Proactiveinvestors Australia Canyon Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Canyon Resources Ltd RSS feed en Sat, 20 Jul 2019 11:04:29 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Canyon Resources in trading halt ahead of capital raising news ]]> https://www.proactiveinvestors.com.au/companies/news/224180/canyon-resources-in-trading-halt-ahead-of-capital-raising-news-224180.html Canyon Resources Ltd (ASX:CAY) has been granted a trading halt by the ASX ahead of capital raising news.

The halt will remain in place until the beginning of trade on Tuesday, July 23, or when an announcement is made to market, whichever occurs earliest.

Canyon's securities last traded at 18 cents.

READ: Canyon Resources drill results feature 8 metres at 56.7% aluminium oxide

Earlier this month the company obtained further high-grade, quality results form aircore drilling at its Minim Martap Bauxite Project in Cameroon.

Highlights included 8 metres at 56.76% aluminium oxide and 1.63% silicon dioxide, 10 metres at 53.50% aluminium oxide and 2.08% silicon dioxide, and 8 metres at 53.30% aluminium oxide and 1.50% silicon dioxide all from surface.

The Agnes Plateau forms part of the high-grade section of the Minim Martap JORC resource and these results continue to support higher grades of aluminium, lower levels of silica and the potential for deeper mineralisation.

READ: Canyon Resources DSO prospects improved by Cameroon port-rail tendering

At the time, Canyon’s chief geologist Alexander Shaw said: “The most recent drilling results from the Agnes plateau are very pleasing and confirm that Canyon’s drilling may be contributing to the improvement of the scale and grade of the Minim Martap resource.

“A number of holes were stopped in high-grade material due to wet drilling conditions which prevented further penetration using the air-core rig.”

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Fri, 19 Jul 2019 11:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/224180/canyon-resources-in-trading-halt-ahead-of-capital-raising-news-224180.html
<![CDATA[News - Canyon Resources drill results feature 8 metres at 56.7% aluminium oxide ]]> https://www.proactiveinvestors.com.au/companies/news/223782/canyon-resources-drill-results-feature-8-metres-at-567-aluminium-oxide-223782.html Canyon Resources Ltd (ASX:CAY) has received further high-grade, quality results from aircore drilling at its Minim Martap Bauxite Project in Cameroon.

Highlights include 8 metres at 56.76% aluminium oxide and 1.63% silicon dioxide, 10 metres at 53.50% aluminium oxide and 2.08% silicon dioxide, and 8 metres at 53.30% aluminium oxide and 1.50% silicon dioxide, all from surface.

The Agnes Plateau forms part of the high-grade section of the Minim Martap JORC resource and these results continue to support higher grades of aluminium, lower levels of silica and the potential for deeper mineralisation.

READ: Canyon Resources DSO prospects improved by Cameroon port-rail tendering

Canyon’s chief geologist Dr Alexander Shaw said: “The most recent drilling results from the Agnes plateau are very pleasing and confirm that Canyon’s drilling may be contributing to the improvement of the scale and grade of the Minim Martap resource.

“A number of holes were stopped in high grade material due to wet drilling conditions which prevented further penetration using the air-core rig.

“An assessment will be made, in the future, as to whether additional drilling will be required on the Agnes plateau in order to better define the base of mineralisation.”

Drilling moves to Sophia plateau

Drilling on the Agnes Plateau has been completed but exploration drilling on the Minim Martap Project continues with activity focussed on the Makan permit.

Canyon is now drilling a 27 hole program on the Sophia plateau, located in the south east sector of the permit.

Following completion of Sophia plateau drilling, Canyon plans to drill the Emilie plateau, also on the Makan permit.

READ: Canyon Resources sees rail link advancing for bauxite project

While the 2019 exploration program continues, Canyon also continues to monitor the progress of government upgrades to rail infrastructure connecting its bauxite project to  a deep water port.

The Cameroon government recently called for tenders to manage an upgrade of the existing rail line and the construction of the Kribi Port extension.

Canyon also engaged a highly credentialed and experienced Cameroonian rail engineer to liaise with the government and rail operators.

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Fri, 12 Jul 2019 11:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223782/canyon-resources-drill-results-feature-8-metres-at-567-aluminium-oxide-223782.html
<![CDATA[News - Canyon Resources DSO prospects improved by Cameroon port-rail tendering ]]> https://www.proactiveinvestors.com.au/companies/news/223680/canyon-resources-dso-prospects-improved-by-cameroon-port-rail-tendering-223680.html Canyon picked up a three-year exploration licence for Minim Martap project in Cameroon in August 2018

An independent feasibility study detailed how a diverted rail line from Edea to an expanded port at Kribi could carry direct shipping ore (DSO) from Canyon’s bauxite and silica project

The Cameroon Government has been seeking tenders for the rail line and port extensions

What does Canyon Resources do?

Canyon Resources Ltd (ASX:CAY) is an explorer-developer focused on a flagship project in Cameroon.

It is led by founder Phillip Gallagher, a managing director and commercial specialist who has operated in Africa for more than eight years.

Gallagher was previously the MD of Empire Beer Group Limited (ASX:EEE) and was a corporate leader for Foster’s Group Ltd (ASX:FGL) in Western Australia before the Carlton & United Breweries (CUB Pty Ltd; ASX:CUB) successor was sold to British-South African multinational company SABMiller which delisted to then become an Anheuser-Busch InBev SA/NV asset.

What does Canyon Resources own?

Canyon Resources’ key asset is the Minim Martap Bauxite Project in the Adamawa Region of Cameroon on the Gulf of Guinea in Central Africa.

Minim Martap is a bauxite deposit with similar high-grade, low-contaminant properties to other high-grade deposits in Guinea.

Initial high-grade results at the project included up to 54% aluminium oxide and 1.8% silicon dioxide.

Canyon holds a three-year exploration licence for its flagship tier 1 Minim Martap direct shipping ore (DSO) project in Cameroon, which it picked up in August 2018.

The company’s latest presentation on the DSO export project does not name an annual exports target but acknowledges total mineral resources at 14 plateaus at the project are 550 million tonnes grading 45.5% alumina and 2.06%% silica.

Minim Martap’s resource estimate includes a 250 million tonne high-grade resource grading 50.8% alumina and 1.9% silica.

An independent feasibility study this year confirmed the viability of the project by detailing how a rail line from Edea to Kribi Poron could also run past Canyon’s project to Kribi deepwater port south of the coastal city Douala.

Kribi deepwater port can direct ship load Panamax-size vessels and Canyon has rail and infrastructure partnerships with multinational companies Mota Engil Africa of Portugal and Bollore Logistics of France.

A rail assessment by Mota Engil Africa that was reported in March 2019 found the rail line could carry commercial tonnages of bauxite.

As reported last month, Cameroon’s government has now called for tenderers to manage the upgrade of the Edea-Kribi rail line and undertake an extension of Kribi Port.

Canyon has engaged a highly-credentialed and experienced Cameroonian rail engineer to help liaise with the government and rail operators.

In June 2019 Canyon appointed experienced project development manager James Durrant to its DSO project.

Durrant had led technical, social and environmental studies for Danakali Ltd’s (ASX:DNK) Colluli Potash Project and is an experienced operations leader, project developer and technical marketing manager who previously served with BHP Group Ltd (ASX:BHP).

A month earlier Canyon had been buoyed after intersecting high-grade aluminium of up to 50% at Minim Martap.

The company reported in May 2019 it had 70 untested target plateaus and had drill tested less than 35% of the target ground.

Canyon believes it has the opportunity to increase both resource scale and grade at the project.

Inflection points

Republic of Cameroon progress on Edea to Kribi Poron rail line and Kribi deepwater port extension tendering

Further upgrades to resources at Minim Martap

Feasibility study financing and advancement work

Financing and partnering milestones

DSO, bauxite and silica market sentiments

Cameroon mining industry development and government policy support

Canyon managing director Phillip Gallagher highlights infrastructure boon

“It’s pleasing to see the Cameroon Government progressing its rail network to a level that will potentially provide the infrastructure required for Canyon to transport bauxite product from our globally significant project at Minim Martap to the Kribi Port,” Canyon managing director Phillip Gallagher said.

“We will continue to work with the Cameroon government and Camrail to ensure the best possible outcome for the rail network, as it is an important piece in unlocking the potential of our tier 1 bauxite resource at Minim Martap.”

 

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Thu, 11 Jul 2019 18:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223680/canyon-resources-dso-prospects-improved-by-cameroon-port-rail-tendering-223680.html
<![CDATA[News - Canyon Resources sees rail link advancing for bauxite project ]]> https://www.proactiveinvestors.com.au/companies/news/222890/canyon-resources-sees-rail-link-advancing-for-bauxite-project-222890.html Canyon Resources Ltd (ASX:CAY) is set to benefit from the completion of an independent feasibility studying construction of a rail line from Edea to Kribi Poron in Cameroon.

Importantly, the rail line would provide part of the link between the company’s Minim Martap Bauxite Project and the Kribi deep water port.

Canyon’s managing director Phillip Gallagher said: “It’s pleasing to see the Cameroon Government progressing its rail network to a level that will potentially provide the infrastructure required for Canyon to transport bauxite product from our globally significant project at Minim Martap to the Kribi Port.”

“We will continue to work with the Cameroon government and Camrail to ensure the best possible outcome for the rail network, as it is an important piece in unlocking the potential of our tier 1 bauxite resource at Minim Martap.”

READ: Canyon Resources attracts experienced project manager to develop bauxite project

The Cameroon government is now calling for tenders to manage an upgrade of the existing rail line and the construction of the Kribi Port extension.

Canyon has also engaged a highly credentialed and experienced Cameroonian rail engineer to liaise with the government and rail operators.

READ: Canyon Resources intersects high-grade aluminium up to 50% at Minim Martap Bauxite Project

During late May 2019, Canyon revealed additional positive results from its ongoing aircore drilling program on the Beatrice Plateau at the Minim Martap Bauxite Project.

Drilling on the project is ongoing and will continue through 2019.

Canyon is awaiting assays from the Agnes, Raymonde, Gregorine and Danielle plateaux.

Proactive caught up with the company in March 2019 for an update.

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Thu, 27 Jun 2019 10:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222890/canyon-resources-sees-rail-link-advancing-for-bauxite-project-222890.html
<![CDATA[News - Canyon Resources attracts experienced project manager to develop bauxite project ]]> https://www.proactiveinvestors.com.au/companies/news/222274/canyon-resources-attracts-experienced-project-manager-to-develop-bauxite-project-222274.html Canyon Resources Ltd (ASX:CAY) has hired the experienced James Durrant as project development manager for the Minim Martap Bauxite Project in Cameroon.

He is an experienced operations leader, project developer and technical marketing manager bringing relevant experience from BHP Group Ltd (ASX:BHP) and Danakli Ltd (ASX:DNK).

