ASX Announcement

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2 March 2022

ASX:BCA

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Manganese Discovery at FB3, Flanagan

Bore Project

HIGHLIGHTS

Assay results received from the December 2021 reverse circulation (RC) drill program

have confirmed a new manganese discovery at FB3 within the Flanagan Bore Project

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The drill program at FB3 encountered thick manganese intervals including shallow high

A 1000m x 1000m Manganese enriched shale footprint extending over the FB3 synclinal

grade zones from surface with the following significant results:

o 39m @ 13.5% Mn from surface (FBRC060)

Including 15m @ 15.8% Mn from surface

o 40m @ 11.9% Mn from surface (FBRC061)

Including 13m @ 14.1% Mn from surface

o 29m @ 14.5% Mn from surface (FBRC066)

Including 10m @ 19.2% Mn from surface

o 34m @ 13.7% Mn from surface (FBRC068)

Including 8m @ 17.5% Mn from surface

o 36m @ 11.6% Mn from surface (FBRC075)

Including 14m @ 13.5% Mn from 9m

For

structure has now been outlined

The exceptional drill results pave the way for a maiden Mineral Resource to be estimated

at FB3, in conjunction with the expanded mineral resource estimate at LR1 located 4km to the west, with results of this work due in April 2022

Updated Mineral Resources from FB3 and LR1 are expected to significantly increase the current Inferred Mineral Resource estimate for the project of 15Mt @ 11.3% Mn and provide a solid platform to underpin the current Scoping Study

Australian manganese explorer, Black Canyon Limited (the Company)(ASX:BCA), is pleased to announce the discovery of thick, shallow manganese enriched shales at the FB3 prospect at Flanagan Bore. The assay results from the FB3 RC drill program completed in December 2021 have been received and

ASX Code: BCA

Registered Address

Telephone: +61 8 9426 0666

283 Rokeby Road

Email: info@blackcanyon.com.au

Subiaco, WA, 6008

Website: www.blackcanyon.com.au

demonstrate widespread manganese mineralisation with several high-grade intersections reported from surface. The drill results will now be incorporated into a maiden Mineral Resource Estimate for FB3 in addition to the anticipated mineral resource upgrade to increase the current mineral resource at LR1 onlycomprising 15Mt @ 11.3% Mn1. This will significantly increase the global Mineral Resource at Flanagan

Bore.

Black Canyon's Executive Director, Brendan Cummins, said "The Flanagan Bore Project has delivered further outstanding and continuous zones of manganese enriched shale containing shallow high- grade intervals. The discovery of the complementary mineralisation at FB3, located only 4km to the west f LR1 will help to build mineral resources and adds significant value to the Flanagan Bore Project due to

the shallow nature of the high-grade intersections.

The Company is in an enviable position to accelerate mineral resource estimates for the FB3 and LR1 usedeposits, with results due in April to set up a solid foundation to underpin the current Scoping Study and

developing production targets".

Located 120km north-east of Newman, Black Canyon's Flanagan Bore tenement is part of the Company's Carawine Project and is 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.

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Figure 1. FB3 deposit drill plan showing the latest significant assay results, cross section line (Figure 2) and

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

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Flanagan Bore Drill Program Summary

A total of 168 RC drill holes were completed for 5,569 metres and 13 PQ diamond drill core holes were completed for 477 metres. The Company has received and compiled the assay results from the first 127 onlyRC drill holes from the LR1 and FB3/FB4 deposit areas. A summary of the significant results is provided

below and collar details for the drill program completed at FB3 are presented in Appendix 1.

FB3/FB4 Prospects

A total of 82 holes for 2,148m were drilled into the FB3 and adjacent FB4 prospects.

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 usebeen no previous drilling at FB3/FB4 and the assays results have now confirmed the discovery of thick

manganese 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

hales down hole and down plunge.

Structurally the mineralisation found within the FB3 prospect is defined within an open southwest plunging 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 1 & 2 respectively and are also listed below:

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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)

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o 36m

@ 11.6% Mn & 10.8% Fe from surface

including 14m @ 13.5% Mn and 11.4 % Fe from 9m (FBRC075)

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

personalLR1 Mineral Resource Extension Assay Results

A 900m x 200m zone was historically drill tested in 2013 and an Inferred Mineral Resource estimated, comprising 15Mt @ 11.3% Mn1.

As previously reported (see ASX announcements dated 8 and 21 February 2022), the assays received from the RC drill program at LR1 confirmed extensions to the mineralisation to the southwest with 400m to 600m additional cross-strike width now defined. The mineralisation footprint is 1100m long and up to 800m wide based on the results received from the RC drilling program. The mineralisation is open to the west but appears to be offset to the NE which will require additional drilling to confirm. Infill drilling is planned and will be undertaken during the 2022 field season

Significant results from LR1 are listed below and cross-section provided in Figure 3:

  1. 40m @13.4% Mn & 8.7% Fe from surface

For

Incl. 11m

@ 20.4% Mn & 8.6% Fe from 10m (FBRC018)

o

47m

@10.6% Mn & 8.5% Fe from 10m

Incl. 10m

@ 14.5% Mn & 10.8% Fe from 13m (FBRC001)

o

35m

@ 11.7% Mn & 9.4% Fe from surface

Incl. 15m

@ 14.7% Mn & 9.7% Fe from 10m (FBRC35)

o

40m

@ 11.0% Mn & 8.2% Fe from surface until EOH

Incl. 10m

@ 17.4% Mn & 9.6% Fe from 15m (FBRC44)

  1. 23m @ 11.7% Mn & 8.9% Fe from surface
    • Incl. 4m @ 14.6% Mn and 7.6% Fe from surface (FBRC22)

1 ASX:BCA Announcement 5 October 2021 - Maiden Manganese Resource for LR1 Prospect at Flanagan Bore

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For personal use only

Figure 3. LR1 deposit cross section 273,750mE showing significant intersections (looking east)

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Carawine Resources Ltd. published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 22:58:18 UTC.