Canyon Resources extends Tao mineralisation

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THE DRILL SERGEANT: Canyon Resources (ASX: CAY) has received results from a recently completed RAB (Rotary Air Blast) drilling campaign on the company’s Tao project in north eastern Burkina Faso, which it claims has extended gold mineralisation.

Canyon carried out the 168 hole RAB drilling program south of the Tondoby prospect.

 

Tao project drill hole location plan. Source: Company announcement

 

“The results from the RAB drilling campaign have confirmed the extension of mineralisation to more than 13 kilometres of strike,” Canyon Resources managing director Phillip Gallagher said in the company’s announcement to the Australian Securities Exchange.

“Pleasingly, the mineralisation appears to continue further south through the Tao permit boundary and into the permit area that we have under application.”

Best results from the drilling included:

–    8m at 1.24 grams per tonne gold from 26 metres;

–    2m at 2.28g/t gold from 30m;

–    2m at 1.32g/t gold from 26m; and

–    6m at 0.73g/t gold from 4m.

Canyon is finalising its next phase for the current exploration season on the project.

This is scheduled to include an airborne magnetic geophysical survey to assist in targeting RC drilling.

Auger geochemistry previously conducted by Canyon highlighted a number of anomalous zones, which the company says has been validated by the RAB drilling results and geological logging.

The company has concluded two separate mineralised zones are evident: the first being the western zone, which it considers to be geologically equivalent to the Tondoby prospect, with mineralisation located at the sheared contact between diorite and metaschist (sedimentary derived); and, the eastern zone, which is located in an altered arkosic sediment (dirty sandstone).
 
“Over the past two years, Canyon’s RC drilling has been focused on the Tao project’s Tondoby prospect and this has consistently yielded zones of high-grade, shallow gold mineralisation that we believe may be repeated along strike,” Gallagher said.

“Subject to the results of the planned magnetic survey, we are proposing to step out our drilling to focus on targeting new zones along strike of the Tondoby prospect.”
 
Canyon indicated it is fully-funded to carry out its current work program at Tao as well as its Pinarello gold project having completed a placement and share purchase plan to raise approximately $1.83 million.