Bryah Resources Limited (ASX:BYH) has acquired a new exploration project – the Lake Johnston Lithium-Nickel Project – located approximately 400 km east of Perth and 200 km southwest of Kalgoorlie in Western Australia.
The project consists of eight exploration licence applications covering a total of 690 sq. km.
The exploration ground extends to within 10 kilometres east of the world class Mount Holland Lithium mine and concentrator being developed under the Wesfarmers Limited/SQM Australia Pty Ltd joint venture. The Mt Holland Lithium project includes the Earl Grey Lithium deposit with a reported Mineral Resource of 189 million tonnes grading 1.5% Li2O, making it a globally significant high-grade hard rock lithium deposit.
The acquisition also includes ground to the immediate west and north of Poseidon Nickel Limited’s Lake Johnston Project which encompasses the Maggie Hays/Emily Ann mine and associated processing plant, which is currently under care and maintenance. The Emily Ann Mine historically produced 46,000 tonnes nickel with a resource grade averaging 4.1% nickel.
“Bryah is delighted to add prospective lithium tenements to its portfolio which already includes a copper-nickel resource at Gabanintha and an evolving manganese project in the Bryah Basin,” Managing Director Neil Marston said:
“Bryah is an energy metals’ focused company with copper, lithium, nickel, gold and manganese assets in Western Australia. This acquisition broadens our exploration reach. The tenements Bryah will be exploring shortly are within a region which has been proven to be highly prospective for lithium as well as nickel and copper – all vital commodities in the EV/energy storage revolution.
“Recent exploration work for lithium and nickel on our Lake Johnston tenements has been limited, however the region has huge potential for new discoveries using modern exploration techniques. We will kick off exploration and desk top studies within weeks and look forward to getting our team on the ground in 2022”.
The project consists of eight exploration licence applications. Five of these licences, covering 465 km2, have recently been applied for by Bryah, whilst a further three licences are under licence applications held by West Coast Minerals Pty Ltd. West Coast Minerals’ three exploration licences cover approximately 225km2.
Bryah has agreed to purchase West Coast Minerals Pty Ltd which, upon settlement, will become a wholly-owned subsidiary of Bryah Resources Limited.
Consideration for the acquisition of West Coast Minerals Pty Ltd is $181,000, consisting of:
(a) $75,000 cash and
(b) two million ordinary shares in Bryah at a deemed price of $0.053/share, totalling $106,000.
For further information please visit: https://www.bryah.com.au/site/content/
