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Bryah Resources formalises JV with OM Holdings

OM Holdings is an integrated manganese and silicon metals specialist involved in mining, trading, smelting and marketing.

Bryah Resources Ltd - Bryah Resources formalises JV with OM Holdings
Bryah is the project manager until OM Holdings earns a 51% interest in the JV

Bryah Resources Ltd (ASX:BYH) will receive $250,000 after OM Holdings (ASX:OMH) has elected to proceed with the formation of the Bryah Basin Manganese Joint Venture.

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.

Quick facts: Bryah Resources Ltd

Price: 0.058 AUD

ASX:BYH
Market: ASX
Market Cap: $5.85 m
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