Bryah Resources Limited (ASX: BYH) has acquired two strategically located tenements within the Bryah Basin in central Western Australia.
The company says the two tenements acquired fill important gaps within its Bryah Basin Project, where outcropping zones of the highly prospective Narracoota Formation have been mapped.
Historical exploration and drilling has been conducted on these tenements with some very encouraging results reported, including 2m (8-10m) @ 15.2g/t Au, 2m (24-26m) @ 5.1g/t Au and 12m (14-26m) @ 2.0g/t Au in three holes drilled on or near the important stratigraphic contact between the Narracoota Formation and the overlying Ravelstone Formation.
The two new tenements acquired, Exploration Licence E52/3014 and Prospecting Licence P52/1527, were held by private prospectors who have been active in the area for several years exploring for gold nuggets. Each tenement has been acquired for $10,000 in cash and the issue of 50,000 new fully paid ordinary shares.
Bryah Managing Director Neil Marston said Prospecting Licence 52/1527 covers a key portion of the Mars Prospect and Exploration Licence 52/3014 covers a large section of the Saturn Prospect, both of which hold substantial exploration potential based on the shallow exploration work completed to date.
In 1987, Barrack Exploration Pty Ltd (Barrack) commenced significant exploration on the Aquarius Project, which consists of the Venus, Mars and Saturn Prospects, targeting shallow open pit gold resources.
Exploration activities, including geological mapping, rock chip, stream sediment and soil sampling surveys identified several anomalous gold zones predominantly lying over, or in close proximity to, the contact of the Narracoota and Ravelstone Formations.
Geologically this contact is considered the same stratigraphic position as the nearby Horseshoe Lights Copper/Gold mine.
Mr Marston, who has a great deal of experience in the area, said the company believes the tenements acquired are valuable additions to the Bryah Basin Project due to their strategic location and excellent geological settings.
The company now holds 100% coverage of the exposed Narracoota Formation at the Mars Prospect and the major portion of the Narracoota Formation at the Saturn Prospect. Further evaluation of both project areas for gold and Cu/Au mineralisation at depth will be undertaken by the company in the coming months.