viewCanyon Resources Ltd

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

More than half of the bulk 550 million tonne resource at Minim Martap has very high-grade bauxite with very low total silica.

Drilling at Minim Martap
Drilling on Minim Martap bauxite plateau, with additional plateaux in the distance.

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.

Quick facts: Canyon Resources Ltd

Price: 0.155 AUD

Market: ASX
Market Cap: $71.13 m

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Canyon Resources releases scoping study supporting simple and effective...

Canyon Resources Ltd (ASX:CAY) managing director Phillip Gallagher updates Proactive on positive scoping study results for the company’s top-tier world-class Minim Martap Bauxite Project in Cameroon, West Africa. The study supports a simple, low-cost but effective standalone stage one mining...

on 29/11/19

3 min read