Durrant led the technical, social and environmental studies for Danakali’s Colluli Potash Project and saw the market cap grow from $20 million to $200 million.

READ: Canyon Resources intersects high-grade aluminium up to 50% at Minim Martap Bauxite Project

During late May 2019, Canyon revealed additional positive results from its ongoing aircore drilling program on the Beatrice Plateau at the Minim Martap Bauxite Project.

Drilling on the project is ongoing and will continue through 2019.

Canyon is awaiting assays from the Agnes, Raymonde, Gregorine and Danielle plateaux.

Proactive caught up with the company in March 2019 for an update.

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Tue, 18 Jun 2019 09:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222274/canyon-resources-attracts-experienced-project-manager-to-develop-bauxite-project-222274.html
<![CDATA[News - Canyon Resources intersects high-grade aluminium up to 50% at Minim Martap Bauxite Project ]]> https://www.proactiveinvestors.com.au/companies/news/220896/canyon-resources-intersects-high-grade-aluminium-up-to-50-at-minim-martap-bauxite-project-220896.html Canyon Resources Ltd (ASX:CAY) has intersected high-grade aluminium greater than 50% in an ongoing aircore drilling campaign at its Minim Martap Bauxite Project in Cameroon.

Drilling continues to identify profiles with an increased depth of mineralisation in some locations up to 100% deeper than past drilling results.

Bauxite plateaux where drilling has been completed to date and the status of assay results

  READ: Canyon Resources drills quality bauxite at Minim Martap

Canyon’s chief geologist Alexander Shaw said: “The remainder of the assays from the 250-metre by 250-metre grid drilled on the Beatrice plateau have continued the very high-grade assay results that were recorded in the first batch of assays.

“We are also seeing significant increases in the depths of the mineralisation.

“Our drilling has increased the depth of the mineralisation to an average of 12 metres and a maximum of 17 metres, which in some cases is more than double the previous results.”

READ: Canyon Resources identifies 70 bauxite targets through survey at Cameroon project

Results further confirm the global tier-one status of the project with the drilling campaign completing 429 drill holes for a total of 3,769 metres.

Drilling intersections include:

6 metres at 58.19% aluminium oxide and 0.92% silicon oxide from surface;

9 metres at 55.95% and 2.76%;

9 metres at 54.81% and 1.87%; and

10 metres at 54.57% and 3.33%.

The company has also received the second batch of assay results from the remaining 18 holes drilled on the southern section of the Beatrice plateau.

Location of the Minim Martap and Birsok Bauxite projects in Cameroon

 

The project is in the Adamawa region of Cameroon adjacent to the company’s Birsok Bauxite Project, encompassing the Ngouandal and Minim Martrap deposits within 25 kilometres of each other.

Drilling on Minim Martap is ongoing and will continue through 2019 with Canyon currently drilling the extensive Danielle plateau in the eastern section of the project.

 

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Fri, 24 May 2019 13:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220896/canyon-resources-intersects-high-grade-aluminium-up-to-50-at-minim-martap-bauxite-project-220896.html
<![CDATA[News - Canyon Resources drills quality bauxite at Minim Martap ]]> https://www.proactiveinvestors.com.au/companies/news/218727/canyon-resources-drills-quality-bauxite-at-minim-martap-218727.html Canyon Resources Ltd (ASX:CAY) has received positive initial assays from its aircore drilling at the Minim Martap Bauxite Project in Cameroon.

Results which include 15 metres at 54.9% aluminum oxide and 1.66% silica dioxide, have demonstrated the project’s thick, high-grade, low contaminant bauxite from surface.

Notably, most drill hole results had significant intersections greater than 50% aluminum oxide and low total silicon dioxide.

Assay highlights from the first 35 holes received

READ: Canyon Resources identifies 70 bauxite targets through survey at Cameroon project

Canyon’s managing director Phillip Gallagher said: “The first batch of assay results have validated the company’s view that the Minim Martap Project is a very high-grade low contaminant bauxite deposit.

“It’s exciting that the drilling rig has consistently drilled holes substantially deeper than the depth of resources previously reported on the bauxite plateaux and with higher grades.

“We are confident that we will be able to increase the scale and grade of the existing resource and will soon commence work on the untouched large southern bauxite plateaux on the Minim Martap and Makan permits that were identified by our recent LiDAR survey, which identified 70 new target bauxite plateau.”

Results reinforce status as top tier bauxite project

Canyon’s chief geologist Alexander Shaw added: “The very high grade assay results and broad bauxite intersections that have been recorded from this first batch of assay results, reinforces the Tier 1 characteristics of the Minim Martap deposit.

“The confirmation of the bauxite floor, with a distinct increase in SiO2 in certain holes due to deeper drilling than had previously occurred, will assist in the future definition of the bauxite boundaries and resource.”

To date, 275 aircore holes have been drilled for 2,578 metres with assays received from the initial 35 holes.

Drilling on the project is ongoing with additional assays to come.

The first assays come from Beatrice

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Wed, 17 Apr 2019 12:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218727/canyon-resources-drills-quality-bauxite-at-minim-martap-218727.html
<![CDATA[News - Canyon Resources in trading halt pending Minim Martap exploration results ]]> https://www.proactiveinvestors.com.au/companies/news/218537/canyon-resources-in-trading-halt-pending-minim-martap-exploration-results-218537.html Canyon Resources Ltd (ASX:CAY) is in a trading halt pending an announcement in relation to exploration results from the Minim Martap Project in Cameroon.

The halt will remain in place until the start of ASX trading on Wednesday, April 17, 2019, or when an announcement is released to the market, whichever occurs earliest.

READ: Canyon Resources identifies 70 bauxite targets through survey at Cameroon Project

Last week the company identified more than 70 additional bauxite plateaux across three permits (Minim Martap, Makan and Ngaoundal) at the project using a light imaging, detection and ranging (LiDAR) and high-resolution ortho-photographic survey.

Canyon then processed data from the survey into a highly detailed elevation model (DEM).

The newly identified plateaux represent 65% of all the plateaux surface area identified at the target elevation on the three Minim Martap project permits.

An independent assessment of the existing Camrail network adjacent to the project was also completed in March 2019 which concluded that the existing rail line from the project to Cameroon’s largest city Doula has the capacity to transport commercial tonnages of bauxite.

Canyon’s managing director Philip Gallagher said: “The study confirmed our belief that the existing rail line is in good condition and has the capacity to transport bauxite from Minim Martap to the Kribi Port via the future rail link.”

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Mon, 15 Apr 2019 12:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218537/canyon-resources-in-trading-halt-pending-minim-martap-exploration-results-218537.html
<![CDATA[News - Canyon Resources identifies 70 bauxite targets through survey at Cameroon project ]]> https://www.proactiveinvestors.com.au/companies/news/218451/canyon-resources-identifies-70-bauxite-targets-through-survey-at-cameroon-project-218451.html Canyon Resources Ltd (ASX:CAY) has identified more than 70 additional bauxite plateaux across three permits at Minim Martap project in Cameroon using a light imaging, detection and ranging (LiDAR) and high-resolution ortho-photographic survey.

The company processed data from the survey into a highly accurate and detailed elevation model (DEM).

This identified the size, location and elevation of the additional plateaux on the Minim Martap, Makan and Ngaoundal permits that are not already included in the project's existing mineral resource estimate.

READ: Canyon Resources identifies world-class high-grade bauxite resource in Cameroon

These newly identified plateaux represent 65% of all the plateaux surface area identified at the target elevation on the three Minim Martap project permits.

Canyon managing director Phillip Gallagher said the LiDAR survey was the first time a detailed survey of all the bauxite plateau on the Minim Martap project had been completed.

 The detailed elevation model highlighting drilled and undrilled plateaux on the Minim Martap and Makan permits.

He said: “It is pleasing to see that the untested bauxite plateau that can be seen into the distance when visiting the project are all at a similar elevation as the identified high-grade bauxite plateaux.

“Our past experience from the Birsok project confirmed that the elevation of a bauxite plateau in that region is a key driver of the grade, level of contaminants and width of the bauxite on the plateau.

“The Minim Martrap project has the potential to be one of the largest and highest-grade bauxite deposits globally and it is located alongside operating and accessible rail infrastructure.”

READ: Canyon Resources study shows existing rail can move bauxite

None of the new plateaux are included in the 550 million tonnes resource at an average grade of 45.5% total aluminium oxide and total 2.06% silicon oxide.

Less than 35% of Minim Martap’s target plateaux have been drill tested.

Early last month Canyon reported a high-grade resource of 250.9 million tonnes at 50.8% aluminium oxide (total) and 1.9% silicon oxide (total) as part of this resource, validating the company’s theory that the project is one of the highest-grade, very low silica bauxite resources globally.

Canyon chief geologist Alexander Shaw said: “The additional plateaux represent a 188% increase in the identified surface area at the same elevation as the 14 plateaux which comprise the current Minim Martap resource.

“Characteristics of the new plateaux resemble those already tested and the company has a high level of confidence that this survey data provides a catalyst for further expansion of the Minim Martap resource.”

He added that the company was using images and data from the survey to target high-priority exploration areas for future drilling and to design access routes into those areas.

“This field work can happen relatively quickly and cost-effectively utilising our own RAB drilling rig as the drilling is at reasonably shallow depths.”

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Fri, 12 Apr 2019 09:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218451/canyon-resources-identifies-70-bauxite-targets-through-survey-at-cameroon-project-218451.html
<![CDATA[News - Canyon Resources study shows existing rail can move bauxite ]]> https://www.proactiveinvestors.com.au/companies/news/217166/canyon-resources-study-shows-existing-rail-can-move-bauxite-217166.html Canyon Resources Ltd (ASX:CAY) has completed an initial independent assessment of the existing Camrail rail network located adjacent to the Minim Martap bauxite project in Cameroon.

Positively, it has been concluded that the existing rail line from Minim Martap to Cameroon’s largest city Douala has the capacity to transport commercial tonnages of bauxite.

An assessment was also carried out on the proposed route and ground conditions for the proposed rail extension to the Kribi Deep Water Port located south of Douala.

READ: Canyon Resources identifies world-class high-grade bauxite resource in Cameroon

Canyon’s managing director Phillip Gallagher said: “A logistics solution is a crucial component of the Minim Martap Bauxite Project and we are pleased with the very positive feedback from this assessment of the existing rail infrastructure, in particular, that ongoing maintenance and upgrade works are underway.

“The study confirmed our belief that the existing rail line is in good condition and has the capacity to transport bauxite from Minim Martap to the Kribi Port via the future rail link.

