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Bryah Resources in trading halt ahead of capital raising news

The Horseshoe South Manganese Mine is on a granted mining lease, allowing quick re-permitting for mining.

Bryah Resources Ltd - Bryah Resources in trading halt ahead of capital raising
A program of beneficiation test work on bulk samples is underway

Bryah Resources Ltd (ASX:BYH) has been granted a trading halt by the ASX ahead of a capital raising announcement.

The trading halt will be in place until the start of trading on Tuesday, June 16, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 5.9 cents and are up from 2 cents at close on March 31.

New high-grade zone identified

High-grade assays were received recently in the final set of results from recent reverse circulation (RC) drilling at the historic Horseshoe South Manganese Mine, which is part of the Bryah Basin Manganese Joint Venture.

The JV between Bryah (80%) and OM (Manganese) Ltd (20%), a subsidiary of OM Holdings Limited (ASX:OMH), covers the project which is about 150 kilometres north of Meekatharra in central Western Australia.

The drilling intersected high-grade manganese beneath and adjacent to workings in the main pit.

Best results from all holes completed in May 2020 include:

  • 3 metres from 3 at 34.5% manganese, including 2 metres at 36.1% from 4 metres;
  • 4 metres from 9-13 metres at 40.9%, including 2 metres at 46.0% from 10 metres; and
  • 3 metres from 5 metres at 30.9%, including 1-metre at 42.9% from 6 metres. 

Bryah managing director Neil Marston said at the time: “This is a significant achievement as we have now proven that high-grade manganese exists in previously untested areas outside of the historical workings at Horseshoe South.”

Quick facts: Bryah Resources Ltd

Price: 0.059 AUD

ASX:BYH
Market: ASX
Market Cap: $7.16 m
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Bryah Resources updates on strong progress being made in WA’s Bryah Basin

Bryah Resources Ltd (ASX:BYH) is making strong progress with its gold projects and manganese JV interests in Western Australia’s prolific Bryah Basin. The company’s managing director Neil Marston discusses this progress with Proactive’s Andrew Scott. An RC gold exploration drilling...

on 15/5/20

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