Canyon’s mineral exploration projects in Burkina Faso cover an area of approximately 3,500km² 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 (farmed out to Rumble Resources Limited).
The Tao Project lies in the Gorouol Greenstone Belt which hosts the country’s largest deposit, the major Essakane gold mine. Previous RC drilling by Canyon at Tao has intersected high-grade gold mineralisation over a 13km strike length.
The Taparko North Project is situated in the Yalogo Belt. This greenstone belt hosts the Taparko gold mine and the large Inata gold mine.
Significantly, both projects are situated along northeast striking structures. The major gold endowed northeast–southwest trending Markoye Fault is recognised as hosting both the Taparko and Essakane gold deposits and the Bomboré gold deposit, situated along strike to the southwest. Numerous artisanal gold occurrences have also been located along the trend of the Markoye Fault within the Taparko North Project.
The Pinarello and Konkolikan Projects comprises six exploration permits with a combined area of 1,104km². The project area is located on the Hounde Greenstone Belt in the highly prospective southwest region of Burkina Faso. The Hounde Greenstone Belt hosts significant gold mineralisation including the Mana gold mine, the Bondi prospect and the MM prospect.
The Derosa Project is a package of six recently granted exploration permits. The permits offer an early stage exploration opportunity in area that has active artisanal mining and significant exploration potential. Rumble Resources Limited is earning up to a 75% interest in the Derosa Project from Canyon, which will require Rumble to spend $3 million on exploration of the project over a 5-year period and meet project acquisition costs.
Canyon’s projects represent a combination of outstanding geological and structural settings in highly gold endowed Birimian Greenstone Belts, with recognised major gold hosting structures traversing the project areas. As such, the project areas have potential to host significant mineral resources.