Minim Martap one of world’s highest grade deposits

“Canyon has demonstrated the Minim Martap Project is very large and one of the highest grade bauxite deposits globally, confirmed by our recently-announced very high-grade Inferred Resource of 250.9 million tonnes at 50.8% Al2O3 (total) and 1.9% SiO2.

“Importantly, we have now confirmed the rail line is accessible and operational and when the rail extension is completed, it will provide access to the deepwater port that we can utilise to transport bauxite to customers.

“This is a key, positive differential to many other West African bauxite projects.”

Working committee has been formed

Canyon has formed a working committee with Cameroon rail operators to identify a solution for Canyon to access existing rail line.

Mota-Engil is working with Canyon to provide a funding solution for the design, construction and operation of the Kribi link rail line to be presented to the Government of Cameroon.

The rail link to the Kribi Port will be a multi-user rail line and Canyon intends to be the cornerstone customer as it will provide tonnage and usage to underpin the construction of a new rail line to the Port.

Canyon and Mota Engil will engage with various Government and non-government bodies that have an interest in funding this type of public infrastructure.

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Tue, 26 Mar 2019 08:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217166/canyon-resources-study-shows-existing-rail-can-move-bauxite-217166.html
<![CDATA[Media files - Canyon Resources confirms existing railway can transport Minim Martap bauxite ore ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12721/canyon-resources-confirms-existing-railway-can-transport-minim-martap-bauxite-ore-12721.html Mon, 25 Mar 2019 23:11:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12721/canyon-resources-confirms-existing-railway-can-transport-minim-martap-bauxite-ore-12721.html <![CDATA[News - Canyon Resources identifies world-class high-grade bauxite resource in Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/216231/canyon-resources-identifies-world-class-high-grade-bauxite-resource-in-cameroon-216231.html Canyon Resources Ltd (ASX:CAY) has identified a very high-grade bauxite resource of almost 251 million tonnes within the existing 550-million-tonne resource at the world-class Minim Martap project in Cameroon.

A detailed review of exploration by SRK Consulting confirms that more than half of the area drilled for the bulk resource grades more than 50% aluminium oxide (Al2O3) with very low contaminants.

Potential to grow resource

This work has shown a high-grade resource of 250.9 million tonnes at 50.8% Al2O3 and just 1.9% silica.

The company said this validated its theory that Minim Martap is one of the highest-grade very low silica bauxite resources globally, with the potential to substantially grow the scale of the very high-grade zones.

READ: Canyon Resources raises $1.2 million from option conversion for bauxite project

Canyon Resources chief geologist Alexander Shaw said: “By conducting a more detailed assessment of the historical resource, we have identified significant areas with very high-grade aluminium oxide and low total and reactive silica on all of the Minim Martap licence plateaux.

“The remarkably high grade, combined with very low levels of contaminants, and significant cumulative volume of greater than 250 million tonnes of bauxite in these areas further reinforces the fact that the Minim Martap project bauxite deposit is a true global tier 1 bauxite resource.

“We are utilising the information from this resource analysis to assist to target the drilling campaigns, to identify new high-grade zones at the project.”

Cut-off grades and quality parameters for the bauxite review by SRK were based on the total silica being less than 3% and total alumina greater than 40%.

The high-grade sections within the individual plateau highlight trends that are consistent with Canyon’s interpretation of the project’s geology.

Recent drill core from Minim Martap showing visible gibbsitic bauxite.

READ: Canyon Resources strengthens board with project development experience

Canyon is continuing exploration drilling at the project, focusing on high-grade zones identified from the previous data.

There have been 157 holes completed for a total of 1,556 metres with samples being assayed by ALS (Ireland).

Plans to extend drilling

Plans are being implemented to extend the drilling onto new and previously undrilled bauxite plateaux on the Minim Martap and Makan permits also been identified as being consistent with the very high-grade bauxite zones.

Completed and planned drill holes on various plateaux at Minim Martap.

Birsok acquisition progresses

Canyon also advises that the acquisition of the Birsok project announced in October 2018 is progressing.

The company entered contracts to acquire the Birsok permits and to cancel a Joint Venture Agreement with Altus Strategies PLC (LON:ALS) in return for the issue of up to 30 million Canyon shares and a US$1.50 per tonne royalty on ore mined and sold.

Both parties are progressing toward settlement, however, certain conditions precedent to the agreement are yet to be completed.

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Tue, 12 Mar 2019 09:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216231/canyon-resources-identifies-world-class-high-grade-bauxite-resource-in-cameroon-216231.html
<![CDATA[News - Canyon Resources raises $1.2 million from option conversion for bauxite project ]]> https://www.proactiveinvestors.com.au/companies/news/215088/canyon-resources-raises-12-million-from-option-conversion-for-bauxite-project-215088.html Canyon Resources Ltd (ASX:CAY) has received $1.2 million in funds due to the conversion of 10 million 12-cent options.

The funds raised will be used primarily for the Minim Martap Bauxite Project in Cameroon development and general working capital expenses.

READ: Canyon Resources strengthens board with project development experience

The Minim Martap Project hosts two bauxite deposits, the Ngouandal and Minim Martap deposits, which are within 25 kilometres of each other.

The deposits have a combined JORC resource estimate of 550 million tonnes at an average grade of 45.5% aluminium oxide and 2.06% silicon dioxide.

Canyon commenced an initial aircore drilling campaign and exploration at Minim Martap in December 2018 targeting bauxite.

Proactive spoke to managing director Phil Gallagher in December 2018.

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Fri, 22 Feb 2019 10:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215088/canyon-resources-raises-12-million-from-option-conversion-for-bauxite-project-215088.html
<![CDATA[News - Canyon Resources strengthens board with project development experience ]]> https://www.proactiveinvestors.com.au/companies/news/213568/canyon-resources-strengthens-board-with-project-development-experience-213568.html Canyon Resources Ltd (ASX:CAY) has strengthened its board with project development experience by appointing Steven Zaninovich as a non-executive director.

Zaninovich brings more than 25 years experience in mine development and project management to Canyon, which is developing the Minim Martap Bauxite Project in Cameroon.

He was recently involved with the delivery and commissioning of lithium producer Tawana Resources’ Bald Hill project after serving as COO at Gryphon Minerals.

Expertise in multiple mining operations

During his career Zaninovich has gained specific expertise in the development of multiple mining operations across various commodities and jurisdictions in West Africa.

“Ideal board member”

Canyon Resources chairman David Netherway said: “I am extremely pleased to welcome Steven to our board.

“His extensive experience in successfully delivering projects together with his corporate roles makes him an ideal board member to add and compliment the expertise of the current board.

“With the current stage of development of the Minim Martap project, Steven will be invaluable in helping us to deliver a timely and successful bankable feasibility study.”

READ: Canyon Resources begins drilling to test prospective high-grade bauxite areas at Minim Martap

Previous drilling across the high-grade bauxite trend’s three identified plateaux defined a resource of 145.1 million tonnes at 49.09% bauxite and 2.35% silica.

The company started aircore drilling and an exploration campaign last year aimed at testing regional high-grade bauxite targets the company identified in previous reconnaissance work.

Aiming for 200 million tonnes

Canyon hopes these will add to the existing resource as it strives to establish a  resource of more than 200 million tonnes at greater than 50% bauxite and with very low silica.

The next phase of exploration drilling will begin early this year and will make use of results from a recently completed high resolution airborne light imaging, detection and ranging (LIDAR) survey.

- Jessica Cummins 

 

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Tue, 29 Jan 2019 21:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213568/canyon-resources-strengthens-board-with-project-development-experience-213568.html
<![CDATA[Media files - Canyon Resources confident in scale and high-grade of bauxite resource at Minim Martap ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11658/canyon-resources-confident-in-scale-and-high-grade-of-bauxite-resource-at-minim-martap-11658.html Wed, 19 Dec 2018 01:51:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11658/canyon-resources-confident-in-scale-and-high-grade-of-bauxite-resource-at-minim-martap-11658.html <![CDATA[News - Canyon Resources begins drilling to test prospective high-grade bauxite areas at Minim Martap ]]> https://www.proactiveinvestors.com.au/companies/news/211453/canyon-resources-begins-drilling-to-test-prospective-high-grade-bauxite-areas-at-minim-martap-211453.html Canyon Resources Ltd (ASX:CAY) has begun an initial aircore drilling and exploration campaign at its Minim Martap Bauxite Project in Cameroon.

The drilling will target untested high-grade bauxite plateaux the company identified in previous reconnaissance work.

READ: Canyon Resources identifies high-grade bauxite trend at Minim Martap project

Previous work highlighted the opportunity to substantially increase the size of Minim Martap’s resource beyond its JORC estimate of 550 million tonnes at 45.5% aluminioum oxide and 2.06% silica.

Canyon estimates that drilling completed at the project by previous owners tested less than 30% of the available bauxite plateaux.

Canyon's board and management with the Préfet and Sous-Préfet of the Tibaati region that covers Minim Martap’s project area

  READ: Canyon Resources upgrades Minim Martap bauxite resource to JORC 2012 classification

Canyon is utilising its own aircore drill rig and a team of experienced personnel to conduct the first phase of drilling in the northwest quadrant of the Minim Martap licence area.

The program will target the previously drilled Beatrice, Agnes and Raymonde plateaux as well as adjacent plateaux within the prospective northeast-southwest-oriented high-grade bauxite plateau corridor.

READ: Canyon Resources upgrades half a billion tonnes of high-grade bauxite resource

Logging of early drill holes on the Beatrice plateau has suggested that the bauxite profile is substantially thicker than previously reported.

Canyon is preparing one-metre composite samples for submission to ALS Laboratories in Ireland for detailed geochemical analysis.

The next phase of exploration drilling will begin in early 2019 and will make use of results from a recently completed high resolution airborne light imaging, detection and ranging (LIDAR) survey.

The LIDAR survey will also be used as part of Canyon’s pre-feasibility and environmental and social impact studies for the project.

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Wed, 19 Dec 2018 00:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211453/canyon-resources-begins-drilling-to-test-prospective-high-grade-bauxite-areas-at-minim-martap-211453.html
<![CDATA[News - Canyon Resources identifies high-grade bauxite trend at Minim Martap project ]]> https://www.proactiveinvestors.com.au/companies/news/209340/canyon-resources-identifies-high-grade-bauxite-trend-at-minim-martap-project-209340.html Canyon Resources Ltd (ASX:CAY) has identified a cluster of high-grade, low-contaminant bauxite within the existing resource at its Minim Martap Project in Cameroon.

Previous drilling across the high-grade bauxite trend’s three identified plateaux defined a resource of 145.1 million tonnes at 49.09% bauxite and 2.35% silica.

Canyon plans to begin drilling this month along the discovered trend, targeting high-grade ore with low-total silica.

