Overall measured resources total 382Mt at 47.3% alumina, with ongoing metallurgical testing also said to be positive.

"Canyon has now defined many operational decades of measured resources that are all very high-grade and with very low silica," the company said.

"As the global bauxite market has a lot of new lower quality bauxite projects commence production in the past few years, such a potentially consistent long-term supply of such high quality bauxite is quite unique."

Canyon is working towards completing a bankable feasibility study and being issued a mining permit next quarter, with financing targeted for the fourth quarter.

Prefeasibility work completed in mid-2020 outlined a 5Mt per annum stage one development costing an initial US$120 million and having a net present value of nearly $300 million.

Canyon started the current quarter with A$4.8 million cash.

Shares in Canyon were trading at 12c Monday, capitalising the company at $75 million.

The stock is little changed from 12 months ago.

Canyon raised $10 million last August by issuing new shares priced at 10c each.