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On 5 December 2018, Bryah Resources Limited (ASX:BYH) provided an update on manganese exploration activities within its Bryah Basin Project in central Western Australia. Since the beginning of the Bryah Basin Project exploration programme, the ground reconnaissance work has been undertaken with the objective of identifying manganese occurrences and generating targets for follow-up exploration and drilling.Â
Recently in the month of October 2018, reconnaissance work was focused on the north-western extensions of the Horseshoe Formation near Mount Labouchere and the sampling tests in this area have identified high-grade manganese. To conduct the tests, 7 rock chips samples were collected from the area and from those samples, 3 samples have recorded grades of 45.4% Mn, 49.9% Mn and 51.4% Mn.
In addition, a total of 3 rock chip samples were collected from an area 500 metres to the north of the Brumby Creek Prospect and in one of the samples, an outstanding 54.5% Mn is being recorded. This is the highest manganese grade reported in sampling by the company this year.
The identification of high-grade manganese in outcrops within the Horseshoe Formation at Mount Labouchere is very important for the company as it demonstrates that the whole of the Horseshoe Formation, from the Mudderwearie and Devils Hill prospects in the south-east through to Mount Labouchere in the north-west, is prospective for high-grade manganese mineralization. Currently, the company is having a tenure over the majority of the Horseshoe Formation, with around 60-line Km of this linear feature under its control.
As per the companyâs Managing Director Mr. Neil Marston, the companyâs manganese exploration work in 2018 has successfully focused on reconnaissance and sampling across a large part of the Horseshoe Formation. He also added that the company is well set to undertake an extensive shallow drilling programme of several newly identified manganese targets, commencing in early 2019.
Recently, the company announced that it has received commitments from sophisticated and professional investors for the placement of around 3.78 million fully paid shares and around 1.89 million free attaching listed options exercisable at $0.30, expiring 31 October 2020, raising approximately $0.3 million (before costs).
In FY 2018, the company reported a net loss of $745,666 and Basic and Diluted loss per share of 1.55 cents. At the end of FY 2018, the company was having current assets of $2.56 million. The Net Cash used in operating activities was $721,003 in FY 2018. In the September quarter, the net cash used in operating activities was $0.78 million, and the net cash used in investing activities was $0.25 million. As at 30 September 2018, Cash and cash equivalents of the company were $1.4 million.
Meanwhile, in the last six months, the share price of the company has fallen by 32.41% as on 19 November 2018. Currently, the companyâs shares are in Trading halt pending an announcement regarding a capital raising. BYHâs shares last traded at $0.098 with a market capitalization of approximately $5.52 million as on 19 November 2018.
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