An emerging copper-gold exploration company is set to list on the ASX this week, following significant investment throughout an initial round of fundraising.
Bryah Resources, which has more than 900sqkm of high prospective Western Australian ground in the Bryah Basin and at Gabanintha, has raised an initial $5mn.
The company looks set to list on the ASX on October 17.
Investors include Australian Vanadium Ltd, which has 13.4% of Bryah, as well as a number of high-net Australian individual investors. This includes John Hutton, former director of Sandfire Resources which operates the high grade DeGrussa Copper-Gold Mine, which is also located in the Bryah Basin.
Bryah Resources managing director Neil Marston expects to begin drilling soon, with initial results anticipated before Christmas this year.
“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,” Marston said. “Bryah’s management team is strong and there is low sovereign risk associated with exploring for gold and base metals in Western Australia.”
“We are delighted to be listing on the ASX tomorrow, and look forward to commencing our first drilling program shortly,” he added.
The Bryah Basin project is located approximately 100-150km north of the town of Meekatharra in Western Australia. The Company’s tenements cover 713.8km2 over parts of the western Bryah Basin. Active and historic mines located close to the Company’s tenements include the Fortnum, Labouchere, Horseshoe, Peak Hill, Hermes and Harmony gold mines and the Horseshoe Lights copper/gold mine.
The Gabanintha Project is located approximately 40km south of the town of Meekatharra in Western Australia. The Company is acquiring a suite of mineral rights to tenements covering 202.3km2 held by Australian Vanadium Limited.