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Bryah Resources well-funded for busy program of gold, copper and manganese exploration

Snapshot

The company plans to undertake up to 8,000 metres of reverse circulation and aircore drilling over the next six months at multiple prospects within the Bryah Basin.

Bryah Resources Ltd - Bryah Resources well-funded for a busy program of gold, copper, and manganese exploration in the coming months

Quick facts: Bryah Resources Ltd

Price: 0.064 AUD

ASX:BYH
Market: ASX
Market Cap: $8.44 m
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Bryah Resources Ltd (ASX:BYH) has big exploration plans for the second half of 2020, including a follow-up 2,000 metre reverse circulation (RC) drilling program which is underway at Windalah Gold-Copper Prospect within the Bryah Basin near Meekatharra in central Western Australia.

In June, the company intersected up to 12 metres at 4.32 g/t gold from surface at the prospect which the current program will explore further.

A 2,500-metre aircore drilling program will also be undertaken at the Windalah East prospect.

Horseshoe South results

The company recently received high-grade assays in the final set of results from RC drilling at the historic Horseshoe South Manganese Mine, which is part of the Bryah Basin Manganese Joint Venture.

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.

A program of beneficiation test-work on bulk samples from the Horseshoe South Extended pit is underway to see how this mineralisation will upgrade through simple processing techniques.

Project location map.

Brumby Creek and Black Hill prospects

May drilling at the Brumby Creek and Black Hill prospects in the Bryah Basin JV returned shallow high-grade manganese.

A recent RC drilling program has intersected potential direct shipping grades of greater than 30% manganese at shallow depths at the Brumby Creek prospect.

Other results from the 14 holes drilled at Brumby Creek for 294 metres are:

  • 17 metres from 7 metres at 26.5% manganese, including 3 metres at 36.6% from 15 metres; and
  • 15 metres from 8 metres at 26.1%, including 3 metres at 37.3% from 16 metres.

Direct shipping grades were also intersected at Black Hill prospect where nine holes were drilled for 78 metres:

  • 4 metres at 32.7%, including 1-metre at 41.9% from surface;
  • 6 metres from 1-metre at 30%, including 1-metre at 47.9% from 4 metres;
  • 3 metres from 1-metre at 33.3%, including 1-metre at 44.6% from 2 metres; and
  • 2 metres at 38.8 %, including 1-metre at 43.2% from surface.

A detailed topographic model will be generated to define the amount of mineralised material present and assist in the preparation of a mineral resource estimate.

Mount Labouchere

In addition, a first pass drilling program was also undertaken at the Mount Labouchere prospect to test around an area of outcropping manganese in May.

The program consisted of 16 drill holes for 256 metres and demonstrated that there are no significant extensions of manganese beyond the outcropping area, however, the samples assayed did show anomalism in copper and cobalt.

Bryah intends to collect the remaining 1-metre samples which have not been submitted for analysis and have these analysed for a broader suite of minerals to determine the significance of this copper and cobalt anomalism.

The Horseshoe, Brumby Creek, Black Hill and Mount Labouchere prospects.

$1.55 million placement

BYH recently completed a $1.55 million placement which will fund exploration plans for the remainder of the year.

Tranche one of this placement of 20,530,960 new shares at an issue price of 5 cents per share which raised $1,026,548 has been completed.

The balance of the placement, comprising a further 10,469,040 shares to raise an additional $523,452 (before costs), will be issued subject to shareholder approval at a general meeting of the company’s shareholders to be convened in July 2020.

OM Manganese funding

The company also has access to a further $500,000 of funding from OM (Manganese) Ltd (OMM), a subsidiary of OM Holdings Limited (ASX:OMH), under stage two of the joint venture to advance manganese exploration activities.

In June, pursuant to the terms of the joint venture agreement, OMM funded $500,000 in project expenditure, under tranche one, to increase its initial JV interest from 10% to 20%.

OMM has now formally elected to proceed to increase its JV interest to 30% under tranche two, funding an additional $500,000 of project expenditure.

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