READ: Canyon Resources upgrades Minim Martap bauxite resource to JORC 2012 classification

Canyon chief geologist Alexander Shaw said the company had identified the exciting high-grade bauxite trend through detailed analysis of remote sensing imagery and previous drilling and field mapping.

He said: “We have identified three high-grade bauxite plateaux within the corridor and there is significant potential to identify additional high-grade plateaux along this highly-prospective trend.

“We are planning to commence drilling with Canyon’s own drilling rig to test this as soon as possible.

“Drilling will be ongoing for the remainder of the dry season, which in this part of Cameroon, is expected to end in July 2019.”

READ: Canyon Resources upgrades half a billion tonnes of high-grade bauxite resource

The trend is along a northeast to southwest-orientated corridor in the northwestern quadrant of Minim Martap’s licence area.

Canyon believes there is potential for a substantial upgrade to the high-grade portion of Minim Martap’s resource as less than 30% of the bauxite plateaux within the corridor have been tested.

The company is planning a drilling campaign that is designed to produce a bauxite resource of more than 200 million tonnes at greater than 50% bauxite and with very low silica content.

Local community engagement and stakeholder consultation is ongoing, and Canyon is completing an assessment of the project’s infrastructure options and an initial on-ground environmental survey.

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Fri, 16 Nov 2018 00:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209340/canyon-resources-identifies-high-grade-bauxite-trend-at-minim-martap-project-209340.html
<![CDATA[News - Canyon Resources upgrades Minim Martap bauxite resource to JORC 2012 classification ]]> https://www.proactiveinvestors.com.au/companies/news/205286/canyon-resources-upgrades-minim-martap-bauxite-resource-to-jorc-2012-classification-205286.html Canyon Resources Ltd (ASX:CAY) has upgraded the JORC resource at its Minim Martap Bauxite Project in Cameroon from JORC 2004 to JORC 2012 compliance.

The upgraded resource is 550 million tonnes at an average grade of 45.5% aluminium oxide and 2.06% silicon dioxide.

This consists of an indicated 88 million tonnes averaging 41.8% aluminium and 1.3% silicon and an inferred 466 million tonnes averaging 46.2% aluminium and 2.2% silicon.

The upgrade was independently completed by SRK Consulting Pty Ltd.

READ: Canyon Resources upgrades half a billion tonnes of high-grade bauxite resource

Canyon managing director Phillip Gallagher said: “We are very pleased to announce such a substantial JORC 2012-compliant resource just four weeks after securing the Minim Martap Bauxite Project.

“The resource, more than half a billion tonnes of high-grade, low-contaminant bauxite, is significant compared to other bauxite deposits globally.

“We have a pathway to increase the size of the deposit by drilling untested plateaux while targeting some of the very high-grade zones within the existing deposit.

“We are focused on developing Minim Martap into a long-term, multi-million tonne mining and export project.”

READ: Canyon Resources raises $5 million to advance bauxite project in Cameroon

Only around 40% of the available bauxite plateaux at Minim Martap have been tested, providing clear opportunity for Canyon to test additional prospective areas within the project.

The company is now implementing a development plan for Minim Martap, with next steps including:

Upgrades for access tracks to the bauxite plateaux;

Finalising the drilling program to increase the scale of the total resource;

Resource upgrade and exploration drilling; and

Local community and stakeholder consultation.

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Thu, 20 Sep 2018 02:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205286/canyon-resources-upgrades-minim-martap-bauxite-resource-to-jorc-2012-classification-205286.html
<![CDATA[News - Canyon Resources upgrades half a billion tonnes of high-grade bauxite resource ]]> https://www.proactiveinvestors.com.au/companies/news/204088/canyon-resources-upgrades-half-a-billion-tonnes-of-high-grade-bauxite-resource-204088.html Canyon Resources Ltd (ASX:CAY) has upgraded the JORC 2004 resource for its Minim Martap Bauxite Project in Cameroon to a JORC 2012 compliant resource.

The resource of 550 million tonnes at an average grade of 45.5% aluminium oxide (Al2O3) and 2.06% silicon dioxide (SiO2), comprises of:

The Minim Martap Project is in the Adamawa region of Cameroon, alongside Canyon’s existing Birsok Bauxite Project.

Canyon managing director Phillip Gallagher said: “We are very pleased to announce such a substantial JORC 2012 compliant resource just four weeks after securing the Minim Martap Bauxite Project.

“The resource, more than half a billion tonnes of high-grade, low contaminant bauxite, is significant compared to other bauxite deposits globally.”

READ: Canyon Resources raises $5 million to advance bauxite project in Cameroon

Gallagher added: “We have a pathway to increase the size of the deposit by drilling untested plateaux while targeting some of the very high-grade zones within the existing deposit.

“We are focussed on developing Minim Martap into a long-term, multi-million tonne mining and export Project.”

Forward Plan

Canyon is now implementing its development plan for the Minim Martap Bauxite Project.

The immediate focus is to upgrade the existing access to the bauxite plateaux and commence drilling. Canyon is currently preparing for the start of drilling and exploration works.

The next steps for the Canyon are:

• Complete upgrades to access tracks to the bauxite plateaux following the wet season;
• Finalise drilling program to target high-grade plateaux resource upgrades and increase the scale of the total resource;
• Commence resource upgrade and exploration drilling; and
• Commence local community and stakeholder consultation.

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Tue, 04 Sep 2018 14:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204088/canyon-resources-upgrades-half-a-billion-tonnes-of-high-grade-bauxite-resource-204088.html
<![CDATA[News - Canyon Resources raises $5 million to advance bauxite project in Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/203266/canyon-resources-raises-5-million-to-advance-bauxite-project-in-cameroon-203266.html Canyon Resources Ltd (ASX:CAY) has raised $5 million from institutional and sophisticated investors in a heavily oversubscribed share placement.

The placement comprises more than 32.2 million shares at a price of 15.5 cents per share.

The placement price represents an 8.3% discount to the 30-day volume weighted average price (VWAP) and a 16.9% discount to the 15-day VWAP.

Funds will be used to further develop Canyon’s Minim Martap Bauxite Project in Cameroon.

READ: Canyon Resources granted exploration permits for bauxite project in Cameroon

Canyon managing director Phillip Gallagher said the company was delighted to welcome new investors onto its register.

Gallagher said: “The investors have the capacity to support the company as we advance the Minim Martap Bauxite Project in Cameroon.

“We are now in a strong financial position as we start the exciting process of developing such a large-scale bauxite asset.”

Appointed corporate advisors

Canyon has also appointed BW Equities Pty Ltd, which was the lead manager of the placement, as the company’s corporate advisors.

The appointment is for an initial 12-month term and BW will assist Canyon with capital requirements, strategy and market communications.

BW will receive a monthly retainer of $5,000 for advisory services and will be issued an allocation of 5 million options to acquire Canyon shares at an exercise price of 20 cents and an expiry 36 months from the date of issue.

Funds to define maiden resource

Canyon will use funds raised in the placement to review existing data and conduct project studies, as well as undertaking confirmatory and exploration drilling.

The company aims to define an initial JORC-compliant resource after gaining a better understanding of the deposit’s geology.

Minim Martap is a large-scale project adjacent to Canyon’s existing Birsok Project.

Both are considered to be highly prospective for high-grade direct shipping ore bauxite and are around 10 kilometres from an operating rail line.

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Tue, 21 Aug 2018 00:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203266/canyon-resources-raises-5-million-to-advance-bauxite-project-in-cameroon-203266.html
<![CDATA[News - Canyon Resources granted exploration permits for bauxite project in Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/202545/canyon-resources-granted-exploration-permits-for-bauxite-project-in-cameroon-202545.html Canyon Resources Ltd (ASX:CAY) has been granted three exploration permits that comprise the Minim Martap Bauxite Project in Cameroon.

The permits are valid for three years and contain several pre-defined work commitments consistent with Canyon’s development proposal.

Previous owners of the project defined a large, high-grade and low impurity bauxite deposit of 550 million tonnes averaging 45.5% bauxite and 2.06% silica.

Minim Martap is contiguous to the Birsok Bauxite joint venture with Altus Strategies plc, in which Canyon holds a 75% farm-in interest.

Shares in Canyon were up 64% to 20.5 cents in early trade, a new 12-month high.

Project to satisfy worldwide bauxite deficit

Canyon managing director Phillip Gallagher said the project was alongside an operating rail line that could potentially transport bauxite to the Douala Port and eventually to the new Kribi deep water port.

He said: “We believe that the large scale and quality of the bauxite within the project plus the access to suitable rail and port infrastructure makes [it] a very exciting and transformational opportunity for Canyon.

“This view is supported by the company’s belief that there will be a long term worldwide deficit of high-grade bauxite and the [project] is ideally placed to supply bauxite into this demand.”

Previous drilling at the prospect only tested around 40% of the suitable bauxite plateau within the permit areas.

Canyon believes the deposit offers potential to significantly increase the total tonnage defined to date as well as identify further high-grade zones.

Potential for combined operations

A work team has been assembled in Perth and Cameroon to advance the project according to an aggressive development timetable.

Canyon will conduct exploration activities including diamond, reverse circulation and auger drilling, as well as feasibility studies on mining and transport solutions.

The company will also work towards identifying potential offtake partners and is in discussion with Altus Strategies regarding the combination of the Birsok and Minim Martap operations.

Gallagher said “Canyon has had the benefit of working in Cameroon for the past four and a half years, primarily on the Birsok Bauxite Joint Venture Project with Altus Strategies plc.

“This has provided us with an advanced understanding of the area, the bauxite and the infrastructure solution for the project.”

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Thu, 09 Aug 2018 00:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202545/canyon-resources-granted-exploration-permits-for-bauxite-project-in-cameroon-202545.html
<![CDATA[News - Canyon Resources Ltd gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/151301/canyon-resources-ltd-gets-ready-to-raise-67410.html Canyon Resources Ltd (ASX:CAY) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Canyon has recently been working on the optimal logistical and commercial solution for exporting bauxite from Cameroon.

The halt will remain in place until the opening of trade on Friday 11th March 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 09 Mar 2016 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151301/canyon-resources-ltd-gets-ready-to-raise-67410.html
<![CDATA[News - Canyon Resources has drill rig turning at Cameroon bauxite project ]]> https://www.proactiveinvestors.com.au/companies/news/151300/canyon-resources-has-drill-rig-turning-at-cameroon-bauxite-project-62715.html Canyon Resources (ASX: CAY) has moved a drill rig on to its bauxite project in Cameroon to follow up promise from earlier drilling that saw grades of bauxite encountered as high as 50% Al2O3 and low silica.

Drilling will test 15 newly defined targets over the Mandoum and Birsok permits before the onset of the wet season with up to 3,000 metres of aircore drilling.

The Birsok Bauxite Project is located in an emerging bauxite region of Cameroon, contiguous with the world class Minim Martap bauxite deposit and approximately 10 kilometres from an operating rail line and then a journey from Ngaoundal to Douala Port.

Canyon will look to define a sufficient resource to support development of bauxite mining operation.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 03 Jun 2015 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151300/canyon-resources-has-drill-rig-turning-at-cameroon-bauxite-project-62715.html
<![CDATA[News - Canyon Resources in halt ahead of capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/151299/canyon-resources-in-halt-ahead-of-capital-raising-62196.html Canyon Resources (ASX:CAY) has been granted an ASX trading halt in relation to a capital raising.

The halt will last until the earlier of the announcement being made or the start of trade on Friday, 8th May 2015.

Canyon is focused on advancing development of the Birsok Bauxite Project in Cameroon.

During the March 2015 Quarter, it completed geological mapping, drill target definition and access clearing of newly defined bauxite plateaux ahead of the upcoming drilling program.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 06 May 2015 17:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151299/canyon-resources-in-halt-ahead-of-capital-raising-62196.html
<![CDATA[News - Canyon Resources studying logistics and transport services for Cameroon bauxite project ]]> https://www.proactiveinvestors.com.au/companies/news/151298/canyon-resources-studying-logistics-and-transport-services-for-cameroon-bauxite-project-60858.html Canyon Resources (ASX:CAY) has executed a memorandum of understanding with Bolloré Africa Logistics Cameroon, operators of the Doula port and Camrail SA.

This covers investigation of key logistics and transport services required to develop and operate the Birsok Bauxite Project as a DSO bauxite operation.

Douala Port in Cameroon is directly serviced by the existing Camrail rail line running about 10 kilometres from the Birsok Project to the port.

Initial studies indicate the rail line has the capability and capacity to transport commercial quantities of bauxite to the Douala Port.

The Birsok Bauxite Project is strategically located in an emerging bauxite region of Cameroon, contiguous with the world class Minim Martap bauxite deposit.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 23 Feb 2015 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151298/canyon-resources-studying-logistics-and-transport-services-for-cameroon-bauxite-project-60858.html
<![CDATA[News - Canyon Resources is focussed on African bauxite, heads to market ]]> https://www.proactiveinvestors.com.au/companies/news/151297/canyon-resources-is-focussed-on-african-bauxite-heads-to-market-59057.html Bauxite focussed Canyon Resources (ASX:CAY) is preparing to outline details of a capital raising.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

The company's key project is the Birsok Bauxite Project in Cameroon, with the inaugural drilling program returning high-grade, low impurity bauxite mineralisation.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 21st November.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 19 Nov 2014 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151297/canyon-resources-is-focussed-on-african-bauxite-heads-to-market-59057.html
<![CDATA[News - Canyon Resources raising capital for bauxite exploration in Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/151296/canyon-resources-raising-capital-for-bauxite-exploration-in-cameroon-54846.html Canyon Resources (ASX: CAY) has agreed to raise up to $315,000 by way of a placement of shares to fund exploration at its flagship Birsok bauxite project in Cameroon.

The 7 million new shares will be priced at $0.045, with free attaching options with an exercise price of $0.06 each and expiry date of 31 January 2017 (ASX: CAYOA).

The strong level of interest from investors for additional investment into Canyon Resources is testament to management credentials and Birsok's fundamental value.

Canyon recently commenced First phase drilling on the 75% owned Birsok project, targeting high grade DSO bauxite mineralisation.

Up to 4,000 metres of drilling is planned to test the width and extent of bauxite mineralisation across priority target areas.

The program will initially target the highest priority prospects of Djombi, Fedal and Baoua. The Beka and Mbon prospects represent follow up targets, with work plans in progress.

Rock chip sampling in April yielded high grade aluminium oxide bauxite.

Around 90% of the 84 rock chip samples returned greater than 50% aluminium oxide, with an average of 2.2% silicon oxide and low levels of other impurities such as iron oxide.

The rock chips at the Djombe prospect supplement a large, high grade database and add further credence to the potential to establish a direct shipping bauxite mining operation.

Djombe is one of several targets within the Birsok Project, located immediately to the north of and adjoining the world-class Minim Martap bauxite deposit owned by Cameroon Alumina.

Detailed mapping of the Djombe prospect has defined an area of over 15 square kilometres of bauxite outcrop, boulder block and float material which will form the main target of upcoming drilling.

In addition, Canyon is drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide style of copper-zinc mineralisation.

 

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Fri, 09 May 2014 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151296/canyon-resources-raising-capital-for-bauxite-exploration-in-cameroon-54846.html
<![CDATA[News - Canyon Resources targets high grade DSO bauxite in Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/151295/canyon-resources-targets-high-grade-dso-bauxite-in-cameroon-54780.html Canyon Resources (ASX:CAY) has commenced First phase drilling on its 75% owned Birsok Bauxite Project in Cameroon, targeting high grade DSO bauxite mineralisation.

Up to 4,000 metres of drilling is planned to test the width and extent of bauxite mineralisation across priority target areas.

The program will initially target the highest priority prospects of Djombi, Fedal and Baoua. The Beka and Mbon prospects represent follow up targets, with work plans in progress.

Drilling has been designed based on results from the extensive rock chip sampling and geological mapping completed by Canyon and its joint venture partner.

Ongoing mapping across the Project continues to identify further mineralised zones and target areas.

Rock chip sampling in April yielded high grade aluminium oxide bauxite.

Around 90% of the 84 rock chip samples returned greater than 50% aluminium oxide, with an average of 2.2% silicon oxide and low levels of other impurities such as iron oxide.

The rock chips at the Djombe prospect supplement a large, high grade database and add further credence to the potential to establish a direct shipping bauxite mining operation.

Djombe is one of several targets within the Birsok Project, located immediately to the north of and adjoining the world-class Minim Martap bauxite deposit owned by Cameroon Alumina.

Sampling extended the strike of this high grade plateau by 1.9 kilometres to give a total strike of high grade outcropping bauxite of over 4 kilometres.

Detailed mapping of the Djombe prospect has defined an area of over 15 square kilometres of bauxite outcrop, boulder block and float material which will form the main target of upcoming drilling.

In addition, Canyon is drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide style of copper-zinc mineralisation.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 May 2014 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151295/canyon-resources-targets-high-grade-dso-bauxite-in-cameroon-54780.html
<![CDATA[News - Canyon Resources samples high grade bauxite; set for drilling at Birsok, Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/151294/canyon-resources-samples-high-grade-bauxite-set-for-drilling-at-birsok-cameroon-54344.html Canyon Resources (ASX:CAY) should trade higher after additional rock chip sampling yielded high grade aluminium oxide bauxite from its 75% owned Birsok Project in Cameroon.

Around 90% of the 84 rock chip samples returned greater than 50% aluminium oxide, with an average of 2.2% silicon oxide and low levels of other impurities such as iron oxide.

The new rock chips at the Djombe prospect supplement a large, high grade database and add further credence to the potential to establish a direct shipping bauxite mining operation.

Djombe is one of several targets within the Birsok Project, located immediately to the north of and adjoining the world-class Minim Martap bauxite deposit owned by Cameroon Alumina.

In addition to the sampling, detailed prospect mapping is underway to more accurately define the drill target areas; clearing is underway for the start of first phase drilling; and a drilling contractor has been appointed.

Sampling has now extended the strike of this high grade plateau by 1.9 kilometres to give a total strike of high grade outcropping bauxite of over 4 kilometres.

Detailed mapping of the Djombe prospect has defined an area of over 15 square kilometres of bauxite outcrop, boulder block and float material which will form the main target of upcoming drilling.

The Baoua prospect has also been mapped in detail, and is ready for drilling, and work is ongoing to refine further drill targets at the Fedal and Beka prospects.

In addition, Canyon is drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide style of copper-zinc mineralisation.

Capitalised at under $5 million, Canyon is well leveraged to further exploration success.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 15 Apr 2014 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151294/canyon-resources-samples-high-grade-bauxite-set-for-drilling-at-birsok-cameroon-54344.html
<![CDATA[News - Canyon Resources kicks off drilling at Karga copper-zinc prospect, Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151293/canyon-resources-kicks-off-drilling-at-karga-copper-zinc-prospect-burkina-faso-54037.html Canyon Resources (ASX: CAY) has commenced reverse circulation drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide (VMS) style of copper-zinc mineralisation.

Geophysical interpretation and modelling of the ground survey highlighted the link between moderate to strong bedrock anomalism and adjacent anomalous copper-zinc geochemical targets.

The review identified several targets including two stronger, bedrock sourced anomalies that will be tested in the current program, with further drilling to be designed pending results.

The electromagnetic survey over the Anomaly 1 auger area uncovered several strong conductors coincident or adjacent to the copper geochemical anomalism.

Geophysical modelling indicated the source is generally shallow with a near vertical dip possibly related to disseminated sulphides.

The EM survey carried out over the Anomaly 2 area also identified an extensive conductor with a strike length of over 2.5 kilometres.

This conductor shows good correlation with the geochemical copper-zinc anomaly, and is interpreted as a thick moderately conductive zone, likely to be at a shallow depth.

In addition to its Burkina Faso projects, Canyon controls 75% of two bauxite projects in Cameroon, strategically located in an emerging aluminium region.

They lie contiguous with the large Minim Martap bauxite deposit, and 10 kilometres from an operating rail line.

The company is capitalised at around $4 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 01 Apr 2014 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151293/canyon-resources-kicks-off-drilling-at-karga-copper-zinc-prospect-burkina-faso-54037.html
<![CDATA[News - Canyon Resources to raise capital for bauxite project in Cameroon ]]> https://www.proactiveinvestors.com.au/companies/news/151292/canyon-resources-to-raise-capital-for-bauxite-project-in-cameroon-53231.html Bauxite-focused Canyon Resources (ASX: CAY) has been granted a trading halt this morning, as the company prepares capital raising details.

Canyon's shares are currently in pre-open.

The company has entered into a joint venture to acquire up to an initial 75% interest in the Birsok bauxite project, which is located in Cameroon.

Birsok has the potential for direct shipping ore with low impurities.

The project is drill-ready with the potential for definition of a maiden Resource for less than $1 million worth of drilling.

The halt will remain in place until the opening of trade on Monday 3rd March 2014, or earlier if an announcement is made to the market.

 

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Thu, 27 Feb 2014 11:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151292/canyon-resources-to-raise-capital-for-bauxite-project-in-cameroon-53231.html
<![CDATA[News - Canyon Resources to reveal acquisition, capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/151291/canyon-resources-to-reveal-acquisition-capital-raising-51382.html Canyon Resources (ASX: CAY) has some interesting news on the horizon in the form of an acquisitions, and capital raising.

The ASX has this morning granted the company a trading halt, with its shares placed in pre-open.

