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Canyon Resources (ASX:CAY) - Managing Director, Phillip Gallagher - The Market Herald
Managing Director, Phillip Gallagher
Source: BA News
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  • Canyon Resources (CAY) has upped the mineral resources of its Minim Martap bauxite project in Cameroon following a grade definition drilling effort
  • The new total mineral resource estimate clocks in at 1.027 billion tonnes at 45.3 per cent aluminium oxide and 2.7 per cent silicon dioxide at a cut-off grade of 35 per cent aluminium oxide
  • More broadly, the explorer said the upgrade brings one-third of the total resource into the measured category
  • Additionally, this resource is said to represent only 17 bauxite plateaux of Minim Martap with 62 plateaux remaining for drill testing
  • CAY said metallurgical testworks at the project are still ongoing
  • Canyon Resources is trading in the grey at 12 cents per share

Canyon Resources (CAY) has upped the mineral resources of its Minim Martap bauxite project in Cameroon following a grade definition drilling effort.

The explorer affirms the resource remains high in alumina and low in silica, containing 1.03 billion tonnes at 45.3 per cent aluminium oxide, 2.7 per cent silicon dioxide at a cut-off grade of 35 per cent aluminium oxide.

Of this total, CAY said 500 million tonnes contained a high-grade resource of 49 per cent aluminium oxide and 2.6 per cent silicon dioxide and included an upgraded measured resource of 268 million tonnes at 49.7 per cent aluminium oxide and 2.6 per cent silicon oxide at a cut-off grade of 45 per cent aluminium oxide.

More broadly, the explorer said this brings one-third of the total resource into the measured category.

Additionally, this resource is said to represent only 17 bauxite plateaux within Minim Martap, with 62 plateaux remaining for drill testing.

Metallurgical testwork is ongoing, according to Canyon, and continues to show high availability of contained alumina at over 90.3 per cent high recoveries for all Minim Martap bauxite.

Canyon’s Managing Director Phillip Gallagher described the upgrade as significant for the project.

"Canyon has now defined many operational decades of measured resources that are all very high grade and with very low silica," he commented.

"As the global bauxite market has a lot of new lower quality bauxite projects commence production in the past few years, such a potentially consistent long-term supply of such high-quality bauxite is quite unique," he added.

Canyon Resources is trading in the grey at 12 cents per share at 11:04 am AEST.

CAY by the numbers
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