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.