Proactiveinvestors USA & Canada Canyon Resources Ltd https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Canyon Resources Ltd RSS feed en Tue, 16 Jul 2019 05:33:15 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Canyon Resources Ltd gets ready to raise ]]> https://www.proactiveinvestors.com/companies/news/151301/canyon-resources-ltd-gets-ready-to-raise-67410.html Canyon Resources Ltd (ASX:CAY) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Canyon has recently been working on the optimal logistical and commercial solution for exporting bauxite from Cameroon.

The halt will remain in place until the opening of trade on Friday 11th March 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 09 Mar 2016 14:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151301/canyon-resources-ltd-gets-ready-to-raise-67410.html
<![CDATA[News - Canyon Resources has drill rig turning at Cameroon bauxite project ]]> https://www.proactiveinvestors.com/companies/news/151300/canyon-resources-has-drill-rig-turning-at-cameroon-bauxite-project-62715.html Canyon Resources (ASX: CAY) has moved a drill rig on to its bauxite project in Cameroon to follow up promise from earlier drilling that saw grades of bauxite encountered as high as 50% Al2O3 and low silica.

Drilling will test 15 newly defined targets over the Mandoum and Birsok permits before the onset of the wet season with up to 3,000 metres of aircore drilling.

The Birsok Bauxite Project is located in an emerging bauxite region of Cameroon, contiguous with the world class Minim Martap bauxite deposit and approximately 10 kilometres from an operating rail line and then a journey from Ngaoundal to Douala Port.

Canyon will look to define a sufficient resource to support development of bauxite mining operation.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 03 Jun 2015 12:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151300/canyon-resources-has-drill-rig-turning-at-cameroon-bauxite-project-62715.html
<![CDATA[News - Canyon Resources in halt ahead of capital raising ]]> https://www.proactiveinvestors.com/companies/news/151299/canyon-resources-in-halt-ahead-of-capital-raising-62196.html Canyon Resources (ASX:CAY) has been granted an ASX trading halt in relation to a capital raising.

The halt will last until the earlier of the announcement being made or the start of trade on Friday, 8th May 2015.

Canyon is focused on advancing development of the Birsok Bauxite Project in Cameroon.

During the March 2015 Quarter, it completed geological mapping, drill target definition and access clearing of newly defined bauxite plateaux ahead of the upcoming drilling program.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 06 May 2015 17:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151299/canyon-resources-in-halt-ahead-of-capital-raising-62196.html
<![CDATA[News - Canyon Resources studying logistics and transport services for Cameroon bauxite project ]]> https://www.proactiveinvestors.com/companies/news/151298/canyon-resources-studying-logistics-and-transport-services-for-cameroon-bauxite-project-60858.html Canyon Resources (ASX:CAY) has executed a memorandum of understanding with Bolloré Africa Logistics Cameroon, operators of the Doula port and Camrail SA.

This covers investigation of key logistics and transport services required to develop and operate the Birsok Bauxite Project as a DSO bauxite operation.

Douala Port in Cameroon is directly serviced by the existing Camrail rail line running about 10 kilometres from the Birsok Project to the port.

Initial studies indicate the rail line has the capability and capacity to transport commercial quantities of bauxite to the Douala Port.

The Birsok Bauxite Project is strategically located in an emerging bauxite region of Cameroon, contiguous with the world class Minim Martap bauxite deposit.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 23 Feb 2015 16:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151298/canyon-resources-studying-logistics-and-transport-services-for-cameroon-bauxite-project-60858.html
<![CDATA[News - Canyon Resources is focussed on African bauxite, heads to market ]]> https://www.proactiveinvestors.com/companies/news/151297/canyon-resources-is-focussed-on-african-bauxite-heads-to-market-59057.html Bauxite focussed Canyon Resources (ASX:CAY) is preparing to outline details of a capital raising.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

The company's key project is the Birsok Bauxite Project in Cameroon, with the inaugural drilling program returning high-grade, low impurity bauxite mineralisation.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 21st November.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 19 Nov 2014 15:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151297/canyon-resources-is-focussed-on-african-bauxite-heads-to-market-59057.html
<![CDATA[News - Canyon Resources raising capital for bauxite exploration in Cameroon ]]> https://www.proactiveinvestors.com/companies/news/151296/canyon-resources-raising-capital-for-bauxite-exploration-in-cameroon-54846.html Canyon Resources (ASX: CAY) has agreed to raise up to $315,000 by way of a placement of shares to fund exploration at its flagship Birsok bauxite project in Cameroon.

The 7 million new shares will be priced at $0.045, with free attaching options with an exercise price of $0.06 each and expiry date of 31 January 2017 (ASX: CAYOA).

The strong level of interest from investors for additional investment into Canyon Resources is testament to management credentials and Birsok's fundamental value.

Canyon recently commenced First phase drilling on the 75% owned Birsok project, targeting high grade DSO bauxite mineralisation.

Up to 4,000 metres of drilling is planned to test the width and extent of bauxite mineralisation across priority target areas.

The program will initially target the highest priority prospects of Djombi, Fedal and Baoua. The Beka and Mbon prospects represent follow up targets, with work plans in progress.

Rock chip sampling in April yielded high grade aluminium oxide bauxite.

Around 90% of the 84 rock chip samples returned greater than 50% aluminium oxide, with an average of 2.2% silicon oxide and low levels of other impurities such as iron oxide.

The rock chips at the Djombe prospect supplement a large, high grade database and add further credence to the potential to establish a direct shipping bauxite mining operation.

Djombe is one of several targets within the Birsok Project, located immediately to the north of and adjoining the world-class Minim Martap bauxite deposit owned by Cameroon Alumina.

Detailed mapping of the Djombe prospect has defined an area of over 15 square kilometres of bauxite outcrop, boulder block and float material which will form the main target of upcoming drilling.

In addition, Canyon is drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide style of copper-zinc mineralisation.

 

]]>
Fri, 09 May 2014 14:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151296/canyon-resources-raising-capital-for-bauxite-exploration-in-cameroon-54846.html
<![CDATA[News - Canyon Resources targets high grade DSO bauxite in Cameroon ]]> https://www.proactiveinvestors.com/companies/news/151295/canyon-resources-targets-high-grade-dso-bauxite-in-cameroon-54780.html Canyon Resources (ASX:CAY) has commenced First phase drilling on its 75% owned Birsok Bauxite Project in Cameroon, targeting high grade DSO bauxite mineralisation.

Up to 4,000 metres of drilling is planned to test the width and extent of bauxite mineralisation across priority target areas.

The program will initially target the highest priority prospects of Djombi, Fedal and Baoua. The Beka and Mbon prospects represent follow up targets, with work plans in progress.

Drilling has been designed based on results from the extensive rock chip sampling and geological mapping completed by Canyon and its joint venture partner.

Ongoing mapping across the Project continues to identify further mineralised zones and target areas.

Rock chip sampling in April yielded high grade aluminium oxide bauxite.

Around 90% of the 84 rock chip samples returned greater than 50% aluminium oxide, with an average of 2.2% silicon oxide and low levels of other impurities such as iron oxide.

The rock chips at the Djombe prospect supplement a large, high grade database and add further credence to the potential to establish a direct shipping bauxite mining operation.

Djombe is one of several targets within the Birsok Project, located immediately to the north of and adjoining the world-class Minim Martap bauxite deposit owned by Cameroon Alumina.

Sampling extended the strike of this high grade plateau by 1.9 kilometres to give a total strike of high grade outcropping bauxite of over 4 kilometres.

Detailed mapping of the Djombe prospect has defined an area of over 15 square kilometres of bauxite outcrop, boulder block and float material which will form the main target of upcoming drilling.

In addition, Canyon is drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide style of copper-zinc mineralisation.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 07 May 2014 13:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151295/canyon-resources-targets-high-grade-dso-bauxite-in-cameroon-54780.html
<![CDATA[News - Canyon Resources samples high grade bauxite; set for drilling at Birsok, Cameroon ]]> https://www.proactiveinvestors.com/companies/news/151294/canyon-resources-samples-high-grade-bauxite-set-for-drilling-at-birsok-cameroon-54344.html Canyon Resources (ASX:CAY) should trade higher after additional rock chip sampling yielded high grade aluminium oxide bauxite from its 75% owned Birsok Project in Cameroon.

