Bryah Resources (WA Copper-Gold Explorer) Banks $5m/expected to list on ASX tomorrow
Monday, Oct 16, 2017
COPPER-GOLD explorer Bryah Resources – which has more than 900sqkm of highly prospective Western Australian ground in the Bryah Basin and at Gabanintha, both near Meekatharra – has raised $5 million through an Initial Public Offering.

The IPO at 20 cents a share closed last week, and the company will list on the Australian Securities Exchange (ASX) on October 17, under the code BYH.

Initial investors include Australian Vanadium Limited (ASX:AVL) which has 13.4% of Bryah. There are also several high-net worth Australian individual investors, many from Western Australia including John Hutton. John Hutton is a former director of Sandfire Resources which operates the high-grade DeGrussa Copper-Gold Mine, also in the Bryah Basin. The IPO was backed by Argonaut Securities.

Bryah Resources managing director Neil Marston expects to begin drilling soon, with initial results before Christmas.

“The interest from well known Australian investors – with significant knowledge of junior explorers – has been keen because our backers recognise the prospectivity of Bryah’s holdings,” Marston said. “Bryah’s management team is strong and there is low sovereign risk associated with exploring for gold and base metals in Western Australia.”

“We have also had some exciting reports of gold nuggets being found by metal-detecting prospectors on our ground in recent months, highlighting the great potential for us to make a new gold discovery.

“We are delighted to be listing on the ASX tomorrow, and look forward to commencing our first drilling program shortly.” The highly-regarded Marston – who successfully oversaw the listing of Horseshoe Metals in 2010 – says he is optimistic that an initial series of strategic drill targets will yield results quickly.

“Recent ground mapping and geophysical studies have revealed untested zones of the Narracoota volcanics – some of which is under shallow cover on parts of our ground – so we are keen to mobilise the drilling teams to test these as soon as possible once we have the necessary permits,” he said. “Furthermore, the mapping work turned up some interesting conglomerates which warrant further evaluation for gold.”

Another plus for Bryah is that a heritage agreement with the Native Title owners – the Yulga Jinna Community – has been already negotiated and finalized. “They are keen to see the area develop, in a way that is appropriate to their cultural priorities and which benefits their community. We understand that and want to work with them for the long term,” Marston said.

Bryah Basin Project (about 100-150km north of Meekatharra)

The Bryah Basin is home to two significant Volcanogenic Massive Sulphide (VMS) copper-gold discoveries – the historic Horseshoe Lights mine (closed in 1994), and Sandfire’s DeGrussa mine (discovered in 2009).

Horseshoe Lights and DeGrussa share the same geology, the Narracoota Formation, and parts of Bryah tenements have those characteristics. Bryah ground is within 100 metres of the Horseshoe Cassidy gold mine, and within 3km of the old Peak Hill gold mine, and 2km of Westgold’s recently recommissioned Fortnum gold mine. Bryah’s holdings are about 1km from Auris Minerals’ exciting Forrest-Wodger copper-gold project.

In April, Bryah Resources completed 16,000 line kilometres of airborne magnetics at 50m line-spacing, at high resolution, with results yielding exciting targets to explore, and excellent opportunities for a new discovery.

“The detail we are seeing, for the first time, is amazing and extremely promising, showing multiple targets that we are keen to explore,” Marston said. “The high-level magnetics are revealing structures and detail which has never been so clearly seen before.”

In June, ground mapping identified evidence of a large-scale hydrothermal alteration system within the Narracoota volcanics, confirming the potential for a new VMS copper-gold discovery.

First Drilling at Gabanintha (about 40km south of Meekatharra) Aims to Confirm Resource

Bryah Resources hopes to develop a mine in the short term at Gabanintha. It aims to prove a high-grade gold or copper-gold resource at Gabanintha’s Tumblegum South project where, in 2013, as a result of just seven drill holes, the project reported 5m @ 9gpt Au in two holes.
“There is great potential for a mine to be there and it is within easy trucking distance of existing processing plants,” Marston said.

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