The Bryah Resources Ltd [ASX:BYH] share price is up today by 30.95%. At time of writing, shares are trading at $0.055, up from $0.042 the day before.
Bryah Resources is a mineral exploration company based in Perth, focusing on high-grade copper, gold and manganese. They have two projects: the Bryah Basin and the Gabanintha project, both located in Western Australia.
Why did Bryah shares go up today?
The company released today the first results of their reverse circulation drilling program at the Bryah Basin manganese project. The program focused on testing for extensions of high-grade mineralisation drilling in Brumby Creek and Black Hill, as you can see in the map below.
Source: Bryah Resources
Bryah Basin is located around 100–150km north of Meekatharra, in central WA. Bryah is in a joint venture with OM Manganese Ltd, who funded the drilling program.
The best results included 12 metres at 24.7% manganese and 10 metres at 31.1% manganese, including 3 metres at 41% from 34m.
Also, 17m at 26.5% Manganese including 3m at 36.6% mn from 15m; and 15 metres at 26.1% manganese, including 3m at 37.3% mn from 16m.
At Black Hill they found direct shipping grades like 4m at 32.7% manganese, including 1m at 41.9% mn from surface. Also, 6m at 30% mn including 1m at 47.9% mn from 4m.
Managing Director, Neil Marston had this to say:
‘We are very encouraged with the latest drilling results, in particular the new high-grade manganese zone discovered under shallow cover at the Brumby Creek Prospect. These grades and thicknesses of mineralisation demonstrate that the manganiferous Horseshoe Range, most of which is under our joint venture’s tenure, has the potential to host significant tonnages of shallow high-grade manganese. Manganese ore prices have recovered significantly recently, which augurs well for us as we develop a pathway to production.’
What could happen next for BYH?
The company is looking to fast track the studies required to support their applications for Brumby Creek and Black Hill.
Once the company finished their manganese drilling program on 11 May in the Bryah Basin, they thought it would be worthwhile to use the same equipment to do a short gold drilling program to test for high-grade gold mineralisation. They’re expecting those results in the coming weeks.
It’s hard to pick gold stocks. Some will strike gold, others will run out of money. For some guidance, you can check out Greg Canavan’s report ‘How to Pick Winning Gold Stocks’.
You can access this free report click here.