The new resource, 1Bt at 45.2% aluminium oxide and 2.8% silica, is an increase from the previous estimate of 892Mt at 45.1% aluminium oxide and 2.8% silica, and includes a high-grade 484Mt at 48.8% Al2O3 at 2.6% SiO2.
The upgrade comes via recent density testing that showed the ore has higher specific gravities than assumptions used in the 2019 resource estimate. The quality remains unchanged.
Recent metallurgical test work has indicated a high level of availability of the contained alumina at over 90% and delivered consistently high recoveries of alumina across the Minim Martap bauxite.
Managing director Phillip Gallagher said the project was now "comparable to some of the biggest and best bauxite projects in the world which is dominated by major aluminium companies such as Alcoa, Rio Tinto, Rusal and Emirates Global Aluminium", with plenty of upside in undrilled plateaux.
The company recently raised A$10 million via a placement at 10c to help accelerate the development of Minim Martap as it looks to finalise feasibility studies and secure offtake contracts and financing.
Canyon wants to initially develop a direct shipping ore stage using existing rail and port infrastructure, with a second, larger development involving a new 130km rail connection to Chinese-funded deepwater port at Kribi that would allow increased volumes and lower costs.
Minim Martap's maiden reserves were recently estimated at 97.3Mt at 51.1% total alumina and 2.3% total silica, which is sufficient to support a 5Mtpa operation for 20 years.
Stage one would need $118 million to develop, with cash costs below $40/t, and should generate free cashflow of $981 million, with project payback of four years, Canyon estimates.
Canyon has only been working on the project since August 2018.
Work remains focused in 12 plateaux of more than 60 associated with the project, of which just 15 have seen the drillbit.
Shares in the junior were last traded at 14c, with the stock trading between 5-21.5c over the past year.