Around 90% of the 84 rock chip samples returned greater than 50% aluminium oxide, with an average of 2.2% silicon oxide and low levels of other impurities such as iron oxide.

The new rock chips at the Djombe prospect supplement a large, high grade database and add further credence to the potential to establish a direct shipping bauxite mining operation.

Djombe is one of several targets within the Birsok Project, located immediately to the north of and adjoining the world-class Minim Martap bauxite deposit owned by Cameroon Alumina.

In addition to the sampling, detailed prospect mapping is underway to more accurately define the drill target areas; clearing is underway for the start of first phase drilling; and a drilling contractor has been appointed.

Sampling has now extended the strike of this high grade plateau by 1.9 kilometres to give a total strike of high grade outcropping bauxite of over 4 kilometres.

Detailed mapping of the Djombe prospect has defined an area of over 15 square kilometres of bauxite outcrop, boulder block and float material which will form the main target of upcoming drilling.

The Baoua prospect has also been mapped in detail, and is ready for drilling, and work is ongoing to refine further drill targets at the Fedal and Beka prospects.

In addition, Canyon is drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide style of copper-zinc mineralisation.

Capitalised at under $5 million, Canyon is well leveraged to further exploration success.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 15 Apr 2014 12:00:00 -0400 https://www.proactiveinvestors.com/companies/news/151294/canyon-resources-samples-high-grade-bauxite-set-for-drilling-at-birsok-cameroon-54344.html
<![CDATA[News - Canyon Resources kicks off drilling at Karga copper-zinc prospect, Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151293/canyon-resources-kicks-off-drilling-at-karga-copper-zinc-prospect-burkina-faso-54037.html Canyon Resources (ASX: CAY) has commenced reverse circulation drilling at the Karga Prospect on its Taparko North base metals project in Burkina Faso.

This is to follow up coincident multi-element soil and ground Electro Magnetic targets that suggest the potential for Volcanogenic Massive Sulphide (VMS) style of copper-zinc mineralisation.

Geophysical interpretation and modelling of the ground survey highlighted the link between moderate to strong bedrock anomalism and adjacent anomalous copper-zinc geochemical targets.

The review identified several targets including two stronger, bedrock sourced anomalies that will be tested in the current program, with further drilling to be designed pending results.

The electromagnetic survey over the Anomaly 1 auger area uncovered several strong conductors coincident or adjacent to the copper geochemical anomalism.

Geophysical modelling indicated the source is generally shallow with a near vertical dip possibly related to disseminated sulphides.

The EM survey carried out over the Anomaly 2 area also identified an extensive conductor with a strike length of over 2.5 kilometres.

This conductor shows good correlation with the geochemical copper-zinc anomaly, and is interpreted as a thick moderately conductive zone, likely to be at a shallow depth.

In addition to its Burkina Faso projects, Canyon controls 75% of two bauxite projects in Cameroon, strategically located in an emerging aluminium region.

They lie contiguous with the large Minim Martap bauxite deposit, and 10 kilometres from an operating rail line.

The company is capitalised at around $4 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 01 Apr 2014 16:40:00 -0400 https://www.proactiveinvestors.com/companies/news/151293/canyon-resources-kicks-off-drilling-at-karga-copper-zinc-prospect-burkina-faso-54037.html
<![CDATA[News - Canyon Resources to raise capital for bauxite project in Cameroon ]]> https://www.proactiveinvestors.com/companies/news/151292/canyon-resources-to-raise-capital-for-bauxite-project-in-cameroon-53231.html Bauxite-focused Canyon Resources (ASX: CAY) has been granted a trading halt this morning, as the company prepares capital raising details.

Canyon's shares are currently in pre-open.

The company has entered into a joint venture to acquire up to an initial 75% interest in the Birsok bauxite project, which is located in Cameroon.

Birsok has the potential for direct shipping ore with low impurities.

The project is drill-ready with the potential for definition of a maiden Resource for less than $1 million worth of drilling.

The halt will remain in place until the opening of trade on Monday 3rd March 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 27 Feb 2014 11:40:00 -0500 https://www.proactiveinvestors.com/companies/news/151292/canyon-resources-to-raise-capital-for-bauxite-project-in-cameroon-53231.html
<![CDATA[News - Canyon Resources to reveal acquisition, capital raising ]]> https://www.proactiveinvestors.com/companies/news/151291/canyon-resources-to-reveal-acquisition-capital-raising-51382.html Canyon Resources (ASX: CAY) has some interesting news on the horizon in the form of an acquisitions, and capital raising.

The ASX has this morning granted the company a trading halt, with its shares placed in pre-open.

The halt will remain in place until the opening of trade on Friday 27th December 2013, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 23 Dec 2013 11:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151291/canyon-resources-to-reveal-acquisition-capital-raising-51382.html
<![CDATA[News - Canyon Resources identifies three new gold targets in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151290/canyon-resources-identifies-three-new-gold-targets-in-burkina-faso-45697.html Canyon Resources (ASX: CAY) has identified three new gold exploration targets within its Pinarello Project in southwest Burkina Faso and is planning to complete an aeromagnetic survey to assist with targeting follow-up drilling.

The company remains fully funded for the next phase of exploration work, with cash at bank of about $2 million at 30 June 2013.

Pinarello covers 1,000 square kilometres and is situated in the Houndé Gold Belt. It is contiguous to the south of Sarama Resources’ (CVE:SWA) Tankoro Permit, which hosts the MM, Phantom and MM East Prospects, and Orbis Gold’s (ASX: OBS) Dynikongolo Permit that hosts the Bantou and Tankoro Prospects.

Soil geochemistry results from these companies exploring along the Tankoro mineralised corridor have demonstrated good continuity, and that the mineralisation at Sarama’s MM prospect is disseminated in feldspar porphyry dykes, which may also continue onto Canyon’s permit.

At Canyon’s new Soukoura prospect, auger geochemistry has successfully extended the Tankoro mineralised corridor 7 kilometres into the Pinarello Project, and the mineralised corridor is still open on Canyon’s permit area.

Meanwhile, soil sampling has confirmed strike extensions from the Gagnhy and Togoba artisanal workings. These indicate the potential for further mineralised zones across the project area and highlight the prospectivity of the Houndé gold belt.

Canyon had recently completed a 5,563 metre auger geochemistry program at the Soukoura prospect in the northern part of Canyon’s Pinarello Project, with holes spaced 50 metres apart on east west lines spaced 400 metres along the Soukoura prospect. These average 4.5 metres in depth.

A total of 1,322 samples were collected from the interface between the transported lateritic overburden and the weathered saprolite.

The company is currently making arrangements to commence a fixed wing magnetic and radiometric survey over the Pinarello, Konkolikan and Tao projects as soon as possible following the wet season.

In addition, after field checking and detailed regolith and geological mapping, Canyon is intending to undertake rotary air blast drilling and extensional geochemistry over the Pinarello Project as part of the 2013/2014 exploration season.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 18 Jul 2013 13:20:00 -0400 https://www.proactiveinvestors.com/companies/news/151290/canyon-resources-identifies-three-new-gold-targets-in-burkina-faso-45697.html
<![CDATA[News - Canyon Resources hits the gold exploration trail in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151289/canyon-resources-hits-the-gold-exploration-trail-in-burkina-faso-43235.html Canyon Resources' (ASX: CAY) Konkolikan project in Burkina Faso, West Africa, is strategically located along strike from high grade multi-million ounce gold deposits, with the company now set to kick off an exploration program.

The project is a single permit covering around 100 square kilometres, with regional magnetics indicating the continuation of a major mineralised structure that hosts some of the highest grade resources in the country.

Konkolikan is in the same regional mineralised structure that hosts Endeavour Mining's (ASX: EVR) Houndé project with an Indicated Resource of 1,456,000 ounces at 1.91g/t gold and an Inferred Resource of 752,000 ounces at 1.91g/t gold.

