A new high-grade copper discovery made in Western Australia's Bryah Basin by Auris Minerals Ltd. has spurred investor interest in newcomer Bryah Resources Ltd., which has adjoining ground and is close to listing on the ASX.
First assays from Auris' reverse circulation drilling program at the Wodger prospect returned hits of up to 3.41% copper, 4.75 g/t of gold and 9.21 g/t of silver.
Bryah, an Australian copper-gold explorer, is nearing the completion of an IPO to raise up to A$6.0 million, which, prior to the end of the 2017 financial year, faced difficulties achieving the investor spread that was required.
Managing Director Neil Marston told S&P Global Market Intelligence on Aug. 7 at the Diggers & Dealers Mining Forum in Kalgoorlie, Australia, that the uptake has been significantly better since the end of June.
"July has been a good month and certainly the uptake has been significantly better than in the pre-30 June period, and in the last week, in particular, Argonaut, who are doing the lead for us, have had a really good response, particularly on the back of some exploration results on a neighboring tenement to ours from Auris Minerals," he said. "So a little bit of 'nearology' at the right time has helped."
Bryah's IPO is due to close Aug. 21, with listing slated for early September. Marston said the company received approval for listing and it is now a matter of finalizing the capital raising and lodging all the necessary documents.
"All the mechanics have been put in place for that to happen and certainly one of the issues was getting a bit more spread, you need a minimum of 300, so that issue looks like it's pretty much taken care of now," he said.
Auris' recent results have prompted Bryah to make its Bryah Basin project a higher priority, and the company is hoping to start drilling before the end of the year.
"The heritage agreement is in place and we're due to go up in early September for a community meeting with the people at Yulga Jinna, and on the back of that we'll be putting in for clearances on various areas where we want to go and drill up in the Bryah Basin," Marston said.
"With those fresh discovery results announced last week, there's certainly an expectation from the investors coming in that they want to see most of the money spent in the Bryah Basin. So we need to be conscious of that and certainly the preliminary work we have done in the last couple of months has really been quite exciting and a bit eye opening in some respects," he said.
A recent airborne magnetic survey has revealed that mineralization from Auris' Forest prospect carries into Bryah's landholding.
Bryah has identified a number of target areas for drilling, some of which have been "elevated" as a result of Auris' recent drilling, Marston said.
"We've got a multitude of targets there to test and that's just now getting the ability to go on the ground and put some holes in there, but if we're dealing up there in September on the heritage issues, we should be drilling before Christmas," he said. "That's definitely a priority for us — to get some holes down quickly."