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Bryah Resources’ shares rise after adding strategic assets to Bryah Basin Project

The Bryah Basin is home to two significant copper-gold discoveries including the DeGrussa mine.

Bryah Basin Project map
New tenements hold substantial exploration potential

Bryah Resources Ltd (ASX:BYH) has acquired two strategically located tenements prospective for gold and copper within the Bryah Basin in central Western Australia.

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.

Investors in Bryah include Australian Vanadium Ltd (ASX:AVL) and John Hutton, a former director of Sandfire Resources (ASX:SFR).

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.

READ NOW: Bryah Resources starts drilling copper-gold targets at Gabanintha

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.

Quick facts: Bryah Resources Ltd

Price: 0.026 AUD

ASX:BYH
Market: ASX
Market Cap: $2.62 m
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Full interview: Bryah Resources' maiden Tumblegum South gold resource an...

Bryah Resources (ASX:BYH) chief executive officer and managing director Neil Marston updates Proactive on the completion of a maiden gold mineral resource estimate at Tumblegum South Gold-Copper Prospect within the Gabanintha Project. The estimate delivers an inferred mineral resource of...

on 30/1/20

3 min read