In the month of October, Bryah Resources Limited (ASX: BYH) announced that it has discovered several zones of gold mineralization in drilling at the Windalah Prospect which lies within the Company’s Bryah Basin Project. On 22 November 2018, the company provided an update on drilling and announced the latest high-grade results.
To test the modelled EM conductor at the Windalah Prospect a total of nine holes for 1,688 metres have been drilled, and further five holes for 986 metres were drilled at an adjacent area.
According to the Company’s Managing Director Mr. Neil Marston, these latest results include some significant upgrades on the earlier composite assays at the Windalah Prospect. The company has intersected intervals exceeding 6 grams per tonne in two holes collared 100 metres apart, so the focus now will be to extend this high-grade mineralized horizon, which is an open down dip and along strike. He further added that these gold grades would provide confidence to undertake further drilling in this area.
As part of the follow-up activities, Bryah is planning to take necessary approvals from Heritage surveys and Department of Mines, Industry Regulation and Safety (DMIRS).
The company also drilled 16 holes for 1,361 metres above the EM conductors. These 16 holes were not drilled deep enough to properly test the EM conductors, which all occur at modelled depths of below 200 metres. However, the holes were designed to deliver some geological information before undertaking any future deeper drilling to test the EM conductors. Generally, no significant results were recorded, nonetheless, geological information gained will be used as part of the follow-up assessment of these EM conductors.
Bryah Resources recorded a total comprehensive loss after tax of $745,666 in FY 2018. The Capitalized expenditure on exploration, excluding tenement acquisition costs was $1.18 million in FY 2018, with several major copper-gold exploration activities being undertaken since listing. In early 2018, the Company made the significant decision to expand its exploration focus in the Bryah Basin beyond copper-gold to manganese. As at the 30 September 2018, the Company had $1.468 million in cash and cash equivalents. Bryah Resources Limited’s copper-gold exploration strategy is to apply the best and latest exploration methods to evaluate the ground. The Company is having two projects located in central Western Australia, being the 720 km square Bryah Basin Project and the 202 km square Gabanintha Project. The Company also holds a one-year option to acquire the historic Horseshoe South Manganese Mine and the Manganese mineral rights over a further 154km square of ground in the Bryah Basin.
In the last six months, the share price of the company decreased by 32.41 percent as on 19 November 2018. BYH’s shares were last traded at $0.098 with a market capitalization of circa $5.52 million.