Insights

Cannon (ASX:CNR) share price rockets 39% on first drill results

The company’s shares are breaking a new record today.
The post Cannon (ASX:CNR) share price rockets 39% on first drill results appeared first on The Motley Fool Australia. –

The Cannon Resources Ltd (ASX: CNR) share price is racing to incredible highs following the company’s first drill results.

During morning trade, Cannon shares rose to an all-time high of 45 cents before being driven lower by profit takers. At the time of writing, its shares are now up 39.29% to 39 cents.

What were the results?

In today’s update, Cannon advised it has received assay results from its drilling campaign at the Fisher East Nickel Project in Western Australia.

The first 3 diamond drill holes have highlighted significant zones of high-grade nickel sulphides at the Musket prospect. They included the following:

14.94 metres at 1.90% nickel from a depth of 366.15 metres in hole MFED083
4.94 metres at 1.79% nickel from a depth of 559.77 metres in hole MFED084
5.81 metres at 2.29% nickel from a depth of 584.35 metres in hole MFED088

Cannon stated that the drilling intercepted substantial thicknesses of mineralisation on the northern margin of the main channel (MFED083). This extended the mineralisation to roughly 100 metres below the existing Musket resource.

The drilling program successfully identified mineralisation trends and is expected to lead to future follow-up drilling.

Cannon CEO Steve Lynn commented:

The diamond drilling results and DHEM modelling are an excellent and significant development at Musket and highlight our ability to predict mineralisation trends and grow the orebody.

The assay results show that the mineralisation continues down-plunge at better than the average grade of the existing resource. The system is totally unconstrained at depth and laterally within the northern mineralisation trend. This current round of drilling confirms that significant resource growth can be expected with well targeted future drilling.

Cannon commenced a diamond drilling campaign at the Camelwood, Musket and Sabre prospects in August 2021. While drill results have been collected for Musket, assays are still pending for Camelwood and Sabre.

Down-hole electromagnetics surveys are currently underway on existing holes. It is anticipated that these will be completed over the next 10 to 15 days.

About the Cannon share price

Since listing on the ASX in August, Cannon shares have gained almost 90% for the period, reflecting positive investor sentiment.

Cannon presides a market capitalisation of about $25 million and has approximately 66.4 million shares on its books.

The post Cannon (ASX:CNR) share price rockets 39% on first drill results appeared first on The Motley Fool Australia.

Should you invest $1,000 in Cannon right now?

Before you consider Cannon, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Cannon wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Star Entertainment (ASX:SGR) share price surges despite police probe
ASX 200 (ASX:XJO) midday update: BOQ results, A2 Milk shares jump

Zip (ASX:Z1P) share price on watch after broker downgrade
2 ASX shares that doubled our money in a month: expert

2 ASX shares delivering rapid growth

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!