Bryah Resources secures $130,000 WA Government EIS drilling grant
The company will use the funds to carry out a 3,000m RC program at the Olympus Anomaly, which has similar characteristics to the nearby Windalah copper-gold prospect.
Bryah Resources has been a successful applicant in Round 24 of the Western Australian Government exploration incentive scheme co-funded drilling program and is set to receive up to $130,000 from the Department of Mines, Industry, Regulation and Safety (DMIRS).
Funds will be spent towards drilling costs at the recently identified Olympus Anomaly within the Bryah Basin Project in central Western Australia.
Bryah (ASX:BYH) plans to drill around 10 reverse circulation drill holes for a total of 3,000m to test the Olympus Anomaly to a depth of 300m.
Under the agreement with DMIRS, the drilling program must be undertaken between December 1, 2021 and November 30, 2022.
BYH says it is grateful for the industry support provided under the EIS Scheme and looks forward to completing this drilling program in the coming months.
The Olympus Anomaly is a strike-extensive multi-element geochemical anomaly confirmed by infill auger soil sampling in 2021.
It has similar pathfinder mineral characteristics to the significant geochemical anomaly over the nearby Windalah copper-gold prospect.
Recent diamond drilling at Windalah has confirmed the presence of a Volcanogenic Massive Sulphide (VMS) system with copper-gold potential which is analogous to the Horseshoe Lights copper-gold deposit.
The Olympus Anomaly is around 10km south of the Horseshoe Lights deposit and lies within the Aquarius Trend, a series of double-plunging domes with Narracoota Formation volcanic rocks at the core.
It is understood that these domes connect with the Narracoota Formation rocks that host the Horseshoe Lights CuAu deposit through an extensive dome and basin architecture.
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.