Canyon Resources reports the commencement of resource activities on the Makan bauxite permit

On 7^th October 2022, Canyon Resources announced the commencement of resource definition activities on the Makan Bauxite Permit (Permit), an adjacent exploration to the Minim Martap Bauxite Project.

As of yet, the Makan Permit hasn't been explored as extensively as the Ngaoundal and Minim Martap Permits, so exploration activities will focus on defining sufficient bauxite mineralization for the Minim Martap Bauxite Project's sustainable long-term Direct Shipping Ore (DSO) operations.

In accordance with the terms of the extension granted in February 2022, the exploration activities planned will satisfy the requirements to maintain the permit. The program aims to increase the contribution of the permit to the Minim Martap mining schedule by improving the resource on this ground.

A target generation program was carried out during the first half of 2022 using surface mapping and pit sampling. The goal of this programme was to define resource drilling targets that will now be systematically drilled.

Traditional “boot and G.P.S.” mapping on three brownfield plateaux within the Permit (Gladys, Hind and Nathalie) identified thirty-seven (37) historical pits dug during the 1960 bauxite prospection campaign by the French Geological Survey (B.R.G.M.). Eleven (11) of these pits were sampled to achieve appropriate representative coverage (4 on Hind, 5 on Gladys and 2 on Nathalie).

The surface mapping completed during the first half of the year also confirmed the presence of mature lateritic material on three greenfield plateaux within the Permit (Suzan, Pauline, and Bonnie), indicating good potential for bauxite mineralization. Therefore, eight new pits will be excavated to test mineralization at depth on these plateaus.

Exploration work planned for the coming half-year includes the following:

• Continue target generation activities with the advancement of new pits on the greenfield plateaux
• Dispatch pit samples for primary assay and the interpretation of assay results
• Commence resource drilling on high-grade plateaux defined by the target generation campaign

Jean Sebastien Boutet met with Cameroon's Prime Minister, Joseph Ngute, during a recent trip to the country. Prime Minister Ngute expressed his support for the project in the meeting. A local leader of the Tibati region, Tibati Lamido, travelled for 12 hours to personally meet with the Prime Minister to express his support for the Minim Martap Bauxite Project.

 Jean-Sebastien Boutet, the Chief Executive Officer of Canyon Resources, said: “Our Camalco team on the ground in Cameroon has diligently been working to ensure that we maintain the research lease to the Makan Permit neighbouring our flagship Minim Martap Bauxite Project. The Makan Permit has an excellent perspective to host significant bauxite mineralisation. Still, given the past exploration and success of the neighbouring Minim Martap Permit, it has not been necessary to explore as extensively. The Company aims with this program to improve our understanding of the orebody within the Makan Permit which ultimately aims to add additional years to the mining schedule released as part of the Bankable Feasibility Study for the Minim Martap Project. At the same time, this work will satisfy the requirements for a minimum expedition to maintain the Permit.”

“In parallel, during a recent site visit to Cameroon, multiple productive meetings have been held with the Prime Minister of Cameroon, the Minister of Mines and the Tibati Lamido. The Tibati Lamido has personally met with the Prime Minister to support the Company’s Mining Convention application. This highly supportive gesture from a high-ranking dignitary in Cameroonian culture.”

“We will continue to lobby at all levels of government for the signing of the Mining Convention, and while we haven’t yet received the signature we wanted during this trip, we have been pleased with the positive reception and progress on the ground.”