Cannon Resources (ASX:CNR) - CEO, Steve Lynn
CEO, Steve Lynn
Source: Steve Lynn/LinkedIn
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  • Cannon Resources (CNR) encounters wide zones of massive nickel sulphides at the Sabre deposit within the Fisher East project in WA
  • Two diamond drill holes returned the largest intercepts of massive nickel sulphide seen at Fisher East
  • These holes, according to CEO Steve Lynn, “bookend a linear zone of massive nickel sulphide mineralisation of over 250 metres” that remains open in multiple directions
  • Cannon plans to refocus the remainder of drilling at Fisher East to Sabre where it will complete infill drilling ahead of a resource update
  • Company shares end the day 14.3 per cent in the green to close at 40 cents

Cannon Resources (CNR) has intersected massive nickel sulphides through diamond drilling at the Sabre deposit within the Fisher East nickel project in Western Australia.

The company is undertaking around 7000 metres of drilling with 5500 metres completed so far across the Sabre, Musket and Camelwood deposits.

Cannon has drilled three new diamond holes, MFED105, MFED117 and MFED118, up and down plunge of a previous hole (MFED103) which returned 1.1 metres at 7.63 per cent nickel within a wider interval of 5.7 metres at 2.62 per cent nickel.

MFED117 and MFED118 returned the largest intercepts of massive nickel sulphide within the entire project area.

MFED117 intersected 3.7 metres of massive nickel sulphide within a larger mineralised zone from 310 metres and MFED118 intersected 2.8 metres of massive nickel sulphide within a larger mineralised zone from 133 metres.

Hole MFED105 was completed earlier in the program and results include 2.36 metres at 2.3 per cent nickel and 0.45 metres at 5.9 per cent nickel for the massive nickel sulphide interval.

CEO Steve Lynn said the results are outstanding, particularly from MFED117 and MFED118.

“Importantly, they bookend a linear zone of massive nickel sulphide mineralisation of over 250 metres plunge extent along the northern edge of the Sabre channel that remains completely open both up and down plunge, as well as laterally,” he said.

“This area has emerged as a significant and exciting part of the Sabre prospect and is now our number one target.”

Based on the drilling success at Sabre, the company is shifting the focus of the remaining program on the deposit where it will undertake infill drilling. Holes MFED117 and MFED118 will also be sampled and prioritised for assaying.

Once all assay results are received, the company hopes to “step straight into a resource update” for Sabre.

Company shares ended the day 14.3 per cent in the green to close at 40 cents.

CNR by the numbers
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