Black Canyon (ASX: BCA) completes tenement acquisition to expand its manganese portfolio - Kalkine Media

Highlights

• Black Canyon has finalised the 100% acquisition of granted licence E46/1383.
• The acquisition adds 351km² of exploration ground to the Company’s tenement position over the prospective Balfour Manganese Field.
• BCA believes that the Company has an opportunity to explore and discover significant Mineral Resources since there has been no historic drilling completed over the outcropping mineralisation.
• The Company plans to carry out drill testing at multiple targets in the coming field season.

ASX-listed manganese explorer and developer, Black Canyon Limited (ASX: BCA) today announced the completion of its 100% acquisition of granted licence E46/1383. With this tenement acquisition, the Company has been able to expand its prospective manganese portfolio by a further 351km² in the eastern Pilbara. This acquisition provides a large exploration footprint extending over prospective manganese enriched shale horizons within the Balfour Manganese Field.

Black Canyon had signed a binding Tenement Sale Agreement with Access Australia Mining (AAM) in March 2023 to acquire 100% of the tenement, excluding the mineral rights to copper.

The Strategic Acquisition

With this development, the company’s footprint across the Balfour Manganese Field has increased to  1,175km².

The licence covers multiple outcropping prospects enriched with manganese including a significant and continuous zone of mineralisation extending over 5km at KR1. Since there has been no historic drilling over the mineralisation, the company believes there is an opportunity to discover and delivering additional Mineral Resources.

Details of Field Exploration Drill Program over Balfour

To drill test multiple high-quality targets across the company’s wholly owned tenements within the Balfour Manganese Field, an initial reverse circulation drill campaign has been outlined.

The company will be conducting drill testing for tenements E46/1383 – at KR1, E46/1396 – at the Balfour West target and E46/1404 – at Pickering.

For the coming field season, BCA intends to complete 5,000 to 10,000 metres of reverse circulation drilling across the above-mentioned tenements.

Shares jump 15%

Post the acquisition announcement, BCA shares were spotted trading 15.38% higher at AU$0.22 on 14 June 2023, with a market capitalization of AU$10.08 million.