Black Canyon : Further shallow manganese drill results from Flanagan Bore

	ASX Announcement
only			ASX:BCA
	23 March 2022
use		Further shallow manganese drill results
		from Flanagan Bore
		HIGHLIGHTS
		• Assay results from the December 2021 reverse circulation (RC) drill program have been
		received for the FB5 and FB1 anomalies, Flanagan Bore
personal	• Drilling at FB1 encountered significant shallow high grade manganese intervals including:
o 22m @ 9.3% Mn Fe from surface until EOH (FBRC132)
		o	15m @ 11.1% Mn from 15m (FBRC138)
		o 11m @ 10.2% Mn from surface (FBRC142)
		o 30m @ 9.4% Mn from surface (FBRC143)
		o 12m @ 12.3% Mn from surface (FBRC156)
		o 21m @ 11.4% Mn from surface (FBRC159)
		• At FB1, the manganese enriched shale mineralisation extends over 1500m, along an
		interpreted fold structure
		• A single drill line completed at FB5 encountered shallow zones of manganese enriched
		shale including:
		o 22m @ 9.4% Mn from surface until EOH (FBRC130)
		o 21m @ 8.8% Mn from surface until EOH (FBRC131)
For	• Significantly, the drilling completed at FB5 confirms the manganese enriched shales are
likely to extend along strike for several kilometres to the southwest of the recent FB3
manganese discovery and shows large tonnage potential
• Mineral Resource estimates are progressing well, with a maiden estimate for the FB3
discovery and an expanded estimate for LR1 on track for delivery in early April 2022
• Metallurgical test work continues with the preparation of drill core composites for ore

sorting trials using industry specialists, ALS Metallurgy and Steinert Global, with completion expected in May 2022

ASX Code: BCA	Registered Address	Telephone: [phone]
	283 Rokeby Road	Email: [e-mail]
	Subiaco, WA, 6008	Website: www.blackcanyon.com.au

Black Canyon's Executive Director, Brendan Cummins, said "The drill results from these regional drill targets outside of the growing LR1 and emerging FB3 deposits provide further upside to the Flanagan Bore Project.

only"The Company's first drilling program has been very successful in discovering more manganese with the potential to deliver additional mineral resources at Flanagan Bore. We believe this is just the beginning, with several kilometres of mapped but untested manganese enriched shale providing targets for future exploration drill programs."

Australian manganese explorer, Black Canyon Limited (the Company) (ASX:BCA), is pleased to announce that all assay results have now been received from the RC drill program completed in December 2021. The widespread manganese mineralisation encountered at FB1 and FB5, with several high-grade intersections reported from surface, further reinforce the prospectivity of the manganese enriched shales

useat Flanagan Bore. These latest drill results confirm the large manganese endowment of the Project with updated Mineral Resource estimates well advanced at LR1 and the recently discovered FB3 deposit.

Located 120km north-east of Newman, Black Canyon's Flanagan Bore Project contains both tenements owned 100% by the Company as well as tenements that are part of the Company's Carawine Project, which are subject to a farm-in and joint venture agreement (the Agreement) with Carawine Resources Ltd (ASX:CWX) whereby Black Canyon can earn up to a 75% interest in the Carawine JV Project tenements.

personalFlanagan Bore Drill Program Summary

A total of 168 RC drill holes were completed for 5,569m and 13 PQ diamond drill core holes were completed for 477m during December 2021. The Company has now received and compiled all of the assay results from the drill program. A summary of the significant results is provided below and collar details for the drill program completed at FB1 and FB5 are presented in Appendix 1.

FB1 Prospect

A total of 35 holes for 1016m was drilled into the FB1 target following a folded sequence of manganese enriched shale. Wide spaced historic drilling (ASX announcement June 10, 2021) was followed up with 400m spaced drill lines and 100m drillhole centres designed to provide broader coverage to help understand mineralisation and continuity.

A number of significant drill results were received from the drill program, which are presented in Figure 1 and listed below:

1. 22m @ 9.4% Mn & 8.8% Fe from surface until EOH (FBRC130)

1. 22m @ 9.3% Mn & 9.4% Fe from surface until EOH (FBR131)

1. 15m @ 11.1% Mn & 10.8% Fe from 15m (FBR138)

1. 30m @ 9.4% Mn & 7.6% Fe from surface (FBRC143)

1. 12m @ 12.3% Mn & 9.6% Fe from surface (FBRC156)

ForB5 Prospect
o	21m @ 11.4% Mn & 9.3% Fe from surface (FBR159)

A total of 6 holes for 135m were drilled into the FB5 target along a single drill line traverse with holes 100m apart. The drill holes confirmed the northwest dipping manganese enriched shale with a cross strike width of at least 400m intersected. The drilling completed at FB5 has only tested a small section of the 5km long zone of mapped manganese mineralisation that extends to the southwest towards the FB6 prospect. On this basis the target area has high potential to form a substantial zone of manganese enrichment. The significant results are presented in Figure 2.

2

For personal use only

Figure 1. FB1 prospect drill plan showing the latest significant assay results and mapped Mn enriched shale

units (BCA earning to 75%)

Figure 2. FB5 prospect drill plan showing the latest significant assay results and mapped Mn enriched shale

units (BCA earning to 75%)

3

FB3/FB4 Prospects

As previously announced (ASX announcement March 2, 2022), a total of 82 holes for 2,148m were drilled into the FB3 and adjacent FB4 prospects.

onlymanganese enriched shales at FB3/FB4. Several holes ended in mineralisation and remain open at depth. Future RC drill programs will be drilled deeper to determine the full extents of the manganese enriched shales down hole and down plunge.

The RC drilling program encountered widespread manganese mineralisation across both the FB3 and FB4 prospects covering an area 1000m x 1000m, using a broad 200m x 100m grid drill pattern.

There had been no previous drilling at FB3/FB4 and the assays results confirmed the discovery of thick

Structurally, the mineralisation intersected within the FB3 prospect is defined within an open southwest useplunging synclinal fold. The northern limb appears to be dipping slightly steeper than the southern limb,

which is close to flat. Higher manganese grade zones are coincident with an increase in topography across the fold nose and northern limb.

Significant results for the FB3/FB4 prospects are shown in plan and cross-section in Figures 3 & 4 respectively and are listed below:

personalFor	o 39m @ 13.5% Mn & 14.2% Fe from surface,
		▪ including 15m @ 15.8% Mn and 13.1% Fe from surface (FBRC060)
o	40m @ 11.9% Mn & 12.9% Fe from surface,
			▪ including 13m @ 14.1% Mn and 12.7% Fe from surface (RBRC061)
	o	29m	@ 14.5% Mn & 12.2% Fe from surface,
			▪ including 10m @ 19.2% Mn and 12.4% Fe from surface (FBRC066)
	o	34m	@ 13.7% Mn & 12.2% Fe from surface until EOH,
			▪ including 8m @ 17.5% Mn and 13.7% Fe from surface (FBRC068)
	o	36m	@ 11.6% Mn & 10.8% Fe from surface,
			▪ including 14m @ 13.5% Mn and 11.4 % Fe from 9m (FBRC075)

4

For personal use only

Figure 3. FB3 deposit drill plan showing the latest significant assay results, cross section line (Figure 4) and

outline of the Mn enriched shale footprint (BCA earning to 75%)

Figure 4. FB3 cross-section looking to the northeast (vertical exaggeration = 2:1)

5