Black Canyon Limited announced that it has earnt a 75% interest in the Carawine Joint Venture tenements, comprising approximately 793 km2 located in the Eastern Pilbara of WA. The Company executed a binding Heads of Agreement with Carawine Resources Limited on 23 December 2020 that provided the Company with the exclusive right to farm-in to CWX's Carawine Project. Under the terms of the Agreement, Black Canyon is managing the Carawine JV and was required to spend AUD 4 million within 5 years to earn the 75% interest.

Black Canyon and Carawine will now look to formalise the work program and budget for the JV for 2023, with both parties deemed to be contributing to JV expenditure according to their interests.