Canyon Resources Limited (ASX: CAY) has completed an assessment of its maiden JORC (2012) Ore Reserve for the Minim Martap Bauxite Project in Cameroon, West Africa.
Managing Director, Phillip Gallagher, said the maiden JORC (2012) Probable Bauxite Ore Reserve estimate is 97.3 million tonnes at 51.1% Total Alumina and 2.3% Total Silica and PFS, demonstrates the project can produce one of the highest grade, lowest contaminant bauxite products of any mine globally for at least 20 years.
The ore reserve has been based on data from a previously completed Pre-Feasibility Study (PFS) with production rates of four million tonnes per annum for two years, ramping up to five million tonnes of bauxite product per annum for the remaining modelling period.
This follows the detailed design of three mining pits across only three bauxite plateaux guided by strategic scheduling for a targeted 20-year modelling period. 76 plateaux remain within the Project tenements, 62 of which have not yet been drill tested and the Mineral Resource estimate is made up of only 15 plateaux in total.
Mr Gallagher said the modelling period of 20 years was selected to represent the price forecasting period from pricing agency and market research consultancy Wood Mackenzie.
We are very pleased to be able to confirm what we have stated since the beginning that this project can deliver a stable output of the highest-grade bauxite product in the world for at least two decades, and the modelled Stage 1 output is only based on three bauxite plateaux out of the 79 on the project,” Mr Gallagher said.
“It is clear there are many additional almost identical bauxite plateaux, all at the same altitude and with the same characteristics as the three plateaux within the Reserve, that haven’t yet been drilled. The potential for the Minim Martap Project as we develop into the full Stage 2 Project and beyond is enormous.”
ASX announcement 01 July 2020.
