Bryah first opened its IPO in May and closed it last week after raising A$5 million by issuing 25 million shares at 20c per share.

On its first day of trading yesterday, the stock rose to as high as 25c, but closed at 22.5c with more than half a million shares traded.

Bryah holds over 900sq.km of ground in the Bryah Basin, including the base and precious metals rights to Australian Vanadium’s Gabanintha project.

Australian Vanadium is Bryah’s largest shareholder with 13.4%, while former Sandfire Resources director John Hutton is another backer.

Bryah is led by Neil Marston, who previously headed up fellow Bryah Basin explorer Horseshoe Metals.

Drilling on Bryah’s namesake project, which is within 2km of Westgold Resources’ Fortnum mine and Auris Minerals’ Forrest copper project, is set to begin shortly.

“We have also had some exciting reports of gold nuggets being found by metal-detecting prospectors on our ground in recent months, highlighting the great potential for us to make a new gold discovery,” Marston said.

“Recent ground mapping and geophysical studies have revealed untested zones of the Narracoota volcanics – some of which is under shallow cover on parts of our ground – so we are keen to mobilise the drilling teams to test these as soon as possible once we have the necessary permits.

“Furthermore, the mapping work turned up some interesting conglomerates which warrant further evaluation for gold.”