CANYON IDENTIFIES WORLD CLASSHIGH-GRADE BAUXITE RESOURCE AT...

CANYON IDENTIFIES WORLD CLASSHIGH-GRADE BAUXITE RESOURCE AT MINIM MARTAP Highlights

• Very high grade Inferred Resource of 250.9Mt at 50.8% Al2O3 (total) and 1.9% SiO2 (total), within the existing resource.

• More than 50% of the area drilled for the current bulk resource at Minim Martap is over 50% Al2O3 with very low total silica – estimated reactive silica of 1.3%.

• Drilling is continuing on the high-grade bauxite plateaux with new assays currently with ALS South Africa and Ireland.

• Definition of a high-grade bauxite resource is a key value driver for Canyon’s development of a DSO export operation at Minim Martap and the long-term development potential of Cameroon bauxite.

Canyon Resources Ltd (ASX: CAY) is pleased to report a detailed review of previous exploration on its Minim Martap Project in Cameroon has identified significant zones of extremely high-grade bauxite with very low contaminants within the existing bauxite resource.

The very high-grade resource of 250.9 million tonnes at 50.8% Al2O3 (total) and 1.9% SiO2 (total), part of the previously announced Minim Martap Project resource, validates Canyon’s theory that the project is one of the highest grade very low silica bauxite resources globally, with clear potential to substantially grow the scale of the very high-grade zones.

Canyon engaged SRK Consulting to review results from previous drilling campaigns to identify very high-grade areas within the plateaux used to calculate the previously announced 550Mt bauxite resource. The resource previously announced on 9 August 2018 and upgraded to JORC 2012 compliant on 4 September 2012.

The cut-off grades and quality parameters for the bauxite review by SRK were based on the total silica being <3% and total alumina >40%. For high-grade alumina plateaux, total silica <4% was generally used when the total alumina was >48% The review identified significant areas of very high-grade bauxite within all 11 of the Minim Martap licence plateaux.