Canyon picks up new project
THE BOURSE WHISPERER: Burkina Faso-focused gold explorer Canyon Resources has entered into an agreement with a local vendor to purchase a new project.
The Wilier project is made up of two granted exploration permits, Tibaari and Boudangou, with a combined area of 490 square kilometres.
Canyon’s existing mineral exploration projects in Burkina Faso cover an area of 2,520sqkm over 10 permits in the Birimian Greenstone Belts of the West African craton.
The addition of the Wilier project expands Canyon’s exploration permits in Burkina Faso to 3,010sqkm covering four separate project areas; Taparko North, Tao, Derosa and now Wilier.
“We have had the opportunity to view a number of project areas for potential acquisition in Burkina Faso and the Wilier project exceeds our criteria for early stage projects,” Canyon Resources managing director Phillip Gallagher said in the company’s announcement to the Australian Securities Exchange.
“It is a testament to our team on the ground in Burkina Faso, managed by our exploration manager Chris Connell, that we are able to secure projects with such high exploration potential at a reasonable purchase price.”
Canyon will acquire 100% of the Wilier project via an initial payment on signing of the Agreement and a series of payments over a three year period.
The payments are to be made at Canyon’s election,, however, if Canyon elects not to make one of the payments it will relinquish ownership of the tenements.
To gain 100% ownership of both tenements Canyon is required to pay the following:
– US$120,000 upon the signing of the Agreement;
– US$100,000 on the 1st anniversary of the signing of the Agreement;
– US$100,000 on the 2nd anniversary of the signing of the Agreement; and
– US$ 80,000 on the 3rd anniversary of the signing of the Agreement.
The Wilier permits are located approximately 200 kilometres to the east of Burkina Faso’s capital city Ouagadougou, and occur within the Fada N’Gourma Greenstone Belt.
The northern extension of the Fada N’Gourma Greenstone Belt hosts Niger’s largest gold deposit, the 2.5 million ounce Samira Hill gold mine.
The Fada N’Gourma Greenstone Belt also represents the north eastern extension of the Youga Greenstone Belt that hosts the one million tonnes per annum Youga open pit gold mine.
The Wilier project has no previous geochemical or drilling data available, so Canyon is planning an immediate, comprehensive first pass exploration program to test its prospectivity.
The project will be subjected to extensive auger geochemical drilling, rotary air blast (RAB) drilling, field reconnaissance mapping and rock chip sampling.