The halt will remain in place until the opening of trade on Friday 27th December 2013, or earlier if an announcement is made to the market.

 

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Mon, 23 Dec 2013 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151291/canyon-resources-to-reveal-acquisition-capital-raising-51382.html
<![CDATA[News - Canyon Resources identifies three new gold targets in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151290/canyon-resources-identifies-three-new-gold-targets-in-burkina-faso-45697.html Canyon Resources (ASX: CAY) has identified three new gold exploration targets within its Pinarello Project in southwest Burkina Faso and is planning to complete an aeromagnetic survey to assist with targeting follow-up drilling.

The company remains fully funded for the next phase of exploration work, with cash at bank of about $2 million at 30 June 2013.

Pinarello covers 1,000 square kilometres and is situated in the Houndé Gold Belt. It is contiguous to the south of Sarama Resources’ (CVE:SWA) Tankoro Permit, which hosts the MM, Phantom and MM East Prospects, and Orbis Gold’s (ASX: OBS) Dynikongolo Permit that hosts the Bantou and Tankoro Prospects.

Soil geochemistry results from these companies exploring along the Tankoro mineralised corridor have demonstrated good continuity, and that the mineralisation at Sarama’s MM prospect is disseminated in feldspar porphyry dykes, which may also continue onto Canyon’s permit.

At Canyon’s new Soukoura prospect, auger geochemistry has successfully extended the Tankoro mineralised corridor 7 kilometres into the Pinarello Project, and the mineralised corridor is still open on Canyon’s permit area.

Meanwhile, soil sampling has confirmed strike extensions from the Gagnhy and Togoba artisanal workings. These indicate the potential for further mineralised zones across the project area and highlight the prospectivity of the Houndé gold belt.

Canyon had recently completed a 5,563 metre auger geochemistry program at the Soukoura prospect in the northern part of Canyon’s Pinarello Project, with holes spaced 50 metres apart on east west lines spaced 400 metres along the Soukoura prospect. These average 4.5 metres in depth.

A total of 1,322 samples were collected from the interface between the transported lateritic overburden and the weathered saprolite.

The company is currently making arrangements to commence a fixed wing magnetic and radiometric survey over the Pinarello, Konkolikan and Tao projects as soon as possible following the wet season.

In addition, after field checking and detailed regolith and geological mapping, Canyon is intending to undertake rotary air blast drilling and extensional geochemistry over the Pinarello Project as part of the 2013/2014 exploration season.

 

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Thu, 18 Jul 2013 13:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151290/canyon-resources-identifies-three-new-gold-targets-in-burkina-faso-45697.html
<![CDATA[News - Canyon Resources hits the gold exploration trail in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151289/canyon-resources-hits-the-gold-exploration-trail-in-burkina-faso-43235.html 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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Tue, 14 May 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151289/canyon-resources-hits-the-gold-exploration-trail-in-burkina-faso-43235.html
<![CDATA[News - Canyon Resources extends gold mineralisation to 13km at Burkina Faso project ]]> https://www.proactiveinvestors.com.au/companies/news/151288/canyon-resources-extends-gold-mineralisation-to-13km-at-burkina-faso-project--41013.html Canyon Resources (ASX: CAY) has extended the gold mineralisation to over 13 kilometres of strike from drill results from the Tao Project in Burkina Faso.

Of interest, the mineralisation looks to continue further south through the Tao permit boundary and into the new permit area that Canyon has under application.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine owned by IAMGOLD Corporation (NYSE: IAG)

The mineralised shear was extended by a further 5 kilometres south of previous drilling.

Results from the RAB drilling included;

- 8m at 1.24 g/t Au from 26m (TNRABS064)
- 2m at 2.28 g/t Au from 30m (TNRABS133)
- 2m at 1.32 g/t Au from 26m (TNRABS105)
- 6m at 0.73 g/t Au from 4m (TNRABS083)

A 168 hole RAB drilling program for 6,959 metres has been carried out south of the Tondoby prospect to follow up auger geochemistry results targeting an extension to the mineralised corridor.

The programme was successful in identifying gold and pathfinder arsenic anomalism, which has now been discovered over a +13km strike along a shear zone.

Canyon is fully funded for its current work programmes at its Tao and Pinarello Gold Projects following completion of the recent placement and share purchase plan to raise approximately $1.83 million.

 

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Wed, 20 Mar 2013 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151288/canyon-resources-extends-gold-mineralisation-to-13km-at-burkina-faso-project--41013.html
<![CDATA[News - Canyon Resources raising A$2.2M for Burkina Faso gold drilling ]]> https://www.proactiveinvestors.com.au/companies/news/151287/canyon-resources-raising-a22m-for-burkina-faso-gold-drilling-38995.html Canyon Resources (ASX: CAY) is raising up to A$2.2 million to fund drilling programs for its Tao and Pinarello gold projects in Burkina Faso.

The first part of the raising consists of a placement of up to 9.3 million shares priced at $0.13 to raise $1.2 million that has received strong support from Canyon’s existing shareholders as well as a number of new sophisticated and professional investors.

Canyon will raise the remaining $1 million through a Share Purchase Plan to existing shareholders.

Each share comes with an attaching listed option maturing on 29 February 2016 and exercisable at A$0.16.

Hartleys Limited is the lead broker to the placement and the SPP.

Recent drilling by Canyon has returned a high grade intercept of 4 metres at 42.8 grams per tonne gold at the Tao Project.

Other notable results from the 3,058 metre reverse circulation drilling program over the Tondoby Prospect, which has a strike length of 3 kilometres, include 12 metres at 3.04g/t gold and 20 metres at 1.97g/t gold.

Drilling has also increased Canyon's understanding of the geological controls on mineralisation and gold lode geometries, opening up additional areas for drill testing that may identify a high grade zone that was previously thought to be un-mineralised.

The highly prospective Tao project is close to Volta Resources' (TSX: VTR) 4.2 million ounce Kiaka project, Orezone Gold Corporation's 3.5 million ounce Bombore deposit and High River's 2 million ounce Taparko project.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Reverse circulation drilling done previously by Canyon at Tao has intersected high grade gold mineralisation including 8 metres at 30.4g/t and 8 metres at 10.31g/t.
 
Pinarello Project is located in the Houndé Gold Belt that is host to several high grade gold discoveries, including those made by Samara Resources and Orbis Gold (ASX: ORS) on permits immediately adjacent to Canyon’s permits.

 

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Fri, 01 Feb 2013 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151287/canyon-resources-raising-a22m-for-burkina-faso-gold-drilling-38995.html
<![CDATA[News - Canyon Resources intersects high grade gold at Burkina Faso project ]]> https://www.proactiveinvestors.com.au/companies/news/151286/canyon-resources-intersects-high-grade-gold-at-burkina-faso-project-38368.html Canyon Resources (ASX: CAY) has intersected high grade gold at its Tao Project in Burkina Faso with a peak assay of 4 metres at 42.8 grams per tonne (g/t) gold from its recently completed drilling program.

Other notable results from the 3,058 metre reverse circulation drilling program over the Tondoby Prospect, which has a strike length of 3 kilometres, include 12 metres at 3.04g/t gold and 20 metres at 1.97g/t gold.

Drilling has also increased Canyon's understanding of the geological controls on mineralisation and gold lode geometries, identifying a pivot zone where the dip of the mineralised lodes changes orientation towards the west and an associated increase in grade.

This new understanding opens up additional areas for drill testing that may identify a high grade zone that was previously thought to be un-mineralised.

Additional reverse circulation drilling programs are being planned to further test this concept.

Canyon is also currently carrying out a rotary air blast drilling program testing the extensions of the mineralising structure to the south of the main Tondoby prospect.

This is designed to identify additional gold mineralisation along the Tondoby Shear and expand the magnitude and scope of the Tondoby gold prospect beyond the already identified 3 kilometres of mineralised strike length.

The highly prospective Tao project is close to Volta Resources' (TSX: VTR) 4.2 million ounce Kiaka project, Orezone Gold Corporation's 3.5 million ounce Bombore deposit and High River's 2 million ounce Taparko project.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Reverse circulation drilling done previously by Canyon at Tao has intersected high grade gold mineralisation including 8 metres at 30.4g/t and 8 metres at 10.31g/t.

 

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Thu, 17 Jan 2013 13:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151286/canyon-resources-intersects-high-grade-gold-at-burkina-faso-project-38368.html
<![CDATA[News - Canyon Resources on gold hunt in Burkina Faso; awaits drill results ]]> https://www.proactiveinvestors.com.au/companies/news/151285/canyon-resources-on-gold-hunt-in-burkina-faso-awaits-drill-results-37280.html Canyon Resources (ASX:CAY) has advanced its gold hunt having completed extensive drilling at the Tao project in Burkina Faso, which is close to several multi-million ounce gold deposits.

The highly prospective Tao project is close to Volta Resources' (TSX: VTR) 4.2 million ounce Kiaka project, Orezone Gold Corporation's 3.5 million ounce Bombore deposit and High River's 2 million ounce Taparko project.

The 3,058 metre reverse circulation drilling program over 29 holes was designed to infill existing drilling and test additional targets and extensions to the 3 kilometre long mineralised zone at the Tondoby Prospect.

Canyon has also started an 8,000 metre rotary air blast drilling campaign on the same prospect to follow up the high grade gold in soil anomalies identified from the previous season’s exploration.

The air blast drilling program will focus on extending the gold mineralisation on the Tondoby structure further to the south and testing the parallel geochemical anomaly which may represent a second mineralised structure that remains open in all directions.

Canyon has identified gold anomalism over a 12 kilometre strike on the Tondoby Prospect by reconnaissance drilling undertaken last season.

Canyon’s existing mineral exploration projects in Burkina Faso cover an area of approximately 3,500 square kilometres over 18 permits in the Birimian Greenstone Belts of the West African craton.

These permits comprise four project areas known as the Taparko North project, the Tao project, the Pinarello project and the Derosa project, where Rumble Resources (ASX: RTR) is earning up to 75% interest.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Reverse circulation drilling done previously by Canyon at Tao has intersected high grade gold mineralisation including 8 metres at 30.4 grams per tonne and 8 metres at 10.31 grams per tonne.

 

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Thu, 13 Dec 2012 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151285/canyon-resources-on-gold-hunt-in-burkina-faso-awaits-drill-results-37280.html
<![CDATA[News - Canyon Resources drills for gold in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151284/canyon-resources-drills-for-gold-in-burkina-faso-36106.html Canyon Resources (ASX: CAY) is set to begin an aggressive drilling campaign at its Tao Gold Project in Burkina Faso within the week to further delineate gold mineralisation at the advanced Tondoby Prospect.

The Tao Project is located in a well-endowed gold province that is host to the 6.3 million ounce Essakane Gold Mine, the 2 million ounce Taparko Gold Mine and the 2.5 million ounce Samira Hills Gold Mine.

