- Bryah Resources (BYH) acquires the Lake Johnston lithium-nickel project, which covers a 690-square kilometre area in WA
- The project neighbours the ‘world-class’ Mount Holland lithium mine and is considered to have “huge potential” for new discoveries by applying modern exploration methods
- Three of the eight exploration licences that make up Lake Johnston are held by West Coast Resources, who Bryah Resources will acquire for $181,000
- Once the acquisition is finalised, Bryah will review and compile historical data to generate follow-up targets
- Company shares are up 14.6 per cent to trade at 6.3 cents
Bryah Resources (BYH) has acquired the Lake Johnston lithium-nickel project which is located 200 kilometres southwest of Kalgoorlie, Western Australia.
The project covers a 690-square kilometre area and consists of eight exploration licence applications.
The tenure lies within 10 kilometres of the ‘world-class’ Mount Holland lithium mine, which is being developed under the Wesfarmers/SQM Australia joint venture.
Mount Holland includes the Earl Grey lithium deposit, which has a mineral resource of 189 million tonnes at 1.5 per cent lithium oxide, making it a globally significant hard rock lithium deposit.
Further, the acquisition includes ground immediately west and north of the Lake Johnston project which covers the Maggie Hays and historical Emily Ann deposits and associated processing plant which is under care and maintenance.
Managing Director Neil Marston was delighted to add prospective lithium tenements to its portfolio.
“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 electric vehicle/energy storage revolution.”
Bryah applied for five of the eight exploration licences at Lake Johnston, with the other three held by West Coast Minerals. Bryah will acquire West Coast Minerals for a total consideration of $181,000 which includes a $75,000 cash payment and two million Bryah shares.
While the project has seen limited exploration, the company believes it has “huge potential” for new discoveries using modern exploration techniques. Bryah will review and compile historical data and use that to generate targets for field evaluation.
Company shares were up 14.6 per cent to trade at 6.3 cents at 12:19 pm AEDT.