A day after reporting the manganese joint venture with OM Holdings (ASX: OMH) was going ahead, Bryah Resources (ASX: BYH) has topped up its cash reserves to pursue its gold and copper strategy at its Bryah Basin and Gabanintha projects in Western Australia.
Bryah has received firm commitments for a $2 million placement that will fund its planned gold and copper drilling across its projects, with the company’s board backing the placement by subscribing for $150,000-worth of shares.
“The successful completion of this placement will see the company well-funded with $2 million raised for renewed exploration efforts on the company’s excellent copper-gold targets,” Bryah managing director Neil Marston said.
“In addition, as announced yesterday, we have access to a further $2 million of exploration funding from OM Holdings under stage two of our joint venture to advance our manganese exploration activities.”
Gabanintha and Bryah Basin gold-copper strategy
After discovering the manganese potential at its Bryah Basin project, the company’s strategy has been to fast-track development of a manganese operation so it can generate early cashflow to fund gold and copper exploration across its tenements.
Earlier this month, Bryah noted it had identified the potential for gold and copper discoveries across its Gabanintha project after it completed 3D modelling and a review of previous drilling.
Historic drilling at the project unearthed up to 32.18 grams per tonne gold and other highlight intersections of 2m at 18.13g/t gold and 0.36% copper, including 1m at 32.18g/t gold and 0.44% copper; 7m at 3.28g/t gold, including 1m at 16.73g/t gold; and 5m at 3.56g/t gold and 0.55% copper, including 1m at 9.57g/t gold and 0.88% copper.
Placement proceeds will fund a 1,500m reverse circulation drilling program to begin next month at Gabanintha with the aim of firming up a resource.
Meanwhile, at Bryah Basin, the company plans to test the Windalah, Wongawar and other prospects.
Drilling at Windalah last year uncovered up to 15.05g/t gold and pulled up notable intervals of 5m at 6.62g/t gold, including 1m at 15.05g/t gold; 3m at 6.69g/t gold, including 1m at 10.52g/t gold.
The prospect also revealed a broad 27m intersection grading 1.43g/t gold.
“We look forward to a busy program of gold and copper-gold exploration in the Bryah Basin and at Gabanintha over the coming months,” Mr Marston added.