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Highlights:
- Black Canyon has earned 75% interest in the Carawine Joint Venture after the Company satisfied the commitment of AU $4 million expenditure.
- Black Canyon has made significant progress over the Joint Venture portfolio, specifically at Flanagan Bore.
- Manganese mineralisation was identified across the other joint venture project areas through regional exploration activities.
ASX listed exploration company, Black Canyon Limited (ASX: BCA) earns 75% interest in the Carawine Joint Venture (JV) tenements of Eastern Pilbara in Western Australia. The tenements cover an area of around 793 sq. kilometres.
Image Source: © 2023 Krish Capital Pty. Ltd.
The Company had executed a binding Heads of agreement with Carawine Resources Limited (ASX: CWX) way back on 23 December 2020. This provided the exclusive right to Black Canyon to farm-in to CWX’s Carawine Project. In order to earn 75% interest in the Carawine JV, Black Canyon was expected to spend AU $4 million within 5 years as per the terms of agreement.
Both companies will now be formalising the work program and budget for the JV for 2023. They will contribute to the expenditure of the JV as per their interests.
Progress at Flanagan Bore
Black Canyon also made significant progress at Flanagan Bore. The Company discovered JORC Mineral Resources of 171 Mt at 10.3% manganese. Manganese concentrate grades of more than 30% were confirmed by metallurgical testwork.
As per the Company the Scoping Study was completed at Flanagan Bore highlighting that project can generate strong financial returns over its mine life of 20 years. The Company also commenced Feasibility Studies at the Flanagan Bore.
Braeside, Oakover East and the Oakover West tenements areas of the joint venture confirmed manganese mineralisation through regional exploration activities.