- Bryah Resources has completed a $2 million placement to fund work at its Gabanintha and Bryah Basin projects
- The company hopes drilling at Gabanintha will reach a Mineral Resource Estimate and uncover copper and gold at Bryah Basin
- The projects are both in Western Australia
- Bryah Resources’ share price has dropped 21.3 per cent today, trading for 5.9 cents apiece at 12:16 pm AEST
Bryah Resources has successfully completed a $2 million placement to fund exploration at its Bryah Basin and Gabanintha Gold projects in Western Australia.
As part of the placement, Bryah has issued 33,333,335 new shares at $0.06 cents per share. Acting as Lead Manager of the placement was Hartley’s Limited.
The Bryah Basin Project is located 100-150 kilometres north of Meekatharra. It covers an 880 square kilometre area and hosts the high-grade copper-gold mines at Degrussa and at Horseshoe Lights.
Gabanintha covers an area of 200 square kilometres and is situated 40 kilometres south of Meekatharra.
“Bryah is well-funded with $2 million to undertake exploration activities on the company’s excellent gold and copper-gold targets. We already have a drill crew in the field at Gabanintha and expect to commence drilling in the coming days,” Managing Director Neil Marston said.
Now that Bryah has secured these funds, it will undertake approximately 1500 metres of reverse circulation at the Tumblegum South prospect at Gabanintha to allow for a Mineral Resource Estimate.
Previous drilling at the prospect has intersected high-grade gold and copper mineralisation.
Results include: 2 metres at 18.13 grams per tonne gold and 0.36 per cent copper from 46 metres, and 5 metres at 3.56 grams per tonne gold and 0.35 per cent copper from 84 metres.
Additionally, the company will accelerate exploration at Bryah Basin’s Windalah and Wongawar prospects in search for gold and copper.
The Windalah prospect is a significant focus as it displays strong geological similarities to the nearby volcanogenic massive sulphide Horseshoe Lights Copper-Gold Mine.
Drilling at Windalah is planned to commence in the fourth quarter of the 2019 calendar year.
Bryah Resources’ share price has dropped 21.3 per cent following today’s news, trading for 5.9 cents apiece at 12:16 pm AEST.