Join our daily newsletter At The Bell to receive exclusive market insights
- Black Canyon (BCA) reports a significant increase in the mineral resource estimate (MRE) for its Flanagan Bore manganese project about 400km south-east of Port Hedland in WA
- The company says the MRE for Flanagan Bore, which forms part of Black Canyon’s Carawine joint venture (JV), has seen a big jump in both tonnage and contained metal
- The MRE now stands at an indicated 104 million tonnes grading 10.5 per cent manganese containing 11 million tonnes of manganese
- It represents an increase of 89 million tonnes of total tonnage and nine million tonnes of contained manganese on the previous inferred MRE resource of 15 million tonnes at 11.3 per cent manganese
- Black Canyon says the new MRE provides a robust foundation for use in scoping-level and potential future development studies
- BCA shares trading 16.4 per cent higher at 42.5 cents
Black Canyon (BCA) has reported a significant increase in the mineral resource estimate (MRE) for its Flanagan Bore manganese project about 400 kilometres south-east of Port
Hedland in Western Australia.
The company said the updated MRE for Flanagan Bore, which forms part of Black Canyon’s Carawine joint venture (JV), saw a big jump in both tonnage and contained metal.
Shares in Black Canyon climbed on the back of the MRE, which now stands at an indicated 104 million tonnes grading 10.5 per cent manganese containing 11 million tonnes of manganese.
The company said the new MRE represented an increase of 89 million tonnes of total tonnage and nine million tonnes of contained manganese on the previous inferred MRE resource of 15 million tonnes at 11.3 per cent manganese.
The MRE takes in the project’s FB3 and LR1 deposits and has been generated from assay data stemming from the company’s recently completed 4,312-metre reverse circulation (RC) drilling program and 516m of historic RC drilling from 2012.
Flanagan Bore is subject to a farm-in and JV agreement with Carawine Resources (CWX). Having earned a 51 per cent interest, Black Canyon is now earning up to 75 per cent in the Carawine JV tenements by sole funding a further $2.5 million of exploration expenditure.
Black Canyon said the updated MRE provided a robust foundation for use in scoping-level and potential future development studies.
“The company is very fortunate that from our first drill program at Flanagan Bore, we have been able to deliver a large-scale, high-quality manganese mineral resource,” Executive Director Brendan Cummins said.
“Defining an indicated mineral resource of greater than 100 million tonnes has more than exceeded our expectations at such an early stage for the project.
“There also remains further upside at Flanagan Bore with several other manganese targets that have only been partly tested or remain untested such as FB1, FB5 and FB6 with the potential to deliver significant additional tonnage to the project.”
BCA shares were trading 16.4 per cent higher at 42.5 cents at 12:32 pm AEST.