The project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the Essakane Mine.

The company will begin with an initial 29 hole, 3,060 metre reverse circulation drilling campaign to infill existing drilling and test additional targets and extensions to the 3 kilometre long mineralised zone at the Tondoby Prospect.

Gold anomalism has been identified over a 12 kilometre strike on the Tondoby Prospect in reconnaissance drilling undertaken last season.

There is believed to be the potential for this to continue for a significant distance, supported by new sites of artisanal mining coincident with the auger gold anomaly extending 5 kilometre to the south of the main Tondoby drilling.

In addition to the reverse circulation drilling campaign, Canyon will carry out an 8,000 metre rotary air blast program and a 3,000 metre auger drilling program to better define these extensions.

The rotary air blast drilling campaign will follow up the high grade gold in soil anomalies identified from the previous season’s exploration.

It will focus on extending the gold mineralisation on the Tondoby structure further to the south and testing the parallel geochemical anomaly which may represent a second mineralising structure that remains open in all directions.

The auger drilling program will continue to test the strike length of the main Tondoby structure and extensions of the parallel anomaly.

Importantly, there is the potential to discover another highly mineralised zone similar to the Tondoby Prospect, as the bulk of the project has yet to have any drilling done on it and similar zones continue to be identified on the project.

Exploration is planned to recommence on the Pinarello and Taparko North projects during the March quarter of 2013.


High grade gold

Previous reverse circulation drilling by Canyon at Tao has intersected high grade gold mineralisation including:

- 8 metres at 30.04 grams per tonne (g/t) gold from 56 metres, including 4 metres at 58.7g/t gold;
- 8 metres at 10.31g/t gold from 100 metres;
- 12 metres at 2.47g/t gold from 84 metres; and
- 4 metres at 4.62g/t gold from 88 metres.

The Tao Project lies along an untested 20 kilometre long shear zone that runs through the project area, with multiple shallow artisanal mining operations directly along strike.

The Tondoby Prospect is set to deliver the first resource for the project, with the prospect hosting further exploration upside due to it remaining open in all directions.


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Tue, 20 Nov 2012 12:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151284/canyon-resources-drills-for-gold-in-burkina-faso-36106.html
<![CDATA[News - Canyon Resources to raise A$3.7m for West African gold exploration ]]> https://www.proactiveinvestors.com.au/companies/news/151283/canyon-resources-to-raise-a37m-for-west-african-gold-exploration-21913.html Canyon Resources (ASX: CAY) will raise up to A$3.74 million through a placement of up to 7.95 million shares at $0.47 per share to accelerate its planned gold exploration programs in Burkina Faso.

Hartleys Limited is broker to the offer which received strong support from existing shareholders as well as from domestic and international institutional clients of Hartleys.

Also, in a strong vote of confidence in the potential of Canyon’s projects, the company's Burkina Faso drilling contractor has committed to subscribe $500,000 in the placement.

The company will now expand its drilling programs at both the Tao and Taparko North Projects, as well as fast track exploration on its recently acquired Wilier, Derosa and Pinarello Projects in Burkina Faso.

Drilling will commence shortly, following-up previous high-grade intersections of up to 4 metres at 50.68 grams per tonne (g/t) gold.

Tranche one of the placement comprises 6.77 million shares expected to be ratified at Canyon’s upcoming annual general meeting on 22 November 2011.

The tranche two placement of 1.18 million shares is subject to shareholders' approval at a general meeting of the company to be held in mid-December 2011.

Exploration will focus on follow-up drilling at the Tao and Taparko North Projects, from which highly encouraging results were received from drilling this year.

At the Tao Project, Canyon has completed a 7,005 metres of reverse circulation program at its Tondoby Prospect, which successfully delineated a mineralised strike of over 2.5 kilometres, which remains open in all directions.

The exploration program at Taparko North will follow up large gold and base metal anomalies recently identified by Canyon, including a contiguous +20 parts per billion (ppb) gold anomaly defined over a 10 kilometre strike length, and two parallel polymetallic anomalies each over 4 kilometres in length.

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Fri, 11 Nov 2011 09:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151283/canyon-resources-to-raise-a37m-for-west-african-gold-exploration-21913.html
<![CDATA[News - Canyon Resources adds another gold project to its Burkina Faso portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/151282/canyon-resources-adds-another-gold-project-to-its-burkina-faso-portfolio--21480.html Canyon Resources (ASX:CAY) is rapidly building up its portfolio of gold projects in Burkina Faso with the latest agreement to purchase the Pinarello Project, which comprises six granted exploration permits.

The company entered Burkina Faso just 12 months ago with the acquisition of its flagship Tao and Taparko North Projects.

This latest acquisition is located in the Hounde greenstone belt, which hosts the 3.3 million ounce Mana gold mine and the 400,000 ounce Bondi Project.

The addition of the Derosa Project in April, the Wilier Project in August and now the Pinarello project, as well as consolidation of tenements around Canyon’s existing projects has established a footprint of over 4,000 square kilometres in Burkina Faso on highly prospective tenements.

At the Pinarello Project, the six granted exploration permits – Sokorani, Noifera, Konkolikan, Baniera, Sokorani 2 and Soukoura 2 – cover a combined area of 1,104 square kilometres.

The Pinarello permits are located approximately 260 kilometres to the southwest of the country’s capital city, Ouagadougou, and occur within the Hounde Greenstone Belt.



Purchase Agreement

Canyon will acquire 100% of the Pinarello Project from an unnamed local vendor by making an initial payment of US$170,000 (A$164,563) on signing of the agreement.

Following the signing of the agreement, the company will make a series of payments totalling $780,000 over a three year period, and issue up to 900,000 Canyon shares, which were last trading at A$0.54, valuing the share issue at around $486,000 at this point in time.

At any time after the first payment, Canyon may elect not to proceed with the acquisition, in which case the company would not be liable for any further cash payments or share issues to the vendor.



Progress

Canyon now has five highly prospective gold projects comprising 20 permits covering 4,114 square kilometres in the north, east and south of Burkina Faso.

Since entering Burkina Faso a year ago, Canyon has returned some significant results.

The company intersected high grade gold during reverse circulation drilling at its Tao Project, which included hits of 20 metres at 11 grams per tonne, and soil sampling at the Taparko North Project indicates potential for a volcanogenic massive sulphide style deposit.

Canyon currently has A$3 million cash on hand and is fully funded for its forthcoming drilling programs.

The company is planning a comprehensive first pass exploration program in December to test the prospectivity of the Pinarello Project.

Activities will include extensive auger drilling, rotary air blast drilling, field reconnaissance mapping and rock chip sampling.

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Wed, 02 Nov 2011 10:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151282/canyon-resources-adds-another-gold-project-to-its-burkina-faso-portfolio--21480.html
<![CDATA[News - Canyon Resources discovers large gold and base metal soil anomalies in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151281/canyon-resources-discovers-large-gold-and-base-metal-soil-anomalies-in-burkina-faso-20870.html Canyon Resources (ASX: CAY) has identified a gold anomaly extending over 10 kilometres following auger drilling at its Taparko North Project in Burkina Faso. 

The gold anomaly at the CS Prospect is a dominant east-northeast to west-southwest trending anomaly with several second order cross-cutting anomalies trending northwest to southeast.

Peak gold in soil results include 1.8 grams per tonne (g/t) and 1.18g/t gold located in the core of the dominant anomalous trend.

The dominant east-northeast to west-southwest trending gold anomaly also features a core zone of greater than 50 parts per billion stretching over 4 kilometres.

Meanwhile, auger drilling also identified a 4 kilometre long strike of copper and zinc rich anomalies trending in a northwest to southeast direction at the Karga Prospect. The trend of these anomalies is coincident with structures interpreted from aeromagnetic data that are thought to host the second order gold anomalies further to the northwest at the CS Prospect.

Importantly, Canyon’s discovery of these significant new soil anomalies, along with the previously announced rock chip results from the same area, highlights strong potential for economic mineralisation on the project.

The company previously announced reconnaissance rock chip values of up to 9.28g/t gold at the Taparko North Project. Initial results from surface geochemical sampling highlight the potential for Volcanogenic Massive Sulphide style mineralisation.

Canyon is planning several phases of follow up work commencing with systematic rotary air blast drilling of the CS Prospect and ground based electromagnetic surveys over both the CS and Karga Prospects.

Canyon has secured a rotary air blast rig for up to 12 months and Outer Rim Geophysics has been commissioned to undertake moving loop electromagnetic surveys. These exploration activities are expected to begin next month following the end of the current wet season.



Prospectivity of Burkina Faso

Canyon’s mineral exploration projects in Burkina Faso cover an area of 3010 square kilometres in the Birimian Greenstone Belts of the West African craton. These permits comprise four project areas known as the Taparko North Project, the Tao Project, the Derosa Project and the Wilier Project.

The Taparko North Project is situated in the Yalogo Belt. This greenstone belt hosts the 2 million ounce Taparko gold mine and the 2.1 million ounce Inata gold mine.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5.8 million ounce Essakane gold mine.

A recently completed 7005 metre reverse circulation drilling program on the project returned strong results over a 2.5 kilometre long strike, with a highlight of 20 metres at 11g/t gold from 56 metres, including 4 metres at 50.68g/t gold.

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Tue, 18 Oct 2011 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/151281/canyon-resources-discovers-large-gold-and-base-metal-soil-anomalies-in-burkina-faso-20870.html
<![CDATA[News - Canyon Resources hits broad zones of near surface gold in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151280/canyon-resources-hits-broad-zones-of-near-surface-gold-in-burkina-faso-19390.html Burkina Faso is really starting to heat up as an exploration hot spot of choice for Australian companies, with Canyon Resources (ASX: CAY) the most recent to make some significant gold hits.

Using reverse circulation drilling, the latest highlight was 20 metres at 4.46 grams per tonne (g/t) gold from 44 metres, which includes the very high grade 4 metres at 19.01g/t gold.

Other results included 8 metres at 4.00g/t gold from 44 metres, 8 metres at 2.42g/t gold from 108 metres, and 8 metres at 2.24g/t gold from 32 metres.

The outcome from the gold hits is the continuity of mineralisation over a 2.5 kilometre strike length, which importantly remains open to both the north and south, and at depth.

Canyon will now initiate substantial follow up drilling programs, aimed at delineating delineate the geometry of the mineralisation, and to gain a better understanding of the structural controls on the gold lodes.

 

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Thu, 08 Sep 2011 10:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151280/canyon-resources-hits-broad-zones-of-near-surface-gold-in-burkina-faso-19390.html
<![CDATA[News - Canyon Resources intersects more high grade gold at Tao Project in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151279/canyon-resources-intersects-more-high-grade-gold-at-tao-project-in-burkina-faso-19102.html Canyon Resources (ASX: CAY) has intersected further high grade gold from its recently completed 73 hole 7,005 metre reverse circulation drilling campaign on the Tao Project in north eastern Burkina Faso, West Africa.