Also in the structure i sRox Gold Inc.’s Yaramoko project with an Indicated Resource of 679,000 ounces at 15.7g/t gold and an Inferred Resource of 216,000 ounces at 8.9g/t gold.

Canyon's exploration will include aeromagnetic surveys, with the company also conducting detailed regolith mapping and soil & rock chip sampling programs as first pass technique.

Adding to the prospectivity of the project there is active artisanal mining on the project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 14 May 2013 12:20:00 -0400 https://www.proactiveinvestors.com/companies/news/151289/canyon-resources-hits-the-gold-exploration-trail-in-burkina-faso-43235.html
<![CDATA[News - Canyon Resources extends gold mineralisation to 13km at Burkina Faso project ]]> https://www.proactiveinvestors.com/companies/news/151288/canyon-resources-extends-gold-mineralisation-to-13km-at-burkina-faso-project--41013.html Canyon Resources (ASX: CAY) has extended the gold mineralisation to over 13 kilometres of strike from drill results from the Tao Project in Burkina Faso.

Of interest, the mineralisation looks to continue further south through the Tao permit boundary and into the new permit area that Canyon has under application.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine owned by IAMGOLD Corporation (NYSE: IAG)

The mineralised shear was extended by a further 5 kilometres south of previous drilling.

Results from the RAB drilling included;

- 8m at 1.24 g/t Au from 26m (TNRABS064)
- 2m at 2.28 g/t Au from 30m (TNRABS133)
- 2m at 1.32 g/t Au from 26m (TNRABS105)
- 6m at 0.73 g/t Au from 4m (TNRABS083)

A 168 hole RAB drilling program for 6,959 metres has been carried out south of the Tondoby prospect to follow up auger geochemistry results targeting an extension to the mineralised corridor.

The programme was successful in identifying gold and pathfinder arsenic anomalism, which has now been discovered over a +13km strike along a shear zone.

Canyon is fully funded for its current work programmes at its Tao and Pinarello Gold Projects following completion of the recent placement and share purchase plan to raise approximately $1.83 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 20 Mar 2013 10:30:00 -0400 https://www.proactiveinvestors.com/companies/news/151288/canyon-resources-extends-gold-mineralisation-to-13km-at-burkina-faso-project--41013.html
<![CDATA[News - Canyon Resources raising A$2.2M for Burkina Faso gold drilling ]]> https://www.proactiveinvestors.com/companies/news/151287/canyon-resources-raising-a22m-for-burkina-faso-gold-drilling-38995.html Canyon Resources (ASX: CAY) is raising up to A$2.2 million to fund drilling programs for its Tao and Pinarello gold projects in Burkina Faso.

The first part of the raising consists of a placement of up to 9.3 million shares priced at $0.13 to raise $1.2 million that has received strong support from Canyon’s existing shareholders as well as a number of new sophisticated and professional investors.

Canyon will raise the remaining $1 million through a Share Purchase Plan to existing shareholders.

Each share comes with an attaching listed option maturing on 29 February 2016 and exercisable at A$0.16.

Hartleys Limited is the lead broker to the placement and the SPP.

Recent drilling by Canyon has returned a high grade intercept of 4 metres at 42.8 grams per tonne gold at the Tao Project.

Other notable results from the 3,058 metre reverse circulation drilling program over the Tondoby Prospect, which has a strike length of 3 kilometres, include 12 metres at 3.04g/t gold and 20 metres at 1.97g/t gold.

Drilling has also increased Canyon's understanding of the geological controls on mineralisation and gold lode geometries, opening up additional areas for drill testing that may identify a high grade zone that was previously thought to be un-mineralised.

The highly prospective Tao project is close to Volta Resources' (TSX: VTR) 4.2 million ounce Kiaka project, Orezone Gold Corporation's 3.5 million ounce Bombore deposit and High River's 2 million ounce Taparko project.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Reverse circulation drilling done previously by Canyon at Tao has intersected high grade gold mineralisation including 8 metres at 30.4g/t and 8 metres at 10.31g/t.
 
Pinarello Project is located in the Houndé Gold Belt that is host to several high grade gold discoveries, including those made by Samara Resources and Orbis Gold (ASX: ORS) on permits immediately adjacent to Canyon’s permits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 01 Feb 2013 11:50:00 -0500 https://www.proactiveinvestors.com/companies/news/151287/canyon-resources-raising-a22m-for-burkina-faso-gold-drilling-38995.html
<![CDATA[News - Canyon Resources intersects high grade gold at Burkina Faso project ]]> https://www.proactiveinvestors.com/companies/news/151286/canyon-resources-intersects-high-grade-gold-at-burkina-faso-project-38368.html Canyon Resources (ASX: CAY) has intersected high grade gold at its Tao Project in Burkina Faso with a peak assay of 4 metres at 42.8 grams per tonne (g/t) gold from its recently completed drilling program.

Other notable results from the 3,058 metre reverse circulation drilling program over the Tondoby Prospect, which has a strike length of 3 kilometres, include 12 metres at 3.04g/t gold and 20 metres at 1.97g/t gold.

Drilling has also increased Canyon's understanding of the geological controls on mineralisation and gold lode geometries, identifying a pivot zone where the dip of the mineralised lodes changes orientation towards the west and an associated increase in grade.

This new understanding opens up additional areas for drill testing that may identify a high grade zone that was previously thought to be un-mineralised.

Additional reverse circulation drilling programs are being planned to further test this concept.

Canyon is also currently carrying out a rotary air blast drilling program testing the extensions of the mineralising structure to the south of the main Tondoby prospect.

This is designed to identify additional gold mineralisation along the Tondoby Shear and expand the magnitude and scope of the Tondoby gold prospect beyond the already identified 3 kilometres of mineralised strike length.

The highly prospective Tao project is close to Volta Resources' (TSX: VTR) 4.2 million ounce Kiaka project, Orezone Gold Corporation's 3.5 million ounce Bombore deposit and High River's 2 million ounce Taparko project.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Reverse circulation drilling done previously by Canyon at Tao has intersected high grade gold mineralisation including 8 metres at 30.4g/t and 8 metres at 10.31g/t.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 17 Jan 2013 13:20:00 -0500 https://www.proactiveinvestors.com/companies/news/151286/canyon-resources-intersects-high-grade-gold-at-burkina-faso-project-38368.html
<![CDATA[News - Canyon Resources on gold hunt in Burkina Faso; awaits drill results ]]> https://www.proactiveinvestors.com/companies/news/151285/canyon-resources-on-gold-hunt-in-burkina-faso-awaits-drill-results-37280.html Canyon Resources (ASX:CAY) has advanced its gold hunt having completed extensive drilling at the Tao project in Burkina Faso, which is close to several multi-million ounce gold deposits.

The highly prospective Tao project is close to Volta Resources' (TSX: VTR) 4.2 million ounce Kiaka project, Orezone Gold Corporation's 3.5 million ounce Bombore deposit and High River's 2 million ounce Taparko project.

The 3,058 metre reverse circulation drilling program over 29 holes was designed to infill existing drilling and test additional targets and extensions to the 3 kilometre long mineralised zone at the Tondoby Prospect.

Canyon has also started an 8,000 metre rotary air blast drilling campaign on the same prospect to follow up the high grade gold in soil anomalies identified from the previous season’s exploration.

The air blast drilling program will focus on extending the gold mineralisation on the Tondoby structure further to the south and testing the parallel geochemical anomaly which may represent a second mineralised structure that remains open in all directions.

Canyon has identified gold anomalism over a 12 kilometre strike on the Tondoby Prospect by reconnaissance drilling undertaken last season.

Canyon’s existing mineral exploration projects in Burkina Faso cover an area of approximately 3,500 square kilometres over 18 permits in the Birimian Greenstone Belts of the West African craton.

These permits comprise four project areas known as the Taparko North project, the Tao project, the Pinarello project and the Derosa project, where Rumble Resources (ASX: RTR) is earning up to 75% interest.

