The mineral resource now totals 14.3 million tonnes containing 666 ppm nickel, 217 ppm copper and 0.16% sulphur and was revised following a program of 19 reverse circulation (RC) and three diamond drilling holes.
Bryah holds all the rights to minerals at the deposit except vanadium, uranium, cobalt, chromium, titanium, lithium, tantalum, manganese and iron ore, for which Australian Vanadium Ltd (ASX:AVL) retains 100% interest.
The base metal exposure is a result of a mineral rights agreement signed between Bryah and AVL.
Bryah has also received commitments from sophisticated and professional investors for the placement of 3,787,500 fully paid shares and 1,893,750 free attaching listed options exercisable at 30 cents.
The placement will raise about $303,000 before costs and funds will be used to for additional drilling at the Bryah Basin project in Western Australia.
Gabanintha’s inferred mineral resource is considered by AVL to be potentially economically recoverable following metallurgical test work.
AVL has said that the base metal sulphide mineralisation had consistently reported to the non-magnetic fraction during the separation of the vanadium-bearing magnetitie.
This has effectively delivered a sulphide by-product for further concentration by flotation.
AVL is conducting a preliminary feasibility study on the development of Gabanintha’s deposit and says that it intends to undertake further exploration to increase and improve the definition of the base metals resource.
Bryah is a copper-gold-manganese-focused exploration company with two projects in Western Australia, the 720-square-kilometre Bryah Basin project and the 202-square-kilometre Gabanintha Vanadium Project.
Bryah’s strategy involves using high-resolution geophysics to identify deeper structures and potential mineralised zones and to drill test targets beneath the extent of previous drilling.