Australian Vanadium Ltd (ASX:AVL) (OTCMKTS:ATVVF) (FRA:JT71) welcomes Bryah Resources Ltd (ASX:BYH) results from gold assaying of a further 247 drill samples from 17 holes from Gabanintha Project within the Australian Vanadium Project in Western Australia's Mid-West.
Best gold intercepts are:
- 10 metres at 27.5 g/t from 53 metres, including 4 metres at 64.3 g/t from 54 metres, which includes 1-metre at 182 g/t from 55 metres and 1-metre at 6.4 g/t from 65 metres.
The samples were submitted by Bryah for gold analysis following encouraging results from assays of an earlier batch in 2020 and as part of a systematic review of Bryah’s mineral inventory at its Gabanintha Project, including an updated copper/nickel mineral resource estimation, which is nearing completion.
Bryah holds the mineral rights to all nickel, copper and gold on the project whilst AVL holds the rights to cobalt as well as the large vanadium-titanium-magnetite resource itself.
“Confirms exciting gold potential”
Bryah managing director Neil Marston said: “These latest gold assays are an outstanding result for the company and confirm the exciting gold potential of the historic mining area of Gabanintha.
“Last year we started assaying for gold from historical drilling within the vanadium deposit at Gabanintha.
“Recording exceptionally high-grade gold assays of 10 metres grading 27.5 g/t gold with 1-metre assays of up to 182 g/t gold within a fault cross-cutting the high-grade vanadium zone opens up a whole new exploration concept for the company to target.”
AVL well-positioned
The vanadium-titanium-magnetite deposit is around 11.5 kilometres long with drilling into the deposit also identifying the presence of nickel, copper and gold – which could potentially be extracted economically.
The project is currently progressing through a bankable feasibility study into the mining and processing of the vanadium-titanium-magnetite deposit by AVL.
When developed, the project is expected to operate from multiple open pits for at least 25 years based on AVL’s latest feasibility study.
AVL is Bryah’s major shareholder holding 7.33% of shares on issue.
Gabanintha location map.
Follow-up work
Bryah is now conducting activities to further assess the gold, nickel and copper potential of the deposit with this work not interfering with AVL’s activities.
It will now submit further archived drill samples pulps for gold analysis and plan a follow-up RC drilling program to test the mapped cross fault zone.
Bryah is also well advanced in updating the nickel-copper-cobalt mineral resource for the project utilising all the drilling completed in 2019 and 2020.
The current inferred mineral resource is 14.3 million tonnes at 208 parts per million cobalt, 666 ppm nickel, 217 ppm copper and 0.16% sulphur.