Lion Selection Group (ASX:LSX) has committed $2 million toward a $15 million placement by Cannindah Resources (ASX:CAE), securing an approximate 3.3% stake in the explorer.
The funding is earmarked for the Mt Cannindah Project in Southern Queensland, a site with a rich mining history dating back to the early 1900s.
The project hosts a mineral resource estimate of 14.5Mt at 1.09% CuEq, but the primary excitement lies in its untapped potential.
Under the leadership of Managing Director Cameron Switzer, the company is targeting a high-value "pencil porphyry" deposit, supported by recent exploration milestones including a significant 2000m x 800m footprint at the Southern porphyry target.
Lion’s Managing Director, Hedley Widdup, noted that the investment is driven by the strong geological hallmarks and surface evidence suggesting a large, fertile porphyry system is ripe for discovery.
At the time of reporting, the share prices of Lion Selection Group and Cannindah Resources were $1.04 and $0.048, respectively.