Canyon Resources Ltd (ASX:CAY) is in trading halt ahead of an announcement regarding the resource at the Minim Martap Bauxite Project in Cameroon, Africa.
The trading halt will remain in place until Friday, September 27, or when an announcement is made to the market, whichever occurs earliest.
Canyon's securities last traded on Tuesday at 16 cents.
Aircore drilling results
The company recently received a set of aircore drilling results from the Ngaoundal licence within its Minim Martap project in Cameroon.
Highlights included 10 metres at 50.01 aluminium oxide and 0.7% silicon dioxide from surface.
With many of the drill holes intersecting high-grade, low-contaminant bauxite, Ngaoundal’s resource of 88 million tonnes grading 41.8% aluminium oxide and 1.3% silicon dioxide could be upgraded.
Results averaged 43.5% aluminium oxide and 1.05% silicon dioxide for the 49 aircore holes drilled at the three plateaux within the Ngaoundal licence.
Project PFS
The company secured funding for the pre-feasibility study (PFS) development stage of Minim Martap in July after raising $4 million by way of a private placement of shares to sophisticated and professional investors.
Managing director Philip Gallagher said at the time that Canyon was ready to move its global tier-one project into the next stage of development.