Canyon Resources Ltd (ASX:CAY) agreed to a farm-in transaction to acquire up to 75% of the Birsok Bauxite Project in Cameroon.
Canyon Resources' (ASX: CAY) Konkolikan project in Burkina Faso, West Africa, is strategically located along strike from high grade multi-million ounce gold deposits, with the company now set to kick off an exploration program.
The project is a single permit covering around 100 square kilometres, with regional magnetics indicating the continuation of a major mineralised structure that hosts some of the highest grade resources in the country.
Konkolikan is in the same regional mineralised structure that hosts Endeavour Mining's (ASX: EVR) Houndé project with an Indicated Resource of 1,456,000 ounces at 1.91g/t gold and an Inferred Resource of 752,000 ounces at 1.91g/t gold.
Also in the structure i sRox Gold Inc.’s Yaramoko project with an Indicated Resource of 679,000 ounces at 15.7g/t gold and an Inferred Resource of 216,000 ounces at 8.9g/t gold.
Canyon's exploration will include aeromagnetic surveys, with the company also conducting detailed regolith mapping and soil & rock chip sampling programs as first pass technique.
Adding to the prospectivity of the project there is active artisanal mining on the project.
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