Canyon Resources achieves initial drilling targets for Minim Martap Bauxite Project

Canyon Resources Limited, an Australia-based bauxite resource development and exploration company, has reportedly completed Reverse Circulation (RC) drilling and Diamond drilling programme at its Minim Martap Bauxite Project in Cameroon. The RC and Diamond drilling program involves conducting reverse circulation drilling first to obtain preliminary geological data, followed by diamond drilling to collect high-quality core samples.

Image source: Canyon Resources

Within the four months since the signing of the Mining License for its Minim Martap Bauxite Project, Canyon Resources has successfully accomplished its initial drilling targets and recovered outstanding drill core samples upon completing the RC & Diamond drilling programme. By the first half of 2025, the results of the drilling programmes are expected to be released, supporting the feasibility study of the Minim Martap Bauxite Project.

The Mining License signed with Minim Martap Project grants Canyon Resources and its subsidiary, Camalco SA, the right to mine and export bauxite and alumina from Minim Martap by developing port and rail access infrastructure. In that respect, Canyon Resources has secured an underwriting agreement to acquire rolling stock, a critical step towards developing the project’s logistics infrastructure.

The completion of drilling, along the agreement acquisition for rolling stock, marks Canyon’s further progress in advancing the Minim Martap Project, complementing the company’s commitment to advancing its operations in the bauxite industry through strategic mining and logistics initiative.

The Minim Martap Bauxite mine in Cameroon has 108.91 million tonnes of high-quality bauxite reserves, with 51.1 per cent content of alumina and 2 per cent silica.

The earnings of Canyon Resources for the past five years ended June 30, 2024, are as follows:

Data source: Canyon Resources' 2024 Annual Report

Evaluating the company’s financial performance using standard metrics like profitability and total shareholder return is not feasible, as Canyon Resources is an exploration company with no significant revenue stream. Such an assessment will be possible once the company transitions from explorer to producer. As of year-to-date, Canyon's stock price has increased by 38.89 per cent.