Bauxite Project in Cameroon – Canyon to acquire Majority Interst in Highly Prospective Bauxite Licences in Cameroon.
Canyon Resources Limited has entered into a binding Joint Venture agreement with wholly owned subsidiaries of UK based Altus Strategies Ltd (“Altus Group”or “the Owner”) to acquire up to a 75% interest in the Birsok Bauxite Project (“Birsok Project” or “Project”) (Acquisition”) in an emerging bauxite province in Cameroon.
Canyon sees potential for the Birsok Project to be a material part of Cameroon’s emergence as a potential world-class producer of bauxite.
The Birsok Project is located in central Cameroon and is contiguous to the world class high grade Minim Martap bauxite deposit. The Project is comprised of two permits over 1,462km2 and is located along raised plateaux similar to the nearby Minim Martap Deposit. The project is highly prospective for high grade, low contaminant, DSO bauxite, and importantly is within 10km of the rail line to the Douala port facility.
Canyon Resources is focussed on increasing shareholder wealth through the active exploration of its projects in Burkina Faso, West Africa, with a goal of identifying an economic resource on its projects:
The Tarparko North and Tao projects are along strike from operating multi million ounce gold mines: