Black Canyon Confirms 300m North Extension at High-Grade Wandanya Project

Black Canyon Drills 300m North Extension at Wandanya, Pushing Cross-Strike Width to 800m

Black Canyon Limited (ASX: BCA) has released first assay results from its latest resource definition drilling campaign at the 100%-owned Wandanya Project in Western Australia. The results confirm that shallow, high-grade manganese and iron mineralisation extends a further 300 metres north of the previously known boundary — and remains open for further discovery. This is a significant development in the Black Canyon Wandanya drilling results north extension high grade manganese and iron in Western Australia story.

Cross-strike manganese widths have simultaneously grown from approximately 500 metres to up to 800 metres, meaningfully expanding the overall mineralised footprint ahead of a maiden Mineral Resource Estimate targeted for Q3 2026.

The results, drawn from 156 holes totalling 3,611 metres drilled to an average depth of just 23 metres, continue a now well-established pattern at Wandanya: thick, near-surface intervals grading well above 30% Mn and frequently above 40% Mn, paired with a separate iron domain hosting grades consistently above 55% Fe and peaking above 62% Fe.

What the Drilling Confirmed

Manganese: High-Grade and Shallow, Now Extending Further North

The northern extension drilling confirms the manganese mineralisation is not just continuous — it is consistently high-grade right up to the new boundary. Selected headline manganese intersections from the latest programme include:

Multiple holes across the new northern cross-sections return intersects beginning at or within 1 metre of surface — a characteristic that has been consistent across the broader Wandanya discovery and one that carries meaningful implications for potential mining economics.

The mineralised footprint now extends from the original northern boundary at 7,526,500mN north to 7,526,800mN — a 300-metre step-out — and the system remains open to the north. Down-dip drilling to the east has pushed cross-strike manganese widths from the previously reported ~500 metres to widths approaching 800 metres.

Iron: Consistent High-Grade Alongside the Manganese System

The iron domain continues to demonstrate its own credentials. Extending across a drilled strike of more than 1.3 kilometres, the hematite-dominant iron mineralisation is shallow, wide, and high-grade. Cross-strike widths range from 150 to 350 metres, with drill thicknesses averaging between 5 and 6 metres and reaching as much as 17 metres in places.

Like the manganese, the iron mineralisation remains open to the north, and the shallow geometry across both commodities is a recurring feature of the deposit style.

Understanding Direct Shipping Ore (DSO): Why Grade Matters Here

One concept that repeatedly surfaces in discussions about Wandanya is Direct Shipping Ore, or DSO. For investors unfamiliar with the term, it is worth understanding why it is significant.

DSO refers to ore that can be mined, crushed, and shipped without undergoing expensive processing or treatment to upgrade its grade. For manganese, DSO is generally considered achievable at grades above roughly 35% Mn, though this threshold can vary by market and end user.

The relevance at Wandanya is direct. A substantial number of the manganese intersections being returned from the current drill programme exceed 40% Mn — comfortably within a range that could support DSO-style production.

Managing Director Brendan Cummins specifically highlighted this in his commentary, noting that "intercepts from multiple holes exceeding 40% manganese again confirms the potential for low processing cost Direct Shipping Ore."

For investors, this matters because DSO operations typically carry lower capital intensity and lower operating costs than projects requiring concentration or roasting circuits to produce a saleable product. The absence of complex processing infrastructure reduces the financial hurdle to production and can shorten the timeline from resource to revenue.

Key Glossary Terms

• DSO (Direct Shipping Ore): Ore sufficiently high in grade to be sold without metallurgical processing
• Stratabound: Mineralisation confined within a specific geological layer — typically more predictable and continuous
• RC Drilling (Reverse Circulation): A drilling method that returns rock chips to the surface for sampling; widely used in early-to-mid stage resource definition for its efficiency
• Infill Drilling: Drilling additional holes within an existing drill grid to improve confidence in grade and continuity estimates
• MRE (Mineral Resource Estimate): A formal estimate of the quantity and grade of mineralisation, classified under the JORC Code as Inferred, Indicated, or Measured
• Indicated / Measured Resource: Higher-confidence resource classifications that support scoping and feasibility studies

The Scale of the System and What Remains to Be Tested

The current resource definition drilling is focused on a 3-kilometre long base case footprint — a deliberate decision to first build a robust, well-drilled central target suitable for resource estimation. The drill grid within this area has been tightened to 50 x 50 metre spacing, which is expected to support Indicated or Measured classification in the forthcoming MRE.

However, what the base case footprint does not yet encompass is significant: the Wandanya mineralised system has a total identified strike length of 9 kilometres. The 3km base case represents just one-third of the known system. Exploration targets to the north and south remain untested by close-spaced drilling, representing a substantial volume of potential upside.

Managing Director Brendan Cummins commented: "Significant upside remains along the full 9km long mineralised system, and we look forward to further investigating these exploration targets with ongoing drill campaigns."

Furthermore, a gravity survey is planned for Q3 2026 to test for deeper manganese targets potentially associated with hydrothermal mineralisation — a different and potentially additive mineralisation style to the stratabound supergene system currently being drilled.

Key Milestones and Upcoming Catalysts

Black Canyon has outlined a clear near-term pipeline of activity, with several tangible milestones scheduled across 2026:

The total planned drill programme is 15,000 metres across approximately 600 holes. The 156 holes reported in this release account for 3,611 metres, meaning the majority of the programme is still ahead — along with the assays and geological insights those holes will generate.

The Broader Black Canyon Platform

Wandanya is a new exploration model sitting on the eastern margin of the Oakover Basin, distinct in both style and grade from Black Canyon's broader Balfour Manganese Field (BMF) portfolio. The company has consolidated a land position exceeding 2,000 square kilometres across the BMF and Oakover Basin.

The BMF portfolio already hosts a defined Global Mineral Resource of 315 Mt @ 10.5% Mn, comprising 100 Mt @ 10.4% Mn Measured, 173 Mt @ 10.2% Mn Indicated, and 42 Mt @ 11.9% Mn Inferred, as announced to the ASX on 22 October 2025.

The Black Canyon Wandanya drilling results north extension high grade manganese and iron in Western Australia sits alongside this broader resource base as a separate, higher-grade opportunity.

Why Wandanya Warrants Continued Attention

Several characteristics set Wandanya apart from typical early-stage exploration projects. They are worth summarising clearly for investors assessing the opportunity.

1. Consistency of results across a large area. The mineralisation at Wandanya is stratabound, meaning it follows a geological layer rather than occurring in unpredictable veins or irregular pods. This geometry tends to produce consistent, predictable results from hole to hole. The logged geology and assays from this latest programme again confirm "strong lateral continuity with consistent intersect thicknesses" across multiple drill lines and cross-sections.

2. Near-surface, high-grade mineralisation. The majority of manganese intersects begin within 1 to 6 metres of surface and are complete within 15 to 18 metres. Iron intersections follow a similar shallow geometry. This near-surface profile is a genuine economic differentiator — strip ratios are likely to be low, and infrastructure costs for open-cut mining at these depths are manageable.

3. Dual-commodity exposure. Manganese and iron are both present at economically interesting grades and appear to occupy different but spatially related domains within the same stratigraphic sequence. Having two potentially saleable commodities within a single project area offers flexibility in how the deposit might ultimately be developed.

4. A defined pathway to formal resource and study milestones. Unlike many early-stage explorers, Black Canyon has published a clear timeline: MRE in Q3 2026, Scoping Study in Q4 2026. These are material value-crystallisation milestones that will translate geological drilling data into economic parameters for the first time.

5. Significant open ground remaining. With 6 kilometres of the 9-kilometre system yet to be subject to close-spaced resource definition drilling, and with a gravity survey planned to probe for deeper targets, the discovery remains genuinely open-ended.

Investment Implications and Forward Outlook

The Black Canyon Wandanya drilling results north extension high grade manganese and iron in Western Australia continues to demonstrate the scale and consistency of this emerging mineral system. The 300-metre northward extension, combined with cross-strike widths expanding to 800 metres, provides tangible evidence of a mineralised footprint that is both growing and maintaining its high-grade character.

For investors, the upcoming Mineral Resource Estimate represents a critical catalyst that will formally quantify what the drilling has been demonstrating: a shallow, high-grade, potentially DSO-suitable manganese system with significant iron co-credits. The Q3 2026 timeline for the MRE, followed by a Scoping Study in Q4 2026, provides clear visibility to value crystallisation milestones.

In addition, the gravity survey planned for Q3 2026 adds another dimension to the exploration story, potentially identifying deeper hydrothermal targets that could complement the existing stratabound system. With only one-third of the 9-kilometre system currently subject to detailed drilling, the scope for further discovery remains substantial.

Key Takeaway: Black Canyon has demonstrated at Wandanya that a large, shallow, high-grade manganese and iron system continues to grow with each drill programme. The confirmation of 300 metres of northern extension, the widening of cross-strike manganese dimensions to 800 metres, and the persistence of grades well above 40% Mn in multiple holes all reinforce the scale and quality of this discovery. With a maiden Mineral Resource Estimate and Scoping Study both scheduled before the end of 2026, the next six months represent the most significant de-risking period in Wandanya's short but productive exploration history.

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