The Tao project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Reverse circulation drilling done previously by Canyon at Tao has intersected high grade gold mineralisation including 8 metres at 30.4 grams per tonne and 8 metres at 10.31 grams per tonne.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 13 Dec 2012 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/151285/canyon-resources-on-gold-hunt-in-burkina-faso-awaits-drill-results-37280.html
<![CDATA[News - Canyon Resources drills for gold in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151284/canyon-resources-drills-for-gold-in-burkina-faso-36106.html Canyon Resources (ASX: CAY) is set to begin an aggressive drilling campaign at its Tao Gold Project in Burkina Faso within the week to further delineate gold mineralisation at the advanced Tondoby Prospect.

The Tao Project is located in a well-endowed gold province that is host to the 6.3 million ounce Essakane Gold Mine, the 2 million ounce Taparko Gold Mine and the 2.5 million ounce Samira Hills Gold Mine.

The project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the Essakane Mine.

The company will begin with an initial 29 hole, 3,060 metre reverse circulation drilling campaign to infill existing drilling and test additional targets and extensions to the 3 kilometre long mineralised zone at the Tondoby Prospect.

Gold anomalism has been identified over a 12 kilometre strike on the Tondoby Prospect in reconnaissance drilling undertaken last season.

There is believed to be the potential for this to continue for a significant distance, supported by new sites of artisanal mining coincident with the auger gold anomaly extending 5 kilometre to the south of the main Tondoby drilling.

In addition to the reverse circulation drilling campaign, Canyon will carry out an 8,000 metre rotary air blast program and a 3,000 metre auger drilling program to better define these extensions.

The rotary air blast drilling campaign will follow up the high grade gold in soil anomalies identified from the previous season’s exploration.

It will focus on extending the gold mineralisation on the Tondoby structure further to the south and testing the parallel geochemical anomaly which may represent a second mineralising structure that remains open in all directions.

The auger drilling program will continue to test the strike length of the main Tondoby structure and extensions of the parallel anomaly.

Importantly, there is the potential to discover another highly mineralised zone similar to the Tondoby Prospect, as the bulk of the project has yet to have any drilling done on it and similar zones continue to be identified on the project.

Exploration is planned to recommence on the Pinarello and Taparko North projects during the March quarter of 2013.


High grade gold

Previous reverse circulation drilling by Canyon at Tao has intersected high grade gold mineralisation including:

- 8 metres at 30.04 grams per tonne (g/t) gold from 56 metres, including 4 metres at 58.7g/t gold;
- 8 metres at 10.31g/t gold from 100 metres;
- 12 metres at 2.47g/t gold from 84 metres; and
- 4 metres at 4.62g/t gold from 88 metres.

The Tao Project lies along an untested 20 kilometre long shear zone that runs through the project area, with multiple shallow artisanal mining operations directly along strike.

The Tondoby Prospect is set to deliver the first resource for the project, with the prospect hosting further exploration upside due to it remaining open in all directions.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Tue, 20 Nov 2012 12:50:00 -0500 https://www.proactiveinvestors.com/companies/news/151284/canyon-resources-drills-for-gold-in-burkina-faso-36106.html
<![CDATA[News - Canyon Resources to raise A$3.7m for West African gold exploration ]]> https://www.proactiveinvestors.com/companies/news/151283/canyon-resources-to-raise-a37m-for-west-african-gold-exploration-21913.html Canyon Resources (ASX: CAY) will raise up to A$3.74 million through a placement of up to 7.95 million shares at $0.47 per share to accelerate its planned gold exploration programs in Burkina Faso.

Hartleys Limited is broker to the offer which received strong support from existing shareholders as well as from domestic and international institutional clients of Hartleys.

Also, in a strong vote of confidence in the potential of Canyon’s projects, the company's Burkina Faso drilling contractor has committed to subscribe $500,000 in the placement.

The company will now expand its drilling programs at both the Tao and Taparko North Projects, as well as fast track exploration on its recently acquired Wilier, Derosa and Pinarello Projects in Burkina Faso.

Drilling will commence shortly, following-up previous high-grade intersections of up to 4 metres at 50.68 grams per tonne (g/t) gold.

Tranche one of the placement comprises 6.77 million shares expected to be ratified at Canyon’s upcoming annual general meeting on 22 November 2011.

The tranche two placement of 1.18 million shares is subject to shareholders' approval at a general meeting of the company to be held in mid-December 2011.

Exploration will focus on follow-up drilling at the Tao and Taparko North Projects, from which highly encouraging results were received from drilling this year.

At the Tao Project, Canyon has completed a 7,005 metres of reverse circulation program at its Tondoby Prospect, which successfully delineated a mineralised strike of over 2.5 kilometres, which remains open in all directions.

The exploration program at Taparko North will follow up large gold and base metal anomalies recently identified by Canyon, including a contiguous +20 parts per billion (ppb) gold anomaly defined over a 10 kilometre strike length, and two parallel polymetallic anomalies each over 4 kilometres in length.

]]>
Fri, 11 Nov 2011 09:53:00 -0500 https://www.proactiveinvestors.com/companies/news/151283/canyon-resources-to-raise-a37m-for-west-african-gold-exploration-21913.html
<![CDATA[News - Canyon Resources adds another gold project to its Burkina Faso portfolio ]]> https://www.proactiveinvestors.com/companies/news/151282/canyon-resources-adds-another-gold-project-to-its-burkina-faso-portfolio--21480.html Canyon Resources (ASX:CAY) is rapidly building up its portfolio of gold projects in Burkina Faso with the latest agreement to purchase the Pinarello Project, which comprises six granted exploration permits.

The company entered Burkina Faso just 12 months ago with the acquisition of its flagship Tao and Taparko North Projects.

This latest acquisition is located in the Hounde greenstone belt, which hosts the 3.3 million ounce Mana gold mine and the 400,000 ounce Bondi Project.

The addition of the Derosa Project in April, the Wilier Project in August and now the Pinarello project, as well as consolidation of tenements around Canyon’s existing projects has established a footprint of over 4,000 square kilometres in Burkina Faso on highly prospective tenements.

At the Pinarello Project, the six granted exploration permits – Sokorani, Noifera, Konkolikan, Baniera, Sokorani 2 and Soukoura 2 – cover a combined area of 1,104 square kilometres.

The Pinarello permits are located approximately 260 kilometres to the southwest of the country’s capital city, Ouagadougou, and occur within the Hounde Greenstone Belt.



Purchase Agreement

Canyon will acquire 100% of the Pinarello Project from an unnamed local vendor by making an initial payment of US$170,000 (A$164,563) on signing of the agreement.

Following the signing of the agreement, the company will make a series of payments totalling $780,000 over a three year period, and issue up to 900,000 Canyon shares, which were last trading at A$0.54, valuing the share issue at around $486,000 at this point in time.

At any time after the first payment, Canyon may elect not to proceed with the acquisition, in which case the company would not be liable for any further cash payments or share issues to the vendor.



Progress

Canyon now has five highly prospective gold projects comprising 20 permits covering 4,114 square kilometres in the north, east and south of Burkina Faso.

Since entering Burkina Faso a year ago, Canyon has returned some significant results.

The company intersected high grade gold during reverse circulation drilling at its Tao Project, which included hits of 20 metres at 11 grams per tonne, and soil sampling at the Taparko North Project indicates potential for a volcanogenic massive sulphide style deposit.

Canyon currently has A$3 million cash on hand and is fully funded for its forthcoming drilling programs.

The company is planning a comprehensive first pass exploration program in December to test the prospectivity of the Pinarello Project.

Activities will include extensive auger drilling, rotary air blast drilling, field reconnaissance mapping and rock chip sampling.

]]>
Wed, 02 Nov 2011 10:19:00 -0400 https://www.proactiveinvestors.com/companies/news/151282/canyon-resources-adds-another-gold-project-to-its-burkina-faso-portfolio--21480.html
<![CDATA[News - Canyon Resources discovers large gold and base metal soil anomalies in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151281/canyon-resources-discovers-large-gold-and-base-metal-soil-anomalies-in-burkina-faso-20870.html Canyon Resources (ASX: CAY) has identified a gold anomaly extending over 10 kilometres following auger drilling at its Taparko North Project in Burkina Faso. 

The gold anomaly at the CS Prospect is a dominant east-northeast to west-southwest trending anomaly with several second order cross-cutting anomalies trending northwest to southeast.

