Black Canyon : Further Thick Manganese Intersections at Flanagan Bore

	ASX Announcement
only	21 February 2022	ASX:BCA
use		Further thick manganese intersections
	from the Flanagan Bore LR1 Deposit
	HIGHLIGHTS
		• Further assay results have been received from mineral resource extension RC drilling
		completed at the LR1 Deposit at Flanagan Bore
personal	• The results continue to demonstrate thick zones of manganese enriched shale and
include the following significant results:
		o 35m @ 11.7% Mn & 9.4% Fe from surface including (FBRC035)
		▪ 15m @ 14.7% Mn & 9.7% Fe from 10m
		o 40m @ 11.0% Mn & 8.2% Fe from surface until EOH including (FBRC044)
		▪ 10m @ 17.4% Mn & 9.6% Fe from 15m
		o 23m @ 11.7% Mn & 8.9% Fe from surface including (FBRC022)
		▪ 4m @ 14.6% Mn and 7.6% Fe from surface
		o 30m @ 12.1% Mn & 9.3% Fe from 11m (FBRC030)
		o 22m @ 11.0% Mn & 9.4% Fe from surface (FBRC023)
		• Significant expansion of the LR1 mineralisation footprint is now confirmed to extend
		1,100m along strike and up to 800m cross strike (width)
		• An update to the current Inferred Mineral Resource estimate of 15Mt @ 11.3% Mn at LR1 to
		commence immediately
	Australian manganese explorer, Black Canyon Limited (the Company)(ASX:BCA), is pleased to announce
For

the remaining assay results from RC drilling completed at the LR1 deposit (Appendix 1). Building on the strong initial results reported on February 8, 2022, the additional drill holes continued to encounter thick zones of manganese enriched shale with the potential to significantly expand the LR1 maiden mineral resource estimate released in October 2021.

Black Canyon's Executive Director, Brendan Cummins, said "Having now received all the assay results from LR1, the grade and scale of the deposit can now be fully appreciated. The Company has worked hard to be in this position, with the Maiden Mineral Resource for LR1 announced in October last year and RC drilling completed in December. The Mineral Resource update is scheduled for completion in April, which is a key milestone for the Company having been listed for less than 12 months. The assay

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

results are also due for the FB3 prospect and we are confident we can replicate the success achieved at LR1 at FB3 based on the geological similarities observed between the two areas."

personaluse only
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 Project
tenements.
	Figure 1. LR1 deposit drill plan show new results (white), previously reported (orange) and historic (blue) assay
For	results (BCA earning 75%)

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. To date, the Company has received and compiled the assay results from the LR1 deposit area only. A summary of the significant results is provided below and collar details for the drill program completed at LR1 are presented in Appendix 1.

LR1 Mineral Resource Extension Assay Results

A 900m x 200m zone of the LR1 deposit was previously drill tested and an Inferred Mineral Resource of 15Mt @ 11.3% Mn was estimated1. The assays received from the first RC drill program completed by Black Canyon at LR1 have confirmed extensions to the mineralisation to the southwest with 400m to 600m additional cross-strike width now defined. The mineralisation footprint is now 1100m long and up to 800m

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

2

Figure 2. LR1 deposit cross section 273,750mE showing significant results from the LR1 drill program (looking

east)

wide based on assays results from the drilling to date. 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 are shown in plan and section in Figures 1& 2 respectively and listed below.

1. 35m @ 11.7% Mn & 9.4% Fe from surface including (FBRC035)
2. • 15m @ 14.7% Mn & 9.7% Fe from 10m

only	o	40m	@ 11.0% Mn & 8.2% Fe from surface until EOH including (FBRC044)
		▪	10m @ 17.4% Mn & 9.6% Fe from 15m
	o	23m	@ 11.7% Mn & 8.9% Fe from surface including (FBRC022)
			▪	4m @ 14.6% Mn and 7.6% Fe from surface

1. 30m @ 12.1% Mn & 9.3% Fe from 11m (FBRC030)

1. 22m @ 11.0% Mn & 9.4% Fe from surface (FBRC023)

1. 34m @ 11.2% Mn & 9.7% Fe from 6m until EOH (FBRC036

usepersonal

ForB3/FB4 Prospects

The Company is awaiting the assay results from drilling completed into FB3 (Figure 3), with the potential to deliver a second Mineral Resource at Flanagan Bore. Manganese mineralisation was encountered in all of the diamond drillholes extending along the fold axis for a strike length of 600m. The RC drilling program encountered widespread manganese mineralisation across both the FB3 and FB4 prospects covering an area 800m x 800m, using a 200m x 100m grid drill pattern. There had been no previous drilling at FB3/FB4 but the RC drill program has visually confirmed the presence of thick intervals of manganese enriched shales at FB3.

3

For personal use only

Figure 3. Flanagan Bore Project with the LR1 MRE outline and 2021 drill areas over prospective manganese

targets (Black Canyon Earning to 75%)

4

This announcement has been approved by the Board of Black Canyon Limited.

onlyFor further details:

Brendan Cummins

Executive Director Telephone: [phone]

Email: [e-mail]

About Black Canyon

For media and broker enquiries:

Andrew Rowell

White Noise Communications

Telephone: [phone]

Email: [e-mail]

Black Canyon has entered into a farm-in and joint venture with ASX listed Carawine Resources Limited (ASX:CWX) to acquire a majority interest in the Carawine Project in Western Australia. The Carawine Project covers approximately 800km2 of tenure located south of the operating Woodie-Woodie manganese mine, providing a large footprint in a proven and producing manganese belt. Black Canyon has also

applied for and acquired other exploration licenses adjacent to the Carawine Project that would increase
the total land holdings to over 2500km2 on
use
grant. In addition to manganese, the
Carawine Project also hosts multiple copper
occurrences including the Western Star
prospect which comprises a large zone of
surface copper enrichment.
The Company has also secured the Lofty
Range	manganese	project	located
immediately to the west of the Butcherbird
manganese deposit being developed by
Element 25.
Manganese and copper continue to have
attractive	fundamentals	with	growing
utilisation in the battery mineral sector and
challenging supply conditions.
personal

Compliance Statements

Reporting of Exploration Results and Previously Reported Information

ForThe information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation reviewed by Mr Brendan Cummins, Executive Director of Black Canyon Limited. Mr Cummins is a member of the Australian Institute of Geoscientists and he has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Cummins consents to the inclusion in this release of the matters based on the information in the form and context in which they appear. Mr Cummins is a shareholder of Black Canyon Limited.

For further information, please refer to ASX announcements dated 17 May 2021, 10 June 2021, 7 July 2021, 5 October 2021, 4 January and 8 February 2022, which are available from the ASX Announcement web page on the Company's website. The Company confirms that there is no new information or data that materially affects the information presented in the JORC Table 1 appendices that relate to Exploration Results and Mineral Resources in the original market announcements.

5