Bryah Resources

Sale Interest In Lake Johnston Lithium-Nickel Project – Terms Amended

Bryah Resources Limited (ASX: BYH) is pleased to advise that it has amended an option agreement with Mining Green Metals Limited (MGM) for MGM to acquire an initial 70% interest in the Lake Johnston Lithium-Nickel project located approximately 400km east of Perth and 200km southwest of Kalgoorlie in Western Australia (see Figure 1).


KEY POINTS

  • Option agreement amended for Mining Green Metals to acquire a 70% initial interest in the Lake Johnston Lithium-Nickel project, up from 51%.
  • No change to overall consideration for 100% of the project.
  • Lake Johnston Lithium-Nickel project covers 8 granted Exploration Licences over a 690km2 area
  • Tenure close to Mount Holland Lithium Mine (ASX: WES/SQM JV) and historic Maggie Hays/Emily Ann Nickel deposits held by Poseidon Nickel Limited

The option agreement will provide the following benefits to BYH and its shareholders:

  • 5,000,000 fully paid ordinary shares of MGM;
  • Retaining a 30% interest in the project in an unincorporated joint venture; and
  • A potential further 5,000,000 fully paid ordinary shares of MGM for the remaining 30% interest.

The Lake Johnston Lithium-Nickel project consists of eight exploration licence applications covering a total area of 690km2. Bryah 5 granted tenements and 100% subsidiary West Coast Minerals Pty Ltd, which has 3 granted tenements. The option is conditional on a successful IPO of Mining Green Metals. The amended options agreement reflects a change in overall market conditions since the initial agreement in May 20221

The exploration ground extends to within 10 kilometres east of the world class Mount Holland Lithium mine and concentrator being developed under the Wesfarmers Limited/SQM Australia Pty Ltd joint venture. The Mount Holland Lithium project includes the Earl Grey Lithium deposit with a reported Mineral Resource2 of 189 million tonnes grading 1.5% Li2O, making it a globally significant high-grade hard rock lithium deposit.

The Lake Johnston Lithium-Nickel project also includes ground to the immediate west and north of Poseidon Nickel Limited’s Lake Johnston Project encompassing the Maggie Hays/Emily Ann mine and associated processing plant, which is currently under care and maintenance. The Emily Ann mine historically produced 46,000 tonnes of nickel with a resource grade averaging 4.1% nickel3.


Click here for the full ASX Release

This article includes content from Bryah Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.


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