Canyon Resources accomplishes updated JORC Ore Reserve estimate for the Minim Martap Bauxite Project

The developer of the world-class Minim Martap bauxite project in West African nation Cameroon, Canyon Resources Limited declares that it has accomplished its updated JORC (2012) Ore Reserve estimate for the Minim Martap Bauxite project.

The updated JORC (2012) Proved Bauxite Ore Reserve estimate is 99.1 million tonnes at 51.6% Total Alumina and 2.4% Total Silica.

Following the JORC Code (2012), the updated Ore Reserve estimate was prepared by a Competent Person (CP).

The Ore Reserve estimate is based on the 2020 PFS2 and the recently updated Mineral Resource Estimate3 but with an update and improvement of the mine designs, mining scheduling and mine cost estimations, completed by Mining Plus with mining contractor input.

The schedules are based on a production rate of 4 million tonnes per annum for 2 years, ramping up to 5 million tonnes of bauxite product per annum for the remaining 20-year modelling period.

The Ore Reserve Estimate update is enabled by the grade definition drilling program which formed the basis of the latest Mineral Resource Estimate update and the more detailed mining scheduling and mining contractor involvement.

The primary focus of the drilling programme was to improve the level of confidence of the bauxite resources contained on the priority Minim Martap plateaux – Beatrice, Raymonde and Danielle. These plateaux are now largely classified as Measured Resources. With improved certainty, knowledge and understanding of these resources, more detailed mine design, planning and scheduling have been completed.

Concurrently, three external mining contractors submitted detailed cost estimates which have been used to increase the confidence in the mining cost inputs for the financial analysis of the Project.

The combination of further detailed design and planning with improved cost estimates supports this revision of the Ore Reserve. The quantum of the Ore Reserve (tonnes and grades) has not materially changed, although the upgrade in Mineral Resource category from Indicated to Measured has enabled a corresponding upgrade of Ore Reserve category from Probable to Prove.

James Durrant, Director of Projects said: “This update has largely de-risked the mining element of our Project. Being able to formally state that over 97% of the first 20-years of mining will be from Proved Ore Reserves is a real confidence boost for future off-takers, project partners, investors and financiers.”

Phillip Gallagher, Managing Director, said “The confirmation of a maiden Proved Ore Reserve of such high quality shows that the Minim Martap Project will consistently produce some of the highest quality bauxite in the world for many years and rivals the best quality bauxite produced in Guinea.”

“Importantly, the Reserve only covers the initial mining area within the Project and there is scope for this to be substantially increased with additional work. This enviable result and the recent resource upgrade was safely achieved by the Canyon team in Cameroon during the period most affected by the Covid-19 pandemic and it is a testament to their professionalism that they continued working to deliver high-quality outcomes during such challenging times.”