Peak gold in soil results include 1.8 grams per tonne (g/t) and 1.18g/t gold located in the core of the dominant anomalous trend.

The dominant east-northeast to west-southwest trending gold anomaly also features a core zone of greater than 50 parts per billion stretching over 4 kilometres.

Meanwhile, auger drilling also identified a 4 kilometre long strike of copper and zinc rich anomalies trending in a northwest to southeast direction at the Karga Prospect. The trend of these anomalies is coincident with structures interpreted from aeromagnetic data that are thought to host the second order gold anomalies further to the northwest at the CS Prospect.

Importantly, Canyon’s discovery of these significant new soil anomalies, along with the previously announced rock chip results from the same area, highlights strong potential for economic mineralisation on the project.

The company previously announced reconnaissance rock chip values of up to 9.28g/t gold at the Taparko North Project. Initial results from surface geochemical sampling highlight the potential for Volcanogenic Massive Sulphide style mineralisation.

Canyon is planning several phases of follow up work commencing with systematic rotary air blast drilling of the CS Prospect and ground based electromagnetic surveys over both the CS and Karga Prospects.

Canyon has secured a rotary air blast rig for up to 12 months and Outer Rim Geophysics has been commissioned to undertake moving loop electromagnetic surveys. These exploration activities are expected to begin next month following the end of the current wet season.



Prospectivity of Burkina Faso

Canyon’s mineral exploration projects in Burkina Faso cover an area of 3010 square kilometres in the Birimian Greenstone Belts of the West African craton. These permits comprise four project areas known as the Taparko North Project, the Tao Project, the Derosa Project and the Wilier Project.

The Taparko North Project is situated in the Yalogo Belt. This greenstone belt hosts the 2 million ounce Taparko gold mine and the 2.1 million ounce Inata gold mine.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5.8 million ounce Essakane gold mine.

A recently completed 7005 metre reverse circulation drilling program on the project returned strong results over a 2.5 kilometre long strike, with a highlight of 20 metres at 11g/t gold from 56 metres, including 4 metres at 50.68g/t gold.

]]>
Tue, 18 Oct 2011 12:40:00 -0400 https://www.proactiveinvestors.com/companies/news/151281/canyon-resources-discovers-large-gold-and-base-metal-soil-anomalies-in-burkina-faso-20870.html
<![CDATA[News - Canyon Resources hits broad zones of near surface gold in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151280/canyon-resources-hits-broad-zones-of-near-surface-gold-in-burkina-faso-19390.html Burkina Faso is really starting to heat up as an exploration hot spot of choice for Australian companies, with Canyon Resources (ASX: CAY) the most recent to make some significant gold hits.

Using reverse circulation drilling, the latest highlight was 20 metres at 4.46 grams per tonne (g/t) gold from 44 metres, which includes the very high grade 4 metres at 19.01g/t gold.

Other results included 8 metres at 4.00g/t gold from 44 metres, 8 metres at 2.42g/t gold from 108 metres, and 8 metres at 2.24g/t gold from 32 metres.

The outcome from the gold hits is the continuity of mineralisation over a 2.5 kilometre strike length, which importantly remains open to both the north and south, and at depth.

Canyon will now initiate substantial follow up drilling programs, aimed at delineating delineate the geometry of the mineralisation, and to gain a better understanding of the structural controls on the gold lodes.

 

]]>
Thu, 08 Sep 2011 10:09:00 -0400 https://www.proactiveinvestors.com/companies/news/151280/canyon-resources-hits-broad-zones-of-near-surface-gold-in-burkina-faso-19390.html
<![CDATA[News - Canyon Resources intersects more high grade gold at Tao Project in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151279/canyon-resources-intersects-more-high-grade-gold-at-tao-project-in-burkina-faso-19102.html Canyon Resources (ASX: CAY) has intersected further high grade gold from its recently completed 73 hole 7,005 metre reverse circulation drilling campaign on the Tao Project in north eastern Burkina Faso, West Africa.

The company would be encouraged by the results from a further nine drill holes as they point to the prospectivity of this project and include:

- 20 metres at 4.01 g/t gold from 64 metres, including 4 metres at 15.10 g/t gold;
- 8 metres at 6.82 g/t gold from 28 metres; and
- 4 metres at 1.90 g/t gold from 40 metres.

These results complement previously announced results from the same program including 20 metres at 11.0 g/t gold from 56 metres, including 4 metres at 50.68 g/t gold.

The continuity of gold mineralisation has been confirmed over a 1 kilometre strike length at the Tondoby Prospect and mineralisation remains open to the north and south, and at depth, with further results pending.

In total, results from 34 holes have now been returned with results yet to be received for a further 39 holes.

The Tao Project lies in the Gorouol Greenstone Belt which hosts Burkina Faso’s largest gold deposit, the 5.8Moz Essakane gold mine.



]]>
Tue, 30 Aug 2011 14:54:00 -0400 https://www.proactiveinvestors.com/companies/news/151279/canyon-resources-intersects-more-high-grade-gold-at-tao-project-in-burkina-faso-19102.html
<![CDATA[News - Canyon Resources intercepts bonanza grade gold in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151278/canyon-resources-intercepts-bonanza-grade-gold-in-burkina-faso--18970.html Canyon Resources (ASX: CAY) has intersected 4 metres at 50.68 grams per tonne (g/t) gold from its recently completed maiden 7,005 metre reverse circulation (RC) drilling campaign on the Tao Project in north eastern Burkina Faso.

Sample assays from an additional 14 of the 73 holes have been returned and outline gold mineralisation over a 1 kilometre strike length at the Tondoby Prospect.

Highlights include:

- 20 metres  at 11.0 g/t Au from 56 metres, including 4 metres at 50.68 g/t Au;
- 8 metres at 2.46 g/t Au from 60 metres; and
- 12 metres at 1.94 g/t Au from 60 metres.

These results complement previously announced results from the same program including 24 metres at 1.89 g/t gold from 20 metres, including 8 metres at 5.07 g/t gold.

Pending results from the remaining 48 holes have the potential to extend the strike length significantly and are expected over the coming weeks.

Canyon’s mineral exploration projects in Burkina Faso cover an area of 3,010 square kilometres in the Birimian Greenstone Belts of the West African craton.

These permits comprise four project areas known as the Taparko North Project, the Tao Project, the Derosa Project and the Wilier Project.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

]]>
Thu, 25 Aug 2011 15:08:00 -0400 https://www.proactiveinvestors.com/companies/news/151278/canyon-resources-intercepts-bonanza-grade-gold-in-burkina-faso--18970.html
<![CDATA[News - Canyon Resources exploration footprint in Burkina Faso to pass 3000 square kilometres ]]> https://www.proactiveinvestors.com/companies/news/151277/canyon-resources-exploration-footprint-in-burkina-faso-to-pass-3000-square-kilometres-18611.html Canyon Resources (ASX: CAY) is fresh from a $1.4 million placement at a 9.4% premium to the market, and has now entered into an agreement to acquire the Wilier Project in eastern Burkina Faso.

The project is located in the Fada N’Gourma greenstone belt, and comprises two granted permits totalling 490 square kilometres.

Highlighting the prospectivity of the area, extensions of the belt host the 2.5 million ounce Samira Hill gold mine and the 1.1 million ounce Youga gold mine.

Consideration for 100% ownership of Wilier is staggered, with US$120,000 upon the signing of the agreement, with a further US$100,000 payment on both the first and second anniversary, with an additional US$80,000 on the third anniversary.

The acquisition would allow Canyon to hold exploration permits over more than 3000 square kilometres in the country.

The recent $1.4 million placement was primarily subscribed by Canadian based Dynamic Precious Metals Fund, which is part of the Goodman and Company, Investment Counsel Ltd group - which holds more than C$12 billion in assets.

 

]]>
Fri, 12 Aug 2011 12:42:00 -0400 https://www.proactiveinvestors.com/companies/news/151277/canyon-resources-exploration-footprint-in-burkina-faso-to-pass-3000-square-kilometres-18611.html
<![CDATA[News - Canyon Resources to raise up to $1.4m, Goodman and Company fund buys shares ]]> https://www.proactiveinvestors.com/companies/news/151276/canyon-resources-to-raise-up-to-14m-goodman-and-company-fund-buys-shares-18522.html Canyon Resources (ASX: CAY) has received a major vote of confidence in the company's gold focused Burkina Faso based projects, with an up to A$1.4 million placement priced at $0.35 - a 9.4% premium to the market.

