Byrah Resources’ (BYH) latest drilling campaign at Australian Vanadium’s (AVL) namesake project has registered bonanza gold grades
Byrah holds the rights to all the nickel, copper and gold at the WA-based project, while AVL holds the rights to cobalt, the resource and the deposit
Best results from the program include 10 metres at 27.5 g/t gold from 53 metres, including four metres at 64.3 g/t gold from 54 metres and one metre at 182g/t gold
BYH believes the deposit has high-grade gold occurring in a cross-cutting fault zone with the potential for significant gold mineralisation
It’s now planning to test additional drill samples from the deposit, while also planning follow-up reverse circulation drilling
Shares in BYH have surged following the news, trading up 67.8 per cent at 9.5 cents, while AVL shares are steady at 2.5 cents
Byrah Resources’ (BYH) latest drilling campaign at Australian Vanadium’s (AVL) namesake project has registered bonanza gold grades.
BYH holds the rights to all of the nickel, copper and gold at the WA-based project while AVL holds the rights to all of the cobalt as well as the vanadium-titanium-magnetite (VTM) deposit and the resource itself.
New results
The bonanza gold grades come after Byrah carried out further testing on 247 samples, assayed from 17 holes drilled at the project.
Best results include 10 metres at 27.5 g/t gold from 53 metres, including four metres at 64.3 g/t gold from 54 metres and one metre at 182g/t gold.
Commenting on the huge 182g/t gold intercept, Byrah Managing Director Neil Marston said it was an outstanding result.
“Last year, we started assaying for gold from historical drilling within the vanadium deposit at Gabanintha,” he explained.
“These latest gold assays are an outstanding result for the company and confirm the exciting gold potential of the historic mining area of Gabanintha,” he said.
Next steps
BYH believes the VTM deposit hosts high-grade gold in a cross-cutting fault zone with the potential for significant gold mineralisation.
It’s now planning to test additional drill samples from the deposit, while also planning follow-up reverse circulation (RC) drilling at the deposit.
Meanwhile, the wider Australian Vanadium Project is progressing through a bankable feasibility study, which is looking into ways AVL can mine and process the VTM deposit.
Shares in Byrah Resources have surged following the news, trading up 67.8 per cent at 9.5 cents per share, while AVL shares are trading steady at 2.5 cents per share at 11:01 am AEDT.
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