Canyon Resources Limited has reportedly acquired a fund of $4 million for the pre-feasibility study (PFS) development stage of Minim Martap Bauxite project in Cameroon. Canyon has successfully raised the fund by way of a private placement of shares to sophisticated and professional investors at an issue price of 16 cents per share.
Phillip Gallagher, Canyon’s Managing Director, said: “We are extremely pleased with the support we have received in the capital raising. Canyon is now funded to complete a PFS and move our global tier-one Minim Martap Bauxite Project into the next stage of development.”
The Minim Martap Project is located in the Adamawa region of Cameroon, adjacent to Canyon’s existing Birsok Bauxite Project.
Canyon Resources recently discovered 8 metres at 56.76% aluminium oxide and 1.63% silicon dioxide, 10 metres at 53.50% aluminium oxide and 2.08% silicon dioxide, and 8 metres at 53.30% aluminium oxide and 1.50% silicon dioxide while conducting aircore drilling over the Minim Martap Project.
It also appointed new Project Development Manager, James Durrant, for the Minim Martap Bauxite Project. Durrant is an experienced operations leader, project developer and technical marketing manager bringing relevant industry experience from BHP and Danakali.
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