Canyon Resources (ASX:CAY) upgrades Minim Martap bauxite ore reserve, Cameroon
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West African bauxite miner Canyon Resources (CAY) has bolstered the ore reserve estimate for its flagship Minim Martap Bauxite Project in Cameroon
The company told shareholders today the upgraded ore reserve is 99.1 million tonnes at 51.6 per cent aluminium oxide and 2.4 per cent silica
Importantly, this entire reserve falls under the proved classification, bolstering Canyon s confidence in the project and de-risking mining costs
Canyon Director of Projects James Durrant said the new reserve means 97 per cent of the first 20 years of mining will be from proven ore reserves
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Canyon Resources (ASX:CAY) brings one-third of Minim Martap resource into measured category
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Canyon Resources (CAY) has upped the mineral resources of its Minim Martap bauxite project in Cameroon following a grade definition drilling effort
The new total mineral resource estimate clocks in at 1.027 billion tonnes at 45.3 per cent aluminium oxide and 2.7 per cent silicon dioxide at a cut-off grade of 35 per cent aluminium oxide
More broadly, the explorer said the upgrade brings one-third of the total resource into the measured category
Additionally, this resource is said to represent only 17 bauxite plateaux of Minim Martap with 62 plateaux remaining for drill testing