Highlights

• Induced Polarisation (IP) surveys have been completed at the Fig Tree Project.
• The Dipole-Dipole IP survey (DDIP) survey identified several near-surface targets coincident with outcropping manganese mineralisation, as well as subsurface IP responses interpreted as shallow down dip extensions.
• The Gradient Array IP (GAIP) survey detected multiple chargeability anomalies that require further investigation.

Black Canyon Limited (ASX:BCA) has reported promising results from the IP surveys conducted at the subcropping mineralisation and structural targets at the Fig Tree Project. The surveys focused on hydrothermal manganese mineralisation, which is geologically similar to the nearby Woodie Woodie manganese mine. The Fig Tree Project is part of the Carawine Resources joint venture, in which BCA holds a 75% interest.

A DDIP survey was undertaken to test a 1,400m-long subcropping manganese mineralisation zone along strike from HD1 prospect. Historic RC drilling at the HD1 prospect returned notable results, including 7m at 33.2% Mn from 2m and 3m at 17.0% from surface. This survey identified several near-surface chargeable anomalies that align with outcropping manganese mineralisation, as well as subsurface chargeable anomalies suggesting shallow down-dip extensions.

Additionally, a GAIP survey was conducted along strike of the Woodie Woodie mine to explore potential mineralisation within an interpreted "Woodie" structural corridor. The survey revealed several chargeability anomalies that warrant further investigation.

Multiple Targets Identified Through IP Surveys

Previous exploration across the tenement yielded high-grade manganese results from various prospects. Recent IP survey results have identified several new targets that require infill geophysical surveys before proceeding to drill testing.

To assess the previously recognised manganese prospects, the company utilised historic exploration datasets, which helped in identifying new IP survey targets.

Moving forward, the company plans to conduct additional IP surveys to evaluate the size and strength of the newly discovered chargeable anomalies and determine their significance. This will be a crucial step before refining potential drill targets, alongside assessing other prospects across the Fig Tree tenement.

Details of Historic Exploration at HD1 Prospect

At the HD1 prospect, high-grade mineralisation was previously sampled and drilled. A northwest-trending, structurally controlled corridor was mapped, extending 2,500 metres from the prospect. This corridor highlighted three manganese-rich outcrops along a 1,600-metre strike length.

One historic rock chip sample from these outcrops returned a manganese grade of 34.2% (PM102265), reinforcing the grade potential of the additional targets.

Project Details

The Fig Tree Project is part of BCA’s Carawine Project and is operated under a joint venture agreement with Carawine Resources. BCA holds a 75% interest in the JV, while Carawine Resources retains the remaining 25%. Both parties contribute to the JV expenditures in accordance withtheir respective interests in the JV.

Data source: Company update

BCA shares jump

Following the update, BCA’s shares went up by 6.06% to trade at AU$0.070 at the time of writing on 21 August 2024.