JOHANNESBURG (miningweekly.com) – Former Horseshoe Metals executive Neil Marston is bringing a new listing to the ASX, focusing on 900 km2 of ground in the Bryah basin and Gabanintha in Western Australia.
Marston, who oversaw the listing of copper explorer Horseshoe in 2010, said on Wednesday that copper/gold explorer Bryah Resources was looking to list on the ASX “within weeks”.
The company is seeking A$5-million, at 20c each, through an initial public offering. The IPO closes on July 12 and has been backed by Perth brokers Argonaut Securities.
The Bryah basin is home to two significant copper/gold discoveries – the historic Horseshoe Lights mine, which closed in 1994, and Sandfire’s DeGrussa mine, which was discovered in 2009. Marston said the Horseshoe Lights mine sits in the middle of the Bryah basin project’s landholding.
Bryah Resources completed 16 000 line km of airborne magnetics at 50 m line spacing, at high resolution, in April this year. “The detail we are seeing, for the first time, is amazing and extremely promising, showing multiple targets that we are keen to explore,” Marston said. “The high-level magnetics are revealing structures and detail which has never been clearly seen before, creating excellent opportunities for a new discovery.”
At Gabanintha, Marston has hopes of developing a mine in the short term. The first aim – once the company lists – will be to prove a high-grade gold or copper/gold resource at Gabanintha’s Tumblegum South project. In 2013, as a result of just seven drill holes, Tumblegum South reported 5 m at 9g/t gold in two holes.
“With nearby gold plants at Bluebird (15 km south-west of Meekatharra) and Burnakura (50 km south of Meekatharra) treating sub-3 g/t gold ore, we see an opportunity for us to be supplying them with higher grade feed,” said Marston.