Australian firm strengthens its position in Cmr bauxite exploitation

The multinational Australian Canyon Resources Ltd. strengthens its position in the exploitation of bauxite in Cameroon through the Birsok project in the central region, since it is poised to hold 75 percent of the project following a joint venture agreement in 2013, with the British company Altus Strategies Ltd.

In the latest research report published by the company, it mentioned that "the first drill program confirmed a thick mineralization from the surface bauxite with high content in this project on two licenses covering almost 1460 km2".

The last results obtained recoded the "highest to date", especially interceptions on the plateau of Djombi that explored, " high content bauxite of more than 50 percent of oxide aluminum (Al2O3) with low contaminant levels, or less than 5 percent of silicon dioxide (SiO2 from the surface)".

The Program will focus on 19 plateaus, through four prospects, a 'zone filled with bauxite of 3.5 km long, wide 40 m and thickness of an average 4 m with a content ranging from 40 to 45 percent aluminium oxide', reports Canyon Resource which hopes to produce bauxite DSO at Birsok.

Canyon Resources holds a 51 percent initial stake in this project for a funding of 10 billion CFA FRANCS for two years, which it will carry to 75 per cent, with additional funding of 20 billion CFA FRANCS over three years.