The two tenements acquired fill important gaps within the company’s Bryah Basin Project at the Mars Prospect and Saturn Prospect.
Historical drilling on these acquired tenements include intersections of 2 metres at 15.2 g/t gold from 8 metres, 2 metres at 5.1 g/t gold from 24 metres and 12 metres at 2.0 g/t gold from 14 metres.
Each tenement has been acquired for $10,000 in cash and the issue of 50,000 new Bryah shares (worth circa $9,250).
Bryah’s shares were last trading circa 9% higher intra-day, at $0.185.
Bryah Basin Project: hunt for the next DeGrussa
The Bryah Basin is home to two significant volcanogenic massive sulphide (VMS) copper-gold discoveries – the historic Horseshoe Lights mine (closed in 1994), and Sandfire’s DeGrussa mine (discovered in 2009).
Horseshoe Lights and DeGrussa share the same geology, the Narracoota Formation, and parts of Bryah tenements have those characteristics.
In April, Bryah Resources completed 16,000 line kilometres of airborne magnetics with results yielding opportunities for a new discovery.
Important gaps within the Bryah Basin Project filled
Bryah now holds 100% coverage of the exposed Narracoota Formation at the Mars Prospect and the major portion of the Narracoota Formation at the Saturn Prospect.
Both tenements hold substantial exploration potential based on the shallow exploration work completed to date
Further evaluation of both project areas for gold and copper-gold mineralisation at depth will be undertaken by the company in the coming months.
Two copper-gold projects in Western Australia
Bryah listed on the ASX last month following its initial public offering (IPO) which raised $5 million.
The new copper-gold explorer has two projects totalling over 900 square kilometres near Meekatharra in Western Australia - Bryah Basin Project and Gabanintha.
Earlier this month, the company commenced its maiden drilling program at the Tumblegum South gold/copper prospect, within the Gabanintha Project.
Tumblegum South has outstanding historical drilling results including 5 metres at 9.64 g/t gold from 58 metres and 5 metres at 8.72 g/t gold, 3.05% copper from 31 metres.