Under the terms of the JV, a subsidiary of OM Holdings (OMM) will commence with a 10% interest and will fund the next $2 million of expenditure to increase its interest to 51%.
Since April 2019, OMM has funded $500,000 of project expenditure which has yielded highly encouraging manganese results.
The Manganese JV includes the Horseshoe South Manganese Mine, which is the largest historical manganese mine in the region, as well as several other manganese prospects.
Bryah has already been successful in confirming the existence of high-grade manganese through recent drilling and surface sampling at many of these prospects.
The JV aims to define commercially mineable manganese
OMM can earn up to a 70% interest in the JV through funding $6.3 million in expenditure.
Bryah will re-commence exploration across the project, including further drilling, focusing on several high priority prospects located near the Horseshoe South Manganese Mine.