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CNR - Cannon Resources (1 Viewer)

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Cannon Resources is a mineral exploration company, established to implement the demerger currently being undertaken by Rox Resources Limited (RXL) for the purpose of maximising the value of the Fisher East Nickel Project and the Collurabbie Nickel Project.

Fisher East Project

The Fisher East Project is located approximately 430km north of Kalgoorlie and includes eleven granted exploration licences in the North-eastern Goldfields region of Western Australia. Historical exploration at the project has focussed on three nickel deposits, being Camelwood, Cannonball and Musket where a combined Mineral Resource estimate of 4.2Mt at 1.9% nickel has been estimated. The Fisher East Project also hosts significant additional nickel exploration targets at multiple prospects on the basal contact of the greenstone belt, with mineralisation identified to date consisting of massive, matrix and disseminated nickel sulphides. These additional targets include the partly drilled Sabre prospect where an exploration target has been defined based on wide spaced drilling and geophysical surveys. Planned exploration activity will focus on the drilling out of these exciting opportunities.

Collurabbie Project

The Collurabbie Project is located approximately 65km to the east of the Fisher East Project and consists of three granted exploration licences. Previous exploration has resulted in a JORC 2012 intrusive nickel copper cobalt PGE Mineral Resource estimate of 0.573Mt at 1.63% Nickel; 1.19% Copper; 0.082% Cobalt; 1.49g/t Palladium and 0.85g/t Platinum. The Collurabbie Project presents considerable potential for additional intrusion related base metal mineralisation along with exploration potential for gold.

It is anticipated that CNR will list on the ASX during August 2021.

 

Dona Ferentes

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Listing date12 August 2021 12:00PM AEST ##
Contact detailshttps://www.cannonres.com.au
Ph: +61 8 9226 0044
Principal ActivitiesMineral exploration and development
GICS industry groupTBA
Issue Price$0.20
Issue TypeOrdinary Fully Paid Shares
Security codeCNR
Capital to be Raised$6,000,000
Expected offer close date02 July 2021
UnderwriterNot underwritten. Canaccord Genuity (Australia) Limited and Taylor Collison Limited (Joint Lead Managers)
 

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