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Australian Mining

Bryah Resources has encountered bonanza gold grades at Australian Vanadium’s namesake vanadium-titanium-magnetite project in Western Australia.

The company received assay results from 17 holes, with intercepts including 10 metres at 27.5 grams per tonne of gold from 53 metres.

This includes four metres at 64.3 grams per tonne of gold from 54 metres.

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Drilling at Bryah’s Gabanintha project has delivered bonanza gold grades of up to 182g/t gold in a cross-cutting fault zone that could host significant mineralisation.

The top 1m intercept from a depth of 55m is located within a broader 4m zone grading 64.3 grams per tonne (g/t) gold from 54m that is itself located in a 10m intersection at 27.5gt gold from 53m.

Notably, the discovery of high-grade gold means the major cross faults over the vanadium-titanium-magnetite (VTM) deposit now represent untested gold targets.

Bryah Resources (ASX:BYH) holds a suite of mineral rights such as nickel, copper and gold over the Gabanintha project while Australian Vanadium holds the rights to vanadium, titanium, iron ore and cobalt.

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Bryah Resources (ASX:BYH)

WA-focused gold explorer Bryah Resources soared in morning trading after it announced an impressive hit of 182 grams per tonne (g/t) gold at its Gabanintha project.

The hit was one of 17 holes drilled at Gabanintha and shows high-grade gold occurs in a cross-cutting fault zone within the project’s vanadium-titanium-magnetite deposit.

Australian Vanadium (ASX:AVL) has a 7.3 per cent equity stake in Bryah Resources and holds the rights to vanadium, titanium, iron ore and cobalt 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,” managing director, Neil Marston, said.

The Market Herald

• Bryah Resources' (BYH) latest drilling campaign at Australian Vanadium's (AVL) namesake project has registered bonanza gold grades
• Byrah holds the rights to all the nickel, copper and gold at the WA-based project, while AVL holds the rights to cobalt, the resource and the deposit
• Best results from the program include 10 metres at 27.5 g/t gold from 53 metres, including four metres at 64.3 g/t gold from 54 metres and one metre at 182g/t gold
• BYH believes the deposit has high-grade gold occurring in a cross-cutting fault zone with the potential for significant gold mineralisation
• It's now planning to test additional drill samples from the deposit, while also planning follow-up reverse circulation drilling
• Shares in BYH have surged following the news, trading up 67.8 per cent at 9.5 cents, while AVL shares are steady at 2.5 cents

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Bryah Resources (ASX:BYH) rose after an exploration update at its Gabanintha gold project.

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RockTalks is a Stockhead video series featuring a roundtable of resources experts discussing a new macro topic each week. The program is sponsored by Bridge Street Capital Partners, a leading ECM and principal investment firm focused on mining, energy & tech.

In this episode, host Peter Strachan takes a look at the copper market.

Populating the expert panel for this discussion is Peter George, managing director of Alicanto Minerals (ASX:AQI), Neil Marston, managing director of Bryah Resources (ASX:BYH) and Christian Easterday, managing director of Hot Chill (ASX:HCH).

The group discusses a range of topics, including the South American copper pipeline, how COVID-19 will impact near-term copper development, developments in Bryah Basin, European domestic copper demand trends, M&A activity in the sector and much more.

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Bryah Resources (ASX:BYH) has a plan to help it focus on its core copper-gold exploration projects while retaining significant exposure to near-term gold production at Tumblegum South. 

The agreement with Star Minerals will see Bryah receive $500,000 cash, 9 million shares (valued at $1.8m) and 7m performance rights.

Bryah will likely hold 21.6 per cent equity in the new explorer upon its successful ASX listing, which could increase to over 30 per cent through conversion of performance rights upon commencement of gold production at Tumblegum South.

Both transactions are conditional upon Star Minerals undertaking its $5m IPO and obtaining ASX approval to list by 31 May 2021.

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This company has feet in multiple commodities including gold, manganese and copper.

But Pilgrim is most bullish about the latter of these.

“(The) copper price has gone from $2.50 per pound to $4.20 in last six months and that’s off the back of Biden’s Green New Deal – (a) $1 trillion investment into renewable energy space,” he told Stockhead.

“Which is going to require a lot of copper and there has been a lack of investment in copper exploration in the last 10 years due to the depressed copper price.

“The copper price has run on strength and we think the funds will start flowing into the copper explorers like it did with gold.”

Pilgrim also noted the company’s project is in the same basin as the DeGrussa mine discovered by Sandfire Resources (ASX:SFR).

“It’s a known geological setting for VMS style copper deposits and we feel they’re potentially on the road to a major discovery,” he declared.

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Recently completed diamond drilling at Bryah’s manganese assets intersected mineralisation consistent with the geological interpretation from earlier drilling.

This is particularly notable given that previous drilling had intersected high-grade mineralisation.

Bryah Resources (ASX:BYH) highlighted drill hole BRDD005 that tested a high-grade zone of manganese identified by reverse circulation drilling at Area 74 within the Brumby Creek prospect.

Zones of blue-grey high-grade manganese are clearly visible in the BRDD005 drill core and are generally separate from the red-brown iron rich shale zones.

The Market Herald

• Bryah Resources (BYH) has drilled seven shallow holes at its Bryah Basin Manganese Joint Venture Project in WA
• Two holes were drilled at the Horseshoe South Extended area, while the other five were drilled at the Brumby Creek Project
• During this program, Bryah identified manganese mineralisation matches previously drilled samples
• The company will beneficiate the core samples for commercialisation
• On the market today, Bryah Resources is down 1.69 per cent and trading at 5.8 cents