- Canyon Resources has successfully completed a capital raise to raise $4 million for the Pre-Feasibility Study at its Minim Martap Bauxite project in Cameroon
- Approximately 25 million shares were issued to sophisticated and professional investors at $0.16 per share
- Minim Martap has a JORC 2012 resource estimate of 550Mt with an average grade of 45.5 per cent aluminium oxide and 2.06 per cent silicon dioxide
Canyon Resources has secured funding for the Pre-Feasibility Study development stage of its Minim Martap Bauxite project in Cameroon.
Canyon successfully completed a $4 million capital raise, before costs, by issuing 25 million new and fully paid shares to sophisticated and professional investors priced at $0.16 per share.
Managing Director Phillip Gallagher is pleased with the support they have received.
“We are extremely pleased with the support we have received in the capital raising. Canyon is now funded to complete a PFS and move our global tier-one Minim Martap Bauxite Project into the next stage of development,” he said.
Canyon obtained a three year exploration licence over the Minim Martap Project in August 2018. It is located in the Adamawa region of Cameroon alongside its existing Birsok Bauxite Project.
The project encloses two main deposits, Ngouandal and Minim Martap, which are located within 25 kilometres of each other and cover a total area of 1349 square kilometres.
It includes a JORC 2012 resource estimate of 550Mt at an average grade of 45.5 per cent aluminium oxide and 2.06 per cent silicon dioxide. Canyon previously identified a high-grade bauxite plateaux trend within Minim Martap which was the focus of this recently completed drill.
Previous work on the Birsok Project has given Canyon a strong understanding of the physical and geochemical characteristics of the local bauxite. This bauxite is generally high alumina and gibbsite (mineralised alumina hydroxide), with low silica, boehmite and other contaminants.
The overarching Minim Martap Project has significant potential to increase the scale of existing resource as only 30 per cent of the bauxite plateau was tested.
Canyon shares are up 2.78 per cent trading for 18.5 cents as of 5:23pm AEST with a market cap of $75.28 million.