The placement will primarily be subscribed by Canadian based Dynamic Precious Metals Fund, which is part of the Goodman and Company, Investment Counsel Ltd group - which holds more than C$12 billion in assets.

The placement of shares, struck at a premium to market price in the current volatile markets and to the Goodman and Company fund, is a coup for Canyon Resources.

Phil Gallagher, managing director of Canyon, added “We are delighted to welcome Goodman and Company as a substantial shareholder of Canyon Resources.

"We are pleased by the strong support demonstrated by Goodman and Company by investing in Canyon at a premium to market, particularly in light of current market conditions”.

The interest no doubt from Canadian group is due to some promising maiden reverse circulation drilling results by Canyon announced last week from Burkina Faso.

At the Tao project the first assays to be received from 11 of 73 holes from a 7,000 metre program included:

- 24 metres at 1.89 grams per tonne (g/t) gold from 20 metres, including 8 metres at 5.07g/t gold; and
- 20 metres at 1.95g/t gold from 84 metres, including 8 metres at 4.18g/t gold.

The initial results compliment previous drilling results and confirmed the potential for significant gold mineralisation at the project.

Canyon holds a significant 2,513 square kilometre footprint in the West African country, which covers ten permits in three project areas called Taparko North, Tao and Derosa - strategically located in the Birimian Greenstone Belts.

Highlighting the potential for Canyon in the area, Taparko North is situated in the Yalogo Belt which hosts the 2 million ounce Taparko gold mine and the 1.7 million ounce Inata gold mine.

 

]]>
Wed, 10 Aug 2011 11:45:00 -0400 https://www.proactiveinvestors.com/companies/news/151276/canyon-resources-to-raise-up-to-14m-goodman-and-company-fund-buys-shares-18522.html
<![CDATA[News - Canyon Resources in trading halt pending placement announcement ]]> https://www.proactiveinvestors.com/companies/news/151275/canyon-resources-in-trading-halt-pending-placement-announcement-18474.html Canyon Resources (ASX: CAY) has been granted a trading halt by the ASX pending the release of information about a potential placement.

The company expects to make an announcement on or before the commencement of trading on Thursday 11th August.

Canyon did not elaborate on the placement, however the company recently returned broad gold intercepts from its maiden 7,005 metre reverse circulation  drilling program at the Tondoby prospect on the Tao Project in North Eastern Burkina Faso.

The initial batch of composite samples collected from the first 11 holes have been returned indicating very wide mineralised gold intercepts coinciding with the surface anomaly.

The initial results complement previous drilling results, confirming the potential for significant gold mineralisation at the Tao Project.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

]]>
Tue, 09 Aug 2011 10:01:00 -0400 https://www.proactiveinvestors.com/companies/news/151275/canyon-resources-in-trading-halt-pending-placement-announcement-18474.html
<![CDATA[News - Canyon Resources initial drilling hits wide gold mineralisation in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151274/canyon-resources-initial-drilling-hits-wide-gold-mineralisation-in-burkina-faso-18308.html Canyon Resources (ASX: CAY) has returned broad gold intercepts from its maiden 7,005 metre reverse circulation  drilling program at the Tondoby prospect on the Tao Project in North Eastern Burkina Faso.

The initial batch of composite samples collected from the first 11 holes have been returned indicating very wide mineralised gold intercepts coinciding with the surface anomaly. 

Highlights include:

- 24 metres at 1.89 grams per tonne (g/t) gold from 20 metres, including 8 metres at 5.07 g/t gold; and
- 20 metres at 1.95 g/t gold from 84 metres, including 8 metres at 4.18 g/t gold.

These initial results compliment previous drilling results, confirming the potential for significant gold mineralisation at the Tao Project.

The program followed up active artisanal gold workings extending over 800 metres in length. Previous workers had tested the prospect with both reverse circulation and rotary air blast drilling which returned significant gold results that were not followed up.

Samples collected for the remaining 62 holes have been submitted for gold assay and results are expected in late August.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

 

]]>
Tue, 02 Aug 2011 16:36:00 -0400 https://www.proactiveinvestors.com/companies/news/151274/canyon-resources-initial-drilling-hits-wide-gold-mineralisation-in-burkina-faso-18308.html
<![CDATA[News - Canyon Resources boosts gold focused Burkina Faso landholding twice in three months ]]> https://www.proactiveinvestors.com/companies/news/151273/canyon-resources-boosts-gold-focused-burkina-faso-landholding-twice-in-three-months-17634.html Canyon Resources (ASX: CAY) continues to boost land holdings in Burkina Faso, with the country providing strong gold mining potential, with many gold projects in operation.

The acquisitions can be considered prospective due to several gold deposits in the area, including the Orezone Gold Corp (TSE: ORE) 700,000 gold ounce Sega deposit and the Cluff Gold (LON: CLF, TSE: CFG) 500,000 gold ounce Kalsaka deposit, which are both around 50 kilometres to the east.

The two additional permits which form the acquisition are contiguous to the company's Derosa Project, growing the project by 385 square kilometres to almost 1400 square kilometres, covering six contiguous permits.

Canyon’s total exploration area in Burkina Faso now exceeds 2500 square kilometres.

Consideration comprises Canyon making cash payments, and to gain 100% ownership the company is required to pay:

- US$50,000 at the time of the permits being granted;
- US$50,000 six months from the granting of the permits;
- US$60,000 on the 1st anniversary of the granting of the permits;
- US$60,000 on the 2nd anniversary of the granting of the permits; and
- US$80,000 on the 3rd anniversary of the granting of the permits.

In total Canyon will now control 10 permits in the Birimian Greenstone Belts of the West African craton, known as Taparko North Project, the Tao Project and the Derosa Project.

The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the IAMGOLD Corporation (TSE: IMG) 5 million ounce Essakane gold mine.

Significantly, both projects are situated along north east striking structures.

The major gold endowed north east – south west trending Markoye Fault is recognised as hosting both the Taparko and Essakane gold deposits and the Orezone Gold Corp (TSE: ORE) 3.5 million ounce Bomboré gold deposit, situated along strike to the south west.

Adding to the potential further, numerous artisanal gold occurrences have also been located along the trend of the Markoye Fault within the Taparko North Project.

 

]]>
Tue, 05 Jul 2011 15:47:00 -0400 https://www.proactiveinvestors.com/companies/news/151273/canyon-resources-boosts-gold-focused-burkina-faso-landholding-twice-in-three-months-17634.html
<![CDATA[News - Canyon Resources doubles gold exploration footprint in highly prospective West Africa ]]> https://www.proactiveinvestors.com/companies/news/151271/canyon-resources-doubles-gold-exploration-footprint-in-highly-prospective-west-africa--15577.html Canyon Resources (ASX: CAY) continues to build exploration momentum in the red hot area of West Africa, by acquiring new tenement licenses which have doubled the company's footprint in the area.

Consideration comprises both cash and scrip over a three year period for full ownership, for a total of $550,000 in cash and 150,000 Canyon shares.

Highlighting the prospectivity in the area is three gold mines are located within 200 kilometres to the west of the permits.

These include the 1.8 million ounce Bissa Deposit, the nearly three quarter million ounce Sega Deposit abd the half million ounce Kalsaka Deposit.

The company will commence initial mapping and ground surveys before receiving the licenses and will begin more extensive exploration after the permits are granted.

Chris Connell, exploration manager, said “Canyon will commence initial mapping on the area, which will be the first Western exploration undertaken on these tenements.”

The acquisition includes four contiguous exploration permits for 1,004 square kilometres at the Derosa Project, doubling the company’s footprint to 2,128 square kilometres in Burkina Faso.

Canyon also has two other gold projects in the north of the country, the Taparko North and Tao Projects.

Both projects lie along strike from operating multi million ounce gold mines including Taparko with two million gold ounces and Essakane with five million gold ounces.

The company has strong relationships with successful explorers in Burkina Faso and is currently assessing other West African gold opportunities.

Phillip Gallagher, managing director, said “with the significant discoveries that are being made in Burkina Faso in recent years, meaningful and contiguous exploration permit holdings are becoming difficult and expensive to secure in Burkina Faso.”

The breakdown of the consideration is the Canyon will acquire the project through an initial payment of US$10,000 upon signing the contract and another payment of US$50,000 once the permits have been granted.

The deal also obligates the company to provide US$100,000 and 50,000 company shares on the first anniversary of granting the permits and another US$100,000 on the second anniversary.

The final instalment will be US$290,000 and 100,000 company shares on the third anniversary of granting the permits.

Canyon is currently well funded with $4.6 million on hand to fund planned exploration.

 

]]>
Mon, 18 Apr 2011 13:15:00 -0400 https://www.proactiveinvestors.com/companies/news/151271/canyon-resources-doubles-gold-exploration-footprint-in-highly-prospective-west-africa--15577.html
<![CDATA[News - Canyon Resources identifies significant gold and copper in West Africa ]]> https://www.proactiveinvestors.com/companies/news/151269/canyon-resources-identifies-significant-gold-and-copper-in-west-africa-15326.html Canyon Resources (ASX: CAY) has identified potential for volcanogenic massive sulphide (VMS) style mineralisation from initial surface geochemical sampling and auger drilling results at the Taparko North Project in Burkina Faso, West Africa.

Reconnaissance rock chip values include:

- 0.96% copper (Cu), 0.83g/t gold (Au), 22.9g/t silver (Ag), 0.79% lead (Pb), 0.76% zinc (Zn);
- 0.85% Cu, 0.87g/t Au, 20.5g/t Ag, 0.71% Pb, 0.67% Zn; and
- 0.84% Cu, 0.46g/t Au, 19.9g/t Ag, 0.69% Pb, 0.68% Zn.

Canyon commenced this exploration program in late 2010 and two auger rigs are continuing to drill at the Taparko North Project.

Initial auger soil results returned peak values of 0.33% Cu and 0.2% Zn identifying coherent anomalies along a 2.6km corridor which remains open along strike.

When combined with the previously announced strong gold results from rock chips in the same area, Canyon would be encouraged by the potential of its Taparko North Project to host significant gold and base metal resources.

Phillip Gallagher, managing director, said “the multi-element results from the CS2 prospect on the Taparko North Project, and in particular the copper results, are an exciting and unexpected development for Canyon."

The project is situated in the Yalogo greenstone belt which hosts the two million ounce Taparko gold mine and the 1.7 million ounce Inata gold mine.

Recent non-gold discoveries by other explorers in Burkina Faso in similar Birimian geological sequences, such as Blackthorn Resources (ASX: BTR) and AusQuest (ASX: AQD), demonstrate the potential of the permits.

Prior to Canyon’s acquisition of the Taparko North, Tigou and Tyekobo permits no significant exploration had been undertaken within the region.  The potential for Canyon’s permits to host gold mineralisation had already been identified through the existence of several artisanal gold workings on the company’s tenements.

Canyon plans to undertake a geophysical survey as soon as possible to explore for sulphide mineralisation. Geophysical anomalies from either an electromagnetic (EM) survey or an Induced Polarisation (IP) survey when combined with the existing geochemical data would greatly enhance Canyon’s targeting for future drilling campaigns.

]]>
Thu, 07 Apr 2011 16:10:00 -0400 https://www.proactiveinvestors.com/companies/news/151269/canyon-resources-identifies-significant-gold-and-copper-in-west-africa-15326.html
<![CDATA[News - Canyon Resources ramps up drilling at gold projects in West Africa ]]> https://www.proactiveinvestors.com/companies/news/151267/canyon-resources-ramps-up-drilling-at-gold-projects-in-west-africa-14102.html Canyon Resources (ASX: CAY) is accelerating the exploration program on its Burkina Faso gold projects following the discovery of several new prospects on its recently acquired permits.

Two auger rigs are now drilling the Taparko North Gold Project and the Tao Gold Project, which are both easily accessible by road, being approximately 240km northeast of Ouagadougou, the West African country's capital city.

Since commencing the auger drilling program in late November 2010, Canyon has drilled 6,616 meters and taken in excess of 1,300 samples.

A limited number of rock chip samples were recently collected from the Babrika artisanal site that returned anomalous results including 6.16 g/t gold, 4.43 g/t gold and 2.44 g/t gold.

The bulk of the auger samples collected are currently in the laboratory for analysis with the first batch of results expected soon.

A reverse circulation (RC) rig due is due to commence drilling March / April 2011. An initial 5,000m program is designed for the Tondoby Prospect, with further drilling being planned.

Canyon has an option to retain the RC rig if additional drill targets are identified during the current auger drilling program.

The Taparko North Gold Project is situated in the Yalogo greenstone belt which hosts the 2 million ounce Taparko gold mine and the 1.7 million ounce Inata gold mine.

The Tao Gold Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

]]>
Mon, 21 Feb 2011 16:40:00 -0500 https://www.proactiveinvestors.com/companies/news/151267/canyon-resources-ramps-up-drilling-at-gold-projects-in-west-africa-14102.html
<![CDATA[News - Canyon Resources raises A$3m to advance gold exploration in West Africa ]]> https://www.proactiveinvestors.com/companies/news/151265/canyon-resources-raises-a3m-to-advance-gold-exploration-in-west-africa-12627.html Canyon Resources (ASX: CAY) will raise up to A$3 million through a placement of about 8 million ordinary shares at $0.38 per share.

The placement will allow Canyon to continue to expand its current auger drilling program in Burkina Faso, West Africa.

The company will carry out its maiden reverse circulation drill campaign on both the Tao and Taparko North Gold Projects, which is expected to commence in March 2011.

In addition, Canyon will continue to assess additional gold project acquisition opportunities in West Africa.

The company is no longer in a trading halt on this announcement.

Canyon received strong support for the placement from many existing shareholders, as well as from domestic and international clients of Hartleys Limited, who is broker to the offer.

Since acquiring the Tao and Taparko North Gold Projects in September this year, Canyon has identified a number of high priority exploration targets.

The placement is subject to shareholder approval at a general meeting expected to take place on or around 19 January 2011.

CAY shares rose 4.4% to $0.47 in trading today.

]]>
Thu, 16 Dec 2010 16:04:00 -0500 https://www.proactiveinvestors.com/companies/news/151265/canyon-resources-raises-a3m-to-advance-gold-exploration-in-west-africa-12627.html
<![CDATA[News - Canyon Resources boosts African exposure with new gold tenement purchases ]]> https://www.proactiveinvestors.com/companies/news/151264/canyon-resources-boosts-african-exposure-with-new-gold-tenement-purchases-12478.html With the purchase of two gold tenements in Burkina Faso, West Africa, Canyon Resources (ASX: CAY) has extended its holding to more than 1,100km2.

The tenements are contiguous to Canyon’s wholly owned Tarparko North Project.

Consideration comprises US$50,000 and 750,000 shares over a three year period, for 100% ownership of two tenements, Tigou and Tyekobo.

In addition, Canyon must meet minimum expenditure commitments on the two tenements of US$800,000 over three years, and providing the vendor a 2% net smelter return royalty, which can be bought out by Canyon for US$2,000,000 per tenement if required at a later date.

An augur drilling program will commence on the new tenements in early 2011.

 

]]>
Fri, 10 Dec 2010 10:32:00 -0500 https://www.proactiveinvestors.com/companies/news/151264/canyon-resources-boosts-african-exposure-with-new-gold-tenement-purchases-12478.html
<![CDATA[News - Canyon Resources targets gold in auger drilling in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151262/canyon-resources-targets-gold-in-auger-drilling-in-burkina-faso-12002.html Canyon Resources (ASX: CAY) is targeting gold in Burkina Faso with an auger drilling program, with a minimum of 10,000 metres to be drilled at Taparko North, with additional holes being planned for the Taparko North and the Tao Project.

The initial program consists of a 400m by 80m gridded pattern designed to test favourable structural and geological areas, with a particular focus over the Markoye Fault corridor.

