Bryah commits funding to retain 49% of the Manganese Joint Venture with OM Holdings
Location of Mn JV prospects with Mineral Resource on Aeromagnetics TMI RTP image. (Credit: Bryah Resources Limited)
Bryah Resources Limited (ASX: BYH, “Bryah” or “the Company”) is pleased to announce it is contributing to funding resulting in maintaining 49% ownership of the manganese Joint Venture with OM (Manganese) Ltd, (“OMM”). OMM is a wholly owned subsidiary of OM Holdings Limited (ASX: OMH).
Commenting on the funding commitment, Bryah CEO Ashley Jones said: “The Bryah Board see the value of contributing to the Bryah Basin JV Project with OMM to maintain Bryah’s 49% position. The announcement of manganese Mineral Resources underpins mining licence applications in the Brumby Creek and Black Hill locations, complementing the existing granted mining lease at Horseshoe South.
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.”
RC drilling has commenced following up further GAIP targets in the Brumby creek area this week.
Geophysical surveys to complete the GAIP surveys commence early April.
With OMM taking 51% ownership of the JV, they will also take overall JV management control. The JV committee will continue to use Bryah personnel and resources to plan and complete all programs. Bryah will continue to assess JV contributions and their value to its shareholders.
Source: Company Press Release