Canyon Resources Limited
Canyon Resources Limited
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Australian-based Canyon Resources has teamed with major Chinese engineer MCC-CIE to complete the BFS and explore funding options for the first stage of its 100%-owned, 1Bt Minim Martap DSO bauxite project in central Cameroon.
Canyon Resources is closer to a commercial freight solution for its 100%-owned Minim Martap bauxite project in Cameroon by executing a memorandum of understanding with national rail network operator Camrail.
The MoU points to a final technical and commercial solution for hauling 5Mtpa direct shipping ore over the existing, underutilised railway line to the port of Douala in the project’s first stage, to be followed in stage 2 by a higher-tonnage and lower-cost route to a new port facility at Kribi.
Density testing by Canyon Resources is reinforcing its 100%-owned Minim Martap project in Cameroon among the world’s largest and best bauxite projects, lifting its indicated and inferred resource to 1.002Bt @ 45.2% Al2O3 and 2.8% SiO2. The JORC-compliant resource estimate includes a contained high grade resource of 484Mt @ 48.8% Al2O3 and 2.6% SiO2.
MD Phillip Gallagher says the 1Bt resource still comes with significant upside potential, representing only 12 of the 74 bauxite plateaus at Minim Martap.
Western Australia-based Canyon Resources has raised $A10M and secured a new cornerstone investor to bring on its 100%-owned, $US120M development capex direct shipping ore Minim-Martap Bauxite project central Cameroon.
The $A0.10cps placement brings Perth-based strategic investor and bauxite/alumina focused Peter Su to the Canyon board with a $5.6M, 9.4% stake in the company.
Canyon Resources has posted a maiden probable JORC ore reserve of 97.3Mt @ 51.1% total alumina and 2.3% total silica supporting at least 20 years mine life for its 100%-owned Minim Martap bauxite project in Cameroon.
While the reserve supports nominal 5Mtpa production rates of 20 years, the Australian-based company sees significant opportunity to extend mining beyond the initial modelled period for one of the highest-grade, lowest-contaminant global bauxite producers.
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Canyon Resources is preparing to advance offtake and strategic partnership negotiations for its Minim Martap bauxite project in Cameroon supported by newly developed technical data highlighting the high quality of its Camalco Premium Bauxite product.
Canyon Resources has followed up its robust PFS by releasing technical data on its 100%-owned Minim Martap bauxite project in central Cameroon, with its targeted commencement in mid-late 2023.
Like the PFS, Canyon chief development officer Rick Smith says the technical specification sheet further validates the very high quality of the bauxite to be produced at Minim Martap. It will be used for the company’s offtake negotiations.
Canyon Resources continues to line up logistical solutions as it progresses towards a June qtr PFS release date on its 100%-owned Minim Martap bauxite project in central Cameroon.
The Australian-based explorer has secured potential berth and storage allocations at Douala port and progressed access talks with rail authority Camrail supporting its initial low-capex, low-opex first stage development.
While mining companies around the world are pulling back due to COVID-19, Canyon Resources remains confident it will complete the PFS for the proposed 3Mtpa bauxite direct shipping ore development of its 100%-owned Minim Martap project in central Cameroon on track for completion in the June qtr.
Australian-based Canyon says its in-country technical and operation team are all Cameroonian, unaffected by travel restrictions and following advice from a specialist doctor who visited the site last week.
Scoping study identifies a robust stand-alone development option for Canyon Resources’ Minim Martap bauxite project in Cameroon, as the initial step towards a prefeasibility study due next year on a two-stage larger project.