The program consists of around 1,750 metres of reverse circulation (RC) drilling to test new targets at the Cheval and Black Beauty prospects as well as follow-up drilling at the Brumby Creek and Black Hill prospects.
Cheval and Black Beauty are both north of the historic Horseshoe South Manganese Mine while Brumby Creek and Black Hill returned high-grade manganese results from drilling in May 2020.
This program is fully funded by JV partner OM (Manganese) Limited, a wholly-owned subsidiary of ASX-listed OM Holdings Limited (ASX:OMH), and will be completed at no cost to Bryah.
The company anticipates that an additional program of drilling also funded by OMM will be completed later in 2020.
The location of the Brumby Creek and Black Hill drilling areas.
Fully funded exploration
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 in the Bryah Basin.
Under stage one of the agreement, OMM funded $500,000 of project expenditure which yielded highly encouraging manganese drilling results, and following payment of a $250,000 exercise fee, OMM secured an initial 10% interest in the Manganese Joint Venture.
Under stage two of the agreement, OMM can elect to progressively fund the next $2 million of exploration expenditure in four tranches of $500,000 each, to earn up to a 51% interest in the Manganese JV by June 30, 2022.
OMM recently increased its JV interest from 10% to 20% by funding $500,000 of exploration expenditure, under tranche one and is now funding an additional $500,000 of exploration expenditure under tranche two to increase its JV interest to 30%.
Bryah is project manager of the JV until OMM has earned a 51% JV interest and has elected to be project manager.