Bryah Resources retains 49% ownership of Manganese JV as drilling kicks off
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Bryah’s funding commitment at the Bryah Basin JV with OM Manganese subsidiary OM Holdings (ASX:OMH) has ensured it holds a 49% ownership.
With OMM taking 51% ownership of the JV, this means they will also take overall JV management control, however the project will continue to use Bryah personnel and resources to plan and complete all programs.
Bryah Resources (ASX:BYH) says it will continue to assess JV contributions and their value to shareholders.
Commenting on the funding commitment, BYH CEO Ashely Jones said the board sees the value of contributing to the Bryah Basin JV Project with OMM to maintain its 49% position.
“The announcement of manganese mineral resources underpins mining licence applications in the Brumby Creek and Black Hill locations and complements the existing granted mining lease at Horseshoe South,” he said.
“Due to the success of the GAIP geophysics program last year, new GAIP surveys will begin in April, allowing Bryah to rapidly test further targets along the prospective Horseshoe Formation.
“This allows Bryah to quickly appraise the next generation of manganese prospects, taking another step closer to reopening this manganese production centre.”
Reverse circulation drilling has kicked off to follow up GAIP targets in the Brumby creek area this week.
Geophysical surveys to complete the GAIP surveys will start in early April at the Horseshoe Mine prospect areas.
Mining Lease applications over the Brumby Creek and Black Hill mineral resources will be lodged to support future feedstocks for the mining project based on granted mining lease at Horseshoe South Mine (M52/806) .
This article was developed in collaboration with Bryah Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.