PERTH (miningweekly.com) – Junior Bryah Resources will suspend drilling operations in Western Australia and will cut director remuneration by 25% from April in an effort to conserve cash.
Bryah on Monday told shareholders that exploration activity at the Bryah Basin project, which started last week, will be suspended early on the back of the volatile market conditions and the expected difficulty in accessing additional capital.
While exploration at the gold/copper target will be suspended early, Bryah’s exploration activity at its manganese assets will continue as planned, starting in April. The manganese exploration will be undertaken at no cost to the company, and will be fully funded by fellow-listed OM Holdings under Stage 2 of the Bryah Basin manganese joint venture.
“The board has moved decisively to preserve the company’s cash during this difficult period. This has unfortunately meant the early suspension of the gold/copper drilling programme,” said Bryah MD Neil Marston.
“However, we have completed enough holes to date to give us an improved understanding of the Windalah East area when the final assay results are received.”
Marston said that over the coming months, Bryah’s aim would be to use the funds provided by OM Holdings to progress its strategy of identifying sufficient manganese mineralisation in the Bryah basin to allow mining operations to develop in the near term.