The company would be encouraged by the results from a further nine drill holes as they point to the prospectivity of this project and include:

- 20 metres at 4.01 g/t gold from 64 metres, including 4 metres at 15.10 g/t gold;
- 8 metres at 6.82 g/t gold from 28 metres; and
- 4 metres at 1.90 g/t gold from 40 metres.

These results complement previously announced results from the same program including 20 metres at 11.0 g/t gold from 56 metres, including 4 metres at 50.68 g/t gold.

The continuity of gold mineralisation has been confirmed over a 1 kilometre strike length at the Tondoby Prospect and mineralisation remains open to the north and south, and at depth, with further results pending.

In total, results from 34 holes have now been returned with results yet to be received for a further 39 holes.

The Tao Project lies in the Gorouol Greenstone Belt which hosts Burkina Faso’s largest gold deposit, the 5.8Moz Essakane gold mine.



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Tue, 30 Aug 2011 14:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151279/canyon-resources-intersects-more-high-grade-gold-at-tao-project-in-burkina-faso-19102.html
<![CDATA[News - Canyon Resources intercepts bonanza grade gold in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151278/canyon-resources-intercepts-bonanza-grade-gold-in-burkina-faso--18970.html Canyon Resources (ASX: CAY) has intersected 4 metres at 50.68 grams per tonne (g/t) gold from its recently completed maiden 7,005 metre reverse circulation (RC) drilling campaign on the Tao Project in north eastern Burkina Faso.

Sample assays from an additional 14 of the 73 holes have been returned and outline gold mineralisation over a 1 kilometre strike length at the Tondoby Prospect.

Highlights include:

- 20 metres  at 11.0 g/t Au from 56 metres, including 4 metres at 50.68 g/t Au;
- 8 metres at 2.46 g/t Au from 60 metres; and
- 12 metres at 1.94 g/t Au from 60 metres.

These results complement previously announced results from the same program including 24 metres at 1.89 g/t gold from 20 metres, including 8 metres at 5.07 g/t gold.

Pending results from the remaining 48 holes have the potential to extend the strike length significantly and are expected over the coming weeks.

Canyon’s mineral exploration projects in Burkina Faso cover an area of 3,010 square kilometres in the Birimian Greenstone Belts of the West African craton.

These permits comprise four project areas known as the Taparko North Project, the Tao Project, the Derosa Project and the Wilier Project.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

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Thu, 25 Aug 2011 15:08:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151278/canyon-resources-intercepts-bonanza-grade-gold-in-burkina-faso--18970.html
<![CDATA[News - Canyon Resources exploration footprint in Burkina Faso to pass 3000 square kilometres ]]> https://www.proactiveinvestors.com.au/companies/news/151277/canyon-resources-exploration-footprint-in-burkina-faso-to-pass-3000-square-kilometres-18611.html Canyon Resources (ASX: CAY) is fresh from a $1.4 million placement at a 9.4% premium to the market, and has now entered into an agreement to acquire the Wilier Project in eastern Burkina Faso.

The project is located in the Fada N’Gourma greenstone belt, and comprises two granted permits totalling 490 square kilometres.

Highlighting the prospectivity of the area, extensions of the belt host the 2.5 million ounce Samira Hill gold mine and the 1.1 million ounce Youga gold mine.

Consideration for 100% ownership of Wilier is staggered, with US$120,000 upon the signing of the agreement, with a further US$100,000 payment on both the first and second anniversary, with an additional US$80,000 on the third anniversary.

The acquisition would allow Canyon to hold exploration permits over more than 3000 square kilometres in the country.

The recent $1.4 million placement was primarily subscribed by Canadian based Dynamic Precious Metals Fund, which is part of the Goodman and Company, Investment Counsel Ltd group - which holds more than C$12 billion in assets.

 

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Fri, 12 Aug 2011 12:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151277/canyon-resources-exploration-footprint-in-burkina-faso-to-pass-3000-square-kilometres-18611.html
<![CDATA[News - Canyon Resources to raise up to $1.4m, Goodman and Company fund buys shares ]]> https://www.proactiveinvestors.com.au/companies/news/151276/canyon-resources-to-raise-up-to-14m-goodman-and-company-fund-buys-shares-18522.html Canyon Resources (ASX: CAY) has received a major vote of confidence in the company's gold focused Burkina Faso based projects, with an up to A$1.4 million placement priced at $0.35 - a 9.4% premium to the market.

The placement will primarily be subscribed by Canadian based Dynamic Precious Metals Fund, which is part of the Goodman and Company, Investment Counsel Ltd group - which holds more than C$12 billion in assets.

The placement of shares, struck at a premium to market price in the current volatile markets and to the Goodman and Company fund, is a coup for Canyon Resources.

Phil Gallagher, managing director of Canyon, added “We are delighted to welcome Goodman and Company as a substantial shareholder of Canyon Resources.

"We are pleased by the strong support demonstrated by Goodman and Company by investing in Canyon at a premium to market, particularly in light of current market conditions”.

The interest no doubt from Canadian group is due to some promising maiden reverse circulation drilling results by Canyon announced last week from Burkina Faso.

At the Tao project the first assays to be received from 11 of 73 holes from a 7,000 metre program included:

- 24 metres at 1.89 grams per tonne (g/t) gold from 20 metres, including 8 metres at 5.07g/t gold; and
- 20 metres at 1.95g/t gold from 84 metres, including 8 metres at 4.18g/t gold.

The initial results compliment previous drilling results and confirmed the potential for significant gold mineralisation at the project.

Canyon holds a significant 2,513 square kilometre footprint in the West African country, which covers ten permits in three project areas called Taparko North, Tao and Derosa - strategically located in the Birimian Greenstone Belts.

Highlighting the potential for Canyon in the area, Taparko North is situated in the Yalogo Belt which hosts the 2 million ounce Taparko gold mine and the 1.7 million ounce Inata gold mine.

 

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Wed, 10 Aug 2011 11:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151276/canyon-resources-to-raise-up-to-14m-goodman-and-company-fund-buys-shares-18522.html
<![CDATA[News - Canyon Resources in trading halt pending placement announcement ]]> https://www.proactiveinvestors.com.au/companies/news/151275/canyon-resources-in-trading-halt-pending-placement-announcement-18474.html Canyon Resources (ASX: CAY) has been granted a trading halt by the ASX pending the release of information about a potential placement.

The company expects to make an announcement on or before the commencement of trading on Thursday 11th August.

Canyon did not elaborate on the placement, however the company recently returned broad gold intercepts from its maiden 7,005 metre reverse circulation  drilling program at the Tondoby prospect on the Tao Project in North Eastern Burkina Faso.

The initial batch of composite samples collected from the first 11 holes have been returned indicating very wide mineralised gold intercepts coinciding with the surface anomaly.

The initial results complement previous drilling results, confirming the potential for significant gold mineralisation at the Tao Project.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

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Tue, 09 Aug 2011 10:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151275/canyon-resources-in-trading-halt-pending-placement-announcement-18474.html
<![CDATA[News - Canyon Resources initial drilling hits wide gold mineralisation in Burkina Faso ]]> https://www.proactiveinvestors.com.au/companies/news/151274/canyon-resources-initial-drilling-hits-wide-gold-mineralisation-in-burkina-faso-18308.html Canyon Resources (ASX: CAY) has returned broad gold intercepts from its maiden 7,005 metre reverse circulation  drilling program at the Tondoby prospect on the Tao Project in North Eastern Burkina Faso.

The initial batch of composite samples collected from the first 11 holes have been returned indicating very wide mineralised gold intercepts coinciding with the surface anomaly. 

Highlights include:

- 24 metres at 1.89 grams per tonne (g/t) gold from 20 metres, including 8 metres at 5.07 g/t gold; and
- 20 metres at 1.95 g/t gold from 84 metres, including 8 metres at 4.18 g/t gold.

These initial results compliment previous drilling results, confirming the potential for significant gold mineralisation at the Tao Project.

The program followed up active artisanal gold workings extending over 800 metres in length. Previous workers had tested the prospect with both reverse circulation and rotary air blast drilling which returned significant gold results that were not followed up.

Samples collected for the remaining 62 holes have been submitted for gold assay and results are expected in late August.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

 

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Tue, 02 Aug 2011 16:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151274/canyon-resources-initial-drilling-hits-wide-gold-mineralisation-in-burkina-faso-18308.html
<![CDATA[News - Canyon Resources boosts gold focused Burkina Faso landholding twice in three months ]]> https://www.proactiveinvestors.com.au/companies/news/151273/canyon-resources-boosts-gold-focused-burkina-faso-landholding-twice-in-three-months-17634.html Canyon Resources (ASX: CAY) continues to boost land holdings in Burkina Faso, with the country providing strong gold mining potential, with many gold projects in operation.

The acquisitions can be considered prospective due to several gold deposits in the area, including the Orezone Gold Corp (TSE: ORE) 700,000 gold ounce Sega deposit and the Cluff Gold (LON: CLF, TSE: CFG) 500,000 gold ounce Kalsaka deposit, which are both around 50 kilometres to the east.

The two additional permits which form the acquisition are contiguous to the company's Derosa Project, growing the project by 385 square kilometres to almost 1400 square kilometres, covering six contiguous permits.

Canyon’s total exploration area in Burkina Faso now exceeds 2500 square kilometres.

Consideration comprises Canyon making cash payments, and to gain 100% ownership the company is required to pay:

- US$50,000 at the time of the permits being granted;
- US$50,000 six months from the granting of the permits;
- US$60,000 on the 1st anniversary of the granting of the permits;
- US$60,000 on the 2nd anniversary of the granting of the permits; and
- US$80,000 on the 3rd anniversary of the granting of the permits.

In total Canyon will now control 10 permits in the Birimian Greenstone Belts of the West African craton, known as Taparko North Project, the Tao Project and the Derosa Project.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the IAMGOLD Corporation (TSE: IMG) 5 million ounce Essakane gold mine.

Significantly, both projects are situated along north east striking structures.

The major gold endowed north east – south west trending Markoye Fault is recognised as hosting both the Taparko and Essakane gold deposits and the Orezone Gold Corp (TSE: ORE) 3.5 million ounce Bomboré gold deposit, situated along strike to the south west.

Adding to the potential further, numerous artisanal gold occurrences have also been located along the trend of the Markoye Fault within the Taparko North Project.

 

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Tue, 05 Jul 2011 15:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/151273/canyon-resources-boosts-gold-focused-burkina-faso-landholding-twice-in-three-months-17634.html