BCA - Black Canyon

[System]

Black Canyon has secured an option from ASX listed Carawine Resources Limited to acquire a majority interest in the Carawine Project in the East Pilbara region of Western Australia via a farm-in and joint venture agreement. The Carawine Project covers approximately 793 Km² of tenure located south of the operating Woodie-Woodie manganese mine, providing a large footprint in a proven and producing manganese belt. Black Canyon has also applied directly for another exploration license adjacent to the Carawine Project that will increase the total land holdings to over 1400 Km². Manganese has attractive fundamentals with growing utilisation in the battery mineral sector and dwindling supply.

In addition to Carawine, the Company has also agreed to acquire Zephyr Exploration Pty Ltd that has applied for exploration tenure over an area of 206 Km² at the Lofty Range Project located 30 km west from ASX listed Element 25's Butcherbird Manganese Project. Element 25 is currently developing the world class Butcherbird deposit to produce high quality manganese concentrate and High Purity Manganese (HPM) products for traditional and new energy markets.

Both the Carawine Project and Lofty Range Project (subject to grant) are highly prospective for manganese and have similar geological settings to Butcherbird. Black Canyon will look to identify new deposits through exploration and discovery on its project areas. Existing high-quality datasets have shortcut the exploration lead-time and drill ready targets have already been identified based on previous drilling, geophysical surveys and known near-surface manganese occurrences. The cost-effective proposed exploration drill programs will target shallow mineralisation with potential to delineate mineral resources.

In addition to manganese, the Carawine Project also hosts multiple copper occurrences including the Western Star prospect, a large zone of surface copper enrichment identified over an area 500m x 500m by shallow historic workings and exploration costeans. A limited amount of previous drilling at Western Star returned significant copper intersections with no follow-up completed to date.

It is anticipated that BCA will list on the ASX during April 2021.

Black Canyon - Black Canyon Limited

blackcanyon.com.au

 

[Dona Ferentes]

Listing date	15 March 2021 #
Contact details	Black Canyon - Black Canyon Pty Ltd blackcanyon.com.au 08 9486 4036
Principal Activities	Mining exploration
GICS industry group	TBA
Issue Price	$0.20
Issue Type	Ordinary Fully Paid Shares
Security code	BCA
Capital to be Raised	$5,000,000
Expected offer close date	1 April 2021
Underwriter	Not underwritten. Taylor Collison Limited (Lead Manager)

 

[Dona Ferentes]

And up... Manganese in the Pilbara.

...if the new reserves figures hold true after more work, it will more than double Australia’s known reserves of manganese.

In the ASX statement, Black Canyon announced the further upgrading of the size of mineral resource and contained manganese at its Flanagan Bore manganese prospect in the eastern Pilbara region of Western Australia to more than 100 million tonnes of ore resource which has an estimated 11 million tonnes of contained manganese.

 

[Dona Ferentes]

pushing up to 50c after yesterday's 25% rise.

Flanagan Bore is part of the Joint Venture with Carawine (CWX) and is subject to a farm in and joint venture agreement with Carawine Resources. Having earned a 51% interest, Black Canyon said yesterday it is now earning up to 75% in the Carawine Project tenements by sole funding an additional $2.5 million of exploration expenditure.

Black Canyon Executive Director, Brendan Cummins, said in Wednesday’s ASX statement:

“In my experience, this is uncommon and is testament to the robustness of the mineralisation we have discovered at FB3 and LR1. Defining an Indicated Mineral Resource of greater than 100Mt has more than exceeded our expectations at such and early stage for the project. “In addition the outcropping higher-grade zones averaging 12.8% Mn within this Mineral Resource exhibit impressive geological and grade continuity, both of which are extremely positive factors for resource optimisation and potential mining scenarios.

“The large tonnage resource also enables the Company to consider using elevated cut-off grades to increase the mine feed grade whilst maintaining sufficient tonnage for a long-life mining operation. “There also remains further upside at Flanagan Bore with several other manganese targets that have only been partly tested or remain untested such as FB1, FB5 and FB6 with the potential to deliver significant additional tonnage to the project.”