Phil Gallagher, managing director, said "Although it is early days for Canyon in West Africa, the existence of several multi million ounce gold deposits in the Markoye Fault corridor, where Canyon's drilling is focusing, and the shallow artisanal mining we've witnessed on both of our gold projects provides the board with confidence that Canyon has a great opportunity to discover a large gold deposit on its tenements."

Canyon said the auger rig will work double shifts to accelerate the identification of potential gold anomalies, allowing follow-up drilling programs to be designed and carried out sooner.

Reverse cirulation drilling is planned to begin in early 2011.

 

]]>
Thu, 25 Nov 2010 10:09:00 -0500 https://www.proactiveinvestors.com/companies/news/151262/canyon-resources-targets-gold-in-auger-drilling-in-burkina-faso-12002.html
<![CDATA[News - Canyon Resources identifies two prospects at the Tao Gold Project in Burkina Faso ]]> https://www.proactiveinvestors.com/companies/news/151260/canyon-resources-identifies-two-prospects-at-the-tao-gold-project-in-burkina-faso-11607.html Canyon Resources (ASX: CAY) has identified two gold prospects, both with significant gold intercepts, at the Tao Gold Project in Burkina Faso.

The two prospects on the Tao Project have been drilled by previous explorers, primarily on the basis of artisanal gold workings and surface geochemical anomalies.

The prospects are known as Tondoby and Bandiedaga.

Previous drilling highlights from Tondoby include:

- 9m @ 4.00 g/t gold from 60m;
- 9m @ 3.09 g/t gold from 36m; and
- 4m @ 8.07 g/t gold from 25m.

Previous drilling highlights from Bandiedaga include:

- 3m @ 1.17 g/t Au from 15m;
- 9m @ 1.04 g/t Au from 9m; and
- 3m @ 2.42 g/t Au from 12m.

Phil Gallagher, managing director, said “Canyon acquired both the Taparko North and Tao Projects on the basis of favourable geological and structural settings in proven mineralised belts, and the historical exploration data strongly supports our expectations for this gold project.

"The data demonstrates that gold mineralisation has been delineated on at least two prospects on our Tao Project and that this ground warrants a significant exploration campaign.”

]]>
Thu, 11 Nov 2010 10:50:00 -0500 https://www.proactiveinvestors.com/companies/news/151260/canyon-resources-identifies-two-prospects-at-the-tao-gold-project-in-burkina-faso-11607.html
<![CDATA[News - Canyon Resources acquires gold projects close to major gold discoveries in West Africa ]]> https://www.proactiveinvestors.com/companies/news/151259/canyon-resources-acquires-gold-projects-close-to-major-gold-discoveries-in-west-africa-11120.html The acquisition of two gold projects located in the Birimian Greenstone Belts of the West African craton, host to numerous multi-million ounce gold deposits in Burkina Faso, West Africa, has now been completed by Canyon Resources (ASX: CAY), in an all scrip transaction.

The Taparko North Gold Project is situated in the Yalogo Belt, is located near to the 2 million ounce Taparko gold mine and the 1.7 million ounce Inata gold mine.

The Tao Gold Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the 5 million ounce Essakane gold mine.

The project tenements cover an area of 658 square kilometres over 4 permits, and are both easily accessible by road, being approximately 240km northeast of Ouagadougou, the capital of Burkina Faso.

Canyon will commence an aggressive exploration program soon, with the two gold projects just a stepping stone for the company into the area.

Phil Gallagher, managing director, said "This is a significant milestone for Canyon and we look forward to further growing the company via aggressive exploration on the two highly prospective gold projects, plus through targeted acquisition of additional exploration tenements and new gold projects in West Africa.”

Consideration for the 100% acquisition of Askia Sarl is; 3 million shares to be issued on completion of the first field season, 30 April 2011, of exploration and results of the exploration being to Canyon’s satisfaction.

And, 2.5 million shares to be issued on completion of the second field season, 30 April 2012, of exploration and results of the exploration being to Canyon’s satisfaction.

In addition, subject to the achievement of certain project hurdles, further issues of shares to the current controllers of Askia Sarl will be made.

Canyon said the terms of the milestone hurdles have altered during negotiations and the shares will now be issued as follows:

- 5 million shares to be issued subject to the definition of an inferred 0.5 million ounce gold resource; and
- 10 million shares to be issued subject to the definition of an inferred 1 million ounce gold resource.

]]>
Tue, 26 Oct 2010 05:36:00 -0400 https://www.proactiveinvestors.com/companies/news/151259/canyon-resources-acquires-gold-projects-close-to-major-gold-discoveries-in-west-africa-11120.html
<![CDATA[News - Canyon Resources to acquire highly prospective African gold projects ]]> https://www.proactiveinvestors.com/companies/news/151257/canyon-resources-to-acquire-highly-prospective-african-gold-projects--9744.html Canyon Resources (ASX: CAY) has entered into a binding agreement to acquire control of the Taparko North and Tao Projects in North Eastern Burkina Faso, West Africa, through the purchase of Askia Sarl Pty Ltd.

Subject to due diligence, Canyon will acquire Askia Sarl and the gold projects, through the initial issue of 3.25 million Canyon shares to the vendor (or nominees) of Askia Sarl.

The gold projects are located in the Birimian Greenstone Belts of the West African Craton and are considered highly prospective for the discovery of large gold deposits.

Both projects are located in favourable structural and geological settings with the Taparko North Project situated along the north east striking structural corridor which includes the major gold endowed Markoye Fault.

The Taparko North Project lies in the the same greenstone belt that hosts the 2 million ounce Taparko gold mine and the 1.7 million ounce Inata gold mine. The project is also situated in the Markoye Fault corridor that hosts the Essakane, Taparko and Bombore gold deposits and numerous artisanal gold occurrences.

The Tao Project lies in the greenstone belt which hosts the largest identified gold deposit in Burkina Faso, the 5 million ounce Essakane gold mine. The project is situated on a parallel, north east striking structure that hosts numerous artisanal gold operations.

The vendor and associates of Askia Sarl have worked extensively in Burkina Faso and have previously been involved in the identification and discovery of a significant gold deposit with a current JORC compliant resource of over 1 million ounces.

Canyon has conducted a site visit with representatives of Askia Sarl. Due diligence is expected to be finalised by mid October 2010, after which Canyon plans to immediately commence exploration on the gold projects.

Initial exploration will include a first pass geochemical exploration and RAB drilling program.

Chris Connell, Canyon Resources’ exploration manager said “both the Taparko North and Tao Projects cover highly prospective Birimian greenstones along with major gold endowed structures."

"There is active shallow artisanal mining being conducted by local people on both Projects and we sighted primary quartz hosted gold specimens being mined at several locations."

"The favourable structural and geological settings represent an outstanding opportunity for the discovery of a large ore deposit within the tenements.”
 
Phil Gallagher, managing director, said "Canyon’s acquisition of the Taparko North and Tao Projects will strengthen its asset portfolio by providing exposure to a region in West Africa that is highly prospective for hosting large gold deposits, while we continue to progress the exploration of our Western Australian gold project.”

To maintain ownership of Askia Sarl and the gold projects, Canyon is required, at its election, to issue further shares in staged payments as follows:

- 3 million shares to be issued by completion of the first field season (30th April 2011) of exploration and results of the exploration being to Canyon’s satisfaction; and
- 2.5 million shares to be issued by completion of the second field season (30th April 2012) of exploration and results of the exploration being to Canyon’s satisfaction.

In addition, subject to the achievement of certain project hurdles, further issues of shares to the vendors (or nominees) of Askia Sarl will be made as follows:

- 5 million shares to be issued subject to the definition of a 500,000 ounce indicated gold resource; and
- 10 million shares to be issued subject to the definition of a 1 million ounce indicated gold resource.

The structure and terms of the consideration are subject to shareholder and ASX approval.

Canyon Resources shares rose 17% to 34 cents in trading today. The company had 3,218,000 cash at the end of the June quarter.

]]>
Thu, 02 Sep 2010 11:44:00 -0400 https://www.proactiveinvestors.com/companies/news/151257/canyon-resources-to-acquire-highly-prospective-african-gold-projects--9744.html