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Canyon Resources in trading halt with capital raising news pending

There is scope to extend the initial 97.3 million tonnes reserve with only three of the Cameroon project’s 79 plateaux included.

Canyon Resources Ltd -
Canyon's maiden reserve has relatively high alumina grades and low silica grades

Canyon Resources Ltd (ASX:CAY) has been granted a trading halt with news pending in regard to considering, planning and executing a capital raising.

The company’s securities will remain in halted until Monday, August 31, or when an announcement is released to the market, whichever occurs earliest.

Shares were as much as 7% higher at 15.5 cents before the halt was announced this morning.

Minim Martap bauxite reserve

Canyon’s maiden bauxite ore reserve of 97.3 million tonnes for the Minim Martap project in Cameroon will support a 20-year mine life with strong potential for further growth.

The reserve at 51.1% total alumina and 2.3% total silica supports the recent pre-feasibility study (PFS) that shows the project can produce one of the highest-grade, lowest contaminant bauxite products of any mine globally.

This reserve supports planned annual production rates of four million tonnes of bauxite product for two years, ramping up to five million tonnes for the remaining modelling period.

Managing director Phillip Gallagher said at the time: “It is clear there are many additional almost identical bauxite plateaux, all at the same altitude and with the same characteristics as the three plateaux within the reserve, that haven’t yet been drilled.

“The potential for the Minim Martap Project as we develop into the full stage 2 project and beyond is enormous.”

Quick facts: Canyon Resources Ltd

Price: 0.115 AUD

ASX:CAY
Market: ASX
Market Cap: $68.9 m
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