Cannon Resources Limited (ASX:CNR) is a Western Australia focused mineral resources exploration company, established to implement the demerger undertaken by Rox Resources Limited for the purpose of maximising the value of the Fisher East Nickel Project and the Collurabbie Nickel Project.
Both the Fisher East Nickel Project and Collurabbie Project represent excellent exploration opportunities and Cannon Resources Limited has a sharp focus on delivering value from these assets against a backdrop of strengthening demand and pricing for nickel.
The Fisher East Nickel Project contains the Camelwood, Cannonball and Musket nickel sulphide deposits with a combined JORC 2012 Mineral Resource of 4.2Mt grading 1.9% Ni reported at 1.0% Ni cut-off (Indicated Mineral Resource: 3.7Mt grading 1.9% Ni, Inferred Mineral Resource: 0.5Mt grading 1.5% Ni) comprising massive and disseminated nickel sulphide mineralisation, and containing 78,000 tonnes of nickel.
The Collurabbie Prospect contains a JORC 2012 Inferred Mineral Resource of 573,000t grading 1.63% Ni, 1.19% Cu, 0.082% Co, 1.49g/t Pd, 0.85g/t Pt at Olympia.
Through a focused exploration program, Cannon Resources Limited intends to expand the existing nickel resource inventories as well as fully evaluate the project areas for the potential new nickel and base metal mineralisation.
Cannon refers to the public report regarding its mineral resource contained in its Prospectus dated 26 May 2021 which included the Competent Persons Statement and Table 1 of Appendix 5A (JORC Code). Cannon confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.