Bryah Resources Ltd (ASX:BYH) is set to begin 2,000 metres of reverse circulation (RC) drilling of gold and copper targets in the Bryah Basin later this week funded by the tranche-1 placement completed last week.
This drilling will test the Windalah gold prospect as well as a high-priority EM conductor target north of Peak Hill.
The Bryah Basin is host to the high-grade copper-gold mines at DeGrussa, discovered by Sandfire Resources Ltd (ASX:SFR) in 2009 and at Horseshoe Lights, which was mined until 1994.
Company moves quickly
Managing director Neil Marston said: “Following the successful completion of the tranche-1 placement, the company has moved quickly to commit to drilling the first of its excellent gold and copper targets.
“We have some outstanding gold results at Windalah to follow-up and the EM target north of Peak Hill has the potential to be indicative of Volcanogenic Massive Sulphide (VMS) copper-gold mineralisation.”
The drilling program is being funded from the recently completed tranche-1 placement of 20,530,960 new shares at an issue price of 5 cents per share which raised $1,026,548 (before costs).
Windalah project location map.
The program will follow up recent drilling results at Windalah of:
- 12 metres at 4.32 g/t from surface, including 2 metres at 17.19 g/t from 3 metres;
- 5 metres at 6.62 g/t from 79 metres, including 1 metre at 15.15 g/t from 82 metres; and
- 3 metres at 6.69 g/t from 145 metres, including 1 metre at 10.52 g/t from 146 metres.
The program will also target a significant electromagnetic (EM) conductor target 7 kilometres north of the Peak Hill Gold Mine where the company plans to drill and case two holes to a depth of around 300 metres.
This conductor was originally identified in early 2018 by a helicopter-borne Versatile Time-Domain Electromagnetic (VTEM™ Max) geophysical survey and subsequently confirmed by a Moving Loop Electromagnetic (MLEM) ground survey.
Once cased, the company will be able to undertake down hole EM surveys of the drill holes, to assist in follow-up exploration.