
Deposit Style: Hydrothermal breccia
Key Attributes: Significant intersections of mineralisation drilled in recent programme
Asset Stage: Infill drilling with historical resource
Results: Historical resource of 5.6Mt at 0.92% Cu for 51kt Cu and 0.34g/t Au for 61koz Au (2011)
Next Phase of Work: Further drilling and resource update
Deal Partner: Cannindah Resources (CAE.ASX)
Deal Terms: Acquired from Newcrest Mining

Project Overview

The Mount Cannindah project is a large, high level porphyry-style Cu-Mo-Au mineralised system covering 9km2. Geological interpretation of key targets within this gold-bearing, porphyry copper system reveal similarities to the style of mineralisation at Newcrest’s Cadia and Ridgeway copper-gold deposits in NSW.

In August 2021, Cannindah Resources commenced a new drilling program which has already yielded significant results. The first drill hole of the program encountered thick, high grade copper-gold-silver mineralisation which assayed 282m at 0.94% Cu, 0.3g/t Au, 19g/t Ag (1.28% CuEq). This includes near surface (0-34m), partially mined out supergene sections assaying 2m at 6.24% Cu and 2m at 3.42% Cu. Since then, Cannindah Resources has reported results from several mineralised intersections, including 400m from surface at 0.91% CuEq in Hole 9. 

Historical drilling within the area of Mt Cannindah North returned prospective gold grades, including 20cm at 46.4 g/t Au and 98.2 g/t Ag at 245m (QMCMDD025), 2m at 2.54 g/t Au, 8.9 g/t Ag and 0.39% Cu from 16-18m, and 3m at 5.28 g/t Au, 7.2 g/t Ag and 0.32% Cu from 25-28m (QMCMRC016), 4m at 1.8 g/t Au from 116-120m (RC53) and 10m at 2.29 g/t Au, 12.6 g/t Ag and 0.33% Cu from 12-22m (CM21).

Royalty Overview

Altus owns an uncapped 0.9% NSR royalty on all minerals produced from nine mining leases (ML 3201, 3202, 3203, 3204, 3205, 3206, 3207, 3208, 3209). Altus' royalty interest has been secured by registration of a first ranking mortgage over these tenements 

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