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Canyon Resources raises $1.2 million from option conversion for bauxite project

The option exercised has resulted in 10 million shares being issued.

aircore drill rig on site
Drilling at the flagship Minim Martap bauxite project commenced in December

Canyon Resources Ltd (ASX:CAY) has received $1.2 million in funds due to the conversion of 10 million 12-cent options.

The funds raised will be used primarily for the Minim Martap Bauxite Project in Cameroon development and general working capital expenses.

READ: Canyon Resources strengthens board with project development experience

The Minim Martap Project hosts two bauxite deposits, the Ngouandal and Minim Martap deposits, which are within 25 kilometres of each other.

The deposits have a combined JORC resource estimate of 550 million tonnes at an average grade of 45.5% aluminium oxide and 2.06% silicon dioxide.

Canyon commenced an initial aircore drilling campaign and exploration at Minim Martap in December 2018 targeting bauxite.

Proactive spoke to managing director Phil Gallagher in December 2018.

Quick facts: Canyon Resources Ltd

Price: 0.145 AUD

ASX:CAY
Market: ASX
Market Cap: $64.28 m
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