Altus receives final tranche of shares from Canyon Resources

Altus Strategies has received 10 million fully-paid ordinary shares in ASX-listed Canyon Resources, it announced on Friday.

The AIM-traded firm said the shares were the final tranche to be issued to Altus under the previously-announced joint venture termination agreement between Altus and Canyon signed in February 2019, regarding the Birsok bauxite joint venture project in Cameroon.

It said a total of 25 million Canyon shares had been received in satisfaction of the agreement, with Altus retaining a $1.50 per tonne royalty on Birsok and a 4.25% equity interest in Canyon.

The company said Birsok is contiguous with Canyon's Minim Martap project, and within 10 kilometres of a rail line.

“Canyon has announced a JORC 2012-compliant mineral resource estimate at the Minim Martap project of 892 million tonnes at an average grade of 45.1% total aluminium oxide and total 2.8% silicon dioxide,” the board said in its statement.

That included an Indicated 839 million tonnes averaging 45.2% aluminium oxide and 2.8% silicon oxide, and an inferred 53 million tonnes averaging 43.8% aluminium oxide and 3.1% silicon oxide.

At 1126 GMT, shares in Altus Strategies were up 1.72% at 87.99p.