Battery metals: Bryah Resources puts its foot on yet another manganese prospect, shares rocket
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Junior explorer Bryah Resources (ASX:BYH) has found even more manganese just 5km from its Horseshoe South manganese mine in the Bryah Basin of Western Australia.
The news sent shares up 25 per cent to 8c on Friday morning. Bryah’s share price has rocketed 43 per cent in the past two days on solid manganese results.
Rock chip samples indicate that the manganese outcrops for a distance of about 500m. Fifteen of the 35 samples recorded grades between 20 and 30 per cent manganese, with the highest returning a high grade of 41.3 per cent.
The newly named “Cheval” prospect is, however, untested by drilling and requires a heritage survey, to be undertaken “as soon as possible”, managing director Neil Marston said.
“The new find is particularly exciting in light of Bryah’s recent success in defining significant mineralisation at Brumby Creek,” he said.
“Brumby Creek was only identified as an exploration target in July last year and recent drilling was now defining significant manganese mineralisation.”
Bryah last year secured a one-year exclusive option to buy a mining lease covering the historic Horseshoe South mine.
The company listed as a copper and gold explorer in October 2017 after it was spun out of Australian Vanadium (ASX:AVL), and moved into manganese after uncovering high grades of the steel-making material and battery metal at its Bryah Basin project earlier this year.
About 90 per cent of manganese goes into steel-making, but it’s increasingly used in next-generation battery and power storage applications.
Copper Strike (ASX:CSE) has increased its stake in graphite producer Syrah Resources (ASX:SYR). Copper Strike has taken up 100 per cent of its retail entitlement in the Syrah’s latest entitlement offer. Syrah offered 2.2 million new shares at 81c each. The Syrah share price has been falling since the start of 2018 from $4.69 to 88c currently, largely due to production misses at its graphite mine in Mozambique.