Bryah Resources Ltd (ASX:BYH) – which is seeking battery, precious and base metals in Western Australia – has seen its share price rise more than 11% on news it had received a $408K rebate from the Federal government for exploration done on the Narracoota copper target.
The research and development (R&D) rebate – which comprised a refund of $407,743 from its R&D tax incentive claim for the financial year ended 30 June 2023 – was delivered to Bryah in recognition of its work delineating the geology for Narracoota, which is believed prospective as a VMS (volcanogenic massive sulphide) copper deposit.
The company holds 1,048 square kilometres worth of licences in the Bryah Basin, considered a highly prospective mineral field which also comprises projects such as Sandfire’s Degrussa copper-gold mine and Doolgunna project.
Within these licences, Bryah has identified a potential new VMS system which it believes is an analogue to the Horseshow Lights gold-copper mine, with a historical production of 54,000 tonnes of copper metal and 300,000 ounces of gold.
CEO Ashley Jones said the company was looking ahead to the delineation of further copper mineralisation in the area.
“This rebate was from the innovative exploration completed on the prospective Narracoota geology for VMS copper deposits within the Bryah Basin,” he said.
“We are now generating further copper targets utilising this past experience and plan to combine it with some new advanced geophysical techniques.”
At 11:45 AEDT, Bryah was trading at 0.5 cents, a rise of 11.11% since the market opened.