viewBryah Resources Ltd

Bryah Resources well-placed to maintain exploration momentum in 2020


The company is active at the Gabanintha and Bryah Basin projects and has an interest in the Bryah Basin Manganese Joint Venture.

Bryah Resources Ltd - Bryah Resources well-placed to maintain exploration momentum in 2020

Quick facts: Bryah Resources Ltd

Price: 0.056 AUD

Market: ASX
Market Cap: $6.8 m

Bryah Resources Ltd’s (ASX:BYH) December quarter has placed the company in a strong position to maintain exploration momentum at its Western Australian projects.

Work is ongoing at the Gabanintha project, including Tumblegum South Gold-Copper Prospect, and at Bryah Basin project as well as at the Bryah Basin Manganese Joint Venture with OM (Manganese) Limited (OMM).

At the end of the quarter the company had $1.5 million cash in the bank and since December 31 shares have risen to 4.9 cents from 4 cents.

Funds raised

Bryah managing director Neil Marston said: “This last quarter has seen the company successfully raise funds and immediately apply them to resource definition drilling at Tumblegum South in preparation for an initial mineral resource estimation, which is well advanced.

“Preparations are also well advanced to commence drilling activities in the Bryah Basin in early 2020.”

The cash in bank excluded funds provided by OMM, a wholly-owned subsidiary of OM Holdings Limited (ASX:OMH), held on behalf of the Bryah Basin Manganese JV.

Tumblegum resource estimate

The latest drilling results have been used to complete a revised 3D geological model of the Tumblegum South prospect to undertake a JORC 2012-compliant resource estimation.

A total of 16 reverse circulation drill holes for 1,583 metres were completed in the drilling program in October 2019 with best results of 4 metres at 7.83 g/t gold and 0.23% copper from 119 metres, including 1-metre at 30.24 g/t gold and 0.39% copper.

Other highlights:

  • 5 metres at 3.81 g/t gold and 0.28% copper from 99 metres, including 1-metre at 12.54 g/t gold and 0.78% copper;
  • 5 metres at 2.21 g/t gold and 0.16% copper from 92 metres, including 1-metre at 6.11 g/t gold and 0.28% copper;
  • 1-metre at 6.71 g/t gold from 24 metres, 2 metres at 2.88 g/t from 33 and 1-metre at 3.11 g/t from 69 metres), and;
  • 1-metre at 13.43 g/t gold and 0.51% copper from 108 metres.

The resource estimate is expected to be completed by the end of this month.

The Gabanintha project covers 170 square kilometres of ground around 40 kilometres south of Meekatharra and includes Tumblegum South prospect.

Gabanintha Project location map

Drilling at Windalah

At Windalah Copper-Gold Prospect within the Bryan Basin project the company plans to complete a detailed geological interpretation after a gravity survey was completed in the December quarter.

The 1,100-point survey was completed on a 100 metres x 50 metres grid where an RC drilling program in 2018 had identified high-grade gold mineralisation in two holes of 5 metres at 6.62 g/t gold and 3 metres at 6.69 g/t.

The next phase of drilling will comprise aircore drilling to test the major multi-element soil anomaly, along with reverse circulation (RC) drilling.

Bryah Basin project covers about 1,135 square kilometres in central Western Australia.

It is close to several mining operations including the high-grade DeGrussa copper-gold mine operated by Sandfire Resources NL (ASX:SFR) and the Fortnum gold mine operated by Westgold Resources Limited (ASX:WGX).

Manganese joint venture

In April 2019, Bryah executed a Manganese Farm-In and Joint Venture Agreement with OMM which applies to the rights to manganese only over around 660 square kilometres of the entire tenement package in the Bryah Basin.

Between April and August 2019, OMM funded $500,000 of project expenditure which yielded highly encouraging manganese drilling results.

In August 2019, OMM elected under the agreement to proceed and the JV was formed following payment of a $250,000 exercise fee with OMM securing an initial 10% interest.

Detailed ground mapping and aerial surveying was undertaken in the December quarter with the following activities approved for the exploration budget for 2020:

  • Completion of a Google Artificial Intelligence/Machine Learning proof of concept trial;
  • Follow-up ground truthing and mapping of areas identified by the trial;
  • Follow-up RC drilling at the Horseshoe South mine, Brumby Creek and Black Hill prospects;
  • First pass RC drilling at Mount Labouchere, Cheval and Black Beauty prospects, and
  • Trial geophysical surveys.

Under stage two of the agreement, OMM will progressively fund the next $2 million of exploration expenditure to earn up to a 51% interest in the JV by June 30, 2022.

Bryah Basin tenements and geology map

Landholding expansion

In October 2019, Bryah significantly increased its landholding in the Bryah Basin with newly acquired tenements covering more than 50 square kilometres of the highly prospective Narracoota formation.

This includes in excess of 40-line kilometres of the prospective strike contact between the Narracoota formation and Proterozoic metasediments of the Padbury Basin.

Around 255 square kilometres of highly prospective ground has also been secured by the recent grant of four new exploration licences.

Capital raising

Bryah completed a capital raising of $2 million at 6 cents per share in October with the Board of Directors participating to collectively subscribe $150,000 in the placement.

Placement proceeds are being applied to undertake sufficient drilling at Tumblegum South to allow for an initial resource estimate.

They will also be used to advance exploration for gold and copper-gold deposits in the Bryah Basin, with a focus on drill testing the Windalah, Wongawar and other prospects.

On December 11, 2019, the company completed a conversion of $150,000 of outstanding debt to equity with Australian Vanadium Ltd (ASX:AVL), by the issue of 3.75 million new shares at 4 cents per share.

These shares were issued under the company’s available placement capacity under ASX Listing Rules 7.1.

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