Bryah Resources (ASX:BYH) together with OM (Manganese), a wholly-owned subsidiary of OM Holdings (ASX:OMH), announced the creation of the Bryah Basin Manganese Joint Venture, whose objective is to explore for commercially mineable manganese at the Horseshoe South mine in Western Australia.
To move ahead with the deal, OMM has to pay $250,000 cash to Bryah as an Exercise Fee by August 30, 2019. This will allow OMM to receive an initial 10% JV interest.
The Horseshoe South mine and the Horseshoe North mine were initially active from 1948 to 1971, when 490,000 tonnes of manganese ore was mined at a reported average grade of 42% Manganese
To increase its JV interest to 51%, OMM will have to fund the next $2 million of JV expenditure. If the company’s idea is to reach 60%, then it would have to fund $1.8 million of additional project expenditure.
The JV includes the Horseshoe South Manganese mine, which is considered the largest historical manganese mine in WA, as well as several other manganese prospects, including Brumby Creek, Black Hill, Black Caviar, Devils Hill, Black Beauty
The Bryah Basin project is located approximately 100-150 kilometres north of the town of Meekatharra.
Bryan’s tenements and manganese mineral rights cover 880 square