Black Canyon (ASX:BCA) commences RC drilling at Wandanya and KR2, announces share purchase plan

September 16, 2024 12:09 PM AEST | By Sonal Goyal

Black Canyon (ASX:BCA) commences RC drilling at Wandanya and KR2, announces share purchase plan — Image source: Company update

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Highlights

RC drilling has commenced at the W2 prospect within the Wandanya Project, aiming to determine the thickness of the mineralisation

Infill drilling at KR2 aims to upgrade the inferred mineral resource for more detailed development studies.

The Share Purchase Plan (SPP), targeting AU$0.5 million, is scheduled to close on 30 September 2024.

Black Canyon Limited (ASX:BCA), an Australia-based manganese developer and explorer, has commenced RC drilling at the W2 prospect within its 100%-owned Wandanya Project, with plans to undertake infill drilling at the KR2 site.

RC drilling at Wandanya

The RC drilling at the W2 prospect aims to follow up on a previous sampling campaign, which yielded multiple high-grade assays from rock chip samples collected 80m and 100m apart.

Infill drilling at KR2

The KR2 mineral resource is currently categorised as inferred, and the planned infill drilling aims to upgrade this classification to support more detailed development studies. The RC rig already moved to the area.

Share Purchase Plan

BCA is inviting its eligible shareholders—those residing in Australia and holding shares as of 26 July 2024—to participate in a Share Purchase Plan (SPP) on the same terms as the recent placementThe SPP offers shareholders the opportunity to increase their holdings by up to AU$30,000 without any brokerage or transaction fees.

Targeting to raise AU$0.5 million, the SPP is scheduled to close on 30 September 2024.

BCA shares traded at AU$0.055 apiece on 12 September 2024.

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