The company is now proceeding with a mining lease application and has commenced a formal process to monetise the prospect given its near-term development potential.
Five lodes were used to estimate the resource with multiple mineralised zones identified suggesting significant potential exists to extend the resource.
Bryah’s managing director Neil Marston said: “This maiden mineral resource estimation is an excellent outcome for the company.
“We have identified multiple zones of shallow gold mineralisation, with down dip and along strike extension potential.
Targeting near-term open pit mining operation or sale
“We are delighted with the overall grade and tonnage for a maiden resource and, given a buoyant outlook for gold, indications are that the prospect has the potential to profitably support open pit mining and trucking to an off-site processing plant.
“With the current high gold price there is excellent potential for the company to monetise the prospect, either through an outright sale, or some other form of commercial development.
“We have commenced a formal process to solicit interest in the Tumblegum South Prospect and intend initiating the mining lease application process immediately.”
Metallurgy test work planned
The company also intends to submit a number of samples to a laboratory for cyanide leaching test work to confirm preliminary metallurgy characteristics.