News and Announcements
Bryah Resources Ltd (ASX: BYH) Eyes More Explorations after Listing on ASX
- Published October 18, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Bryah Resources Limited has raised $5 million in its initial public offering (IPO) and is now listed on the Australian Securities Exchange.
- The company operates two project areas in Western Australia’s Meekatharra region.
- The Bryah Basin covers an area of 713.8 square kilometres while the Gabanintha covers 202.3 square kilometres.
Perth-based Bryah Resources Limited is set to conduct more explorations in the Doolgunna Region after its recent listing on the Australian Securities Exchange.
The mineral exploration company has previously raised $5 million in its initial public offering (IPO). The successful IPO, where it offered shares at $0.20, paved the way for its listing with the ASX. Among Bryah’s investors are former Sandfire Resources Director John Hutton and Australian Vanadium Limited.
Bryah Resources Limited was established to engage in the exploration of high-grade copper-gold resources in the Meekatharra region of Western Australia specifically in Gabanintha and Bryah Basin and at Gabanintha. The company’s project areas measure more than 900 square kilometres.
“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,” Bryah Resources Limited Managing Director Neil Marston said. “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.”
The Bryah Basin project area, which covers 713.8 square kilometres, is known for to significant copper-gold discoveries. These are the Sand-fire’s DeGrussa mine which was discovered in 2009 and the Horseshoe Lights mine which was closed in 1994. Both discoveries share the same geology that is the Narracoota Formation. The same characteristics have been shown in parts of the Bryah tenements.
The company holds mineral rights to Gabanintha project area, which covers 202.3 square kilometres. Australia Vanadium, which now owns 13.4% share in the company, previously held the area. Bryah seeks to prioritize drilling in the area considering that after the drilling of seven holes in Gabanintha’s Tumblegum South in 2013, two holes already showed 9 g/t gold at 5 metres.
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