Having recently commenced a 5,000m reverse circulation over its South Australian Jumbuck Gold Project, we should expect steady news flow from Tyranna over coming months. The programmes will be targeting the key Typhoon and Greenewood prospects, with the aim to grow the current 100,000oz resource base towards the 500,000oz that the Company believes will form a critical mass to justify commencement of development studies. The prospects are located within those tenements held under the West Gawler Craton JV with WPG Resources, with Tyranna currently having 75% equity and WPG 25% - Tyranna also has several 100% held tenements. WPG owns the nearby Challenger Gold Mine, which, should a viable resource be discovered and a commercial arrangement be reached, present a potential treatment option. Mineralisation, which is similar to that at Challenger, has been identified by drilling in a number of occurrences at Jumbuck, however only ~20% of targets delineated by earlier reconnaissance work have been followed up, highlighting the prospectivity of the Project. Also, as announced yesterday the Company has acquired the Weebo Gold Project in the prolific Leonora Goldfields of Western Australia, for which 1,000m of aircore drilling is planned in October to test previously undrilled soil gold anomalies over structures that are interpreted as being part of the shear zone which hosts the nearby 2.3Moz Thunderbox deposit. Having just raised ~$1.7 million through a placement, Tyranna is now looking to raise an additional $1 million through an SPP. To read our report on Tyranna please click on the link below.
Mark is a Senior Resources Analyst for Independent Investment Research, with a focus on junior and mid-cap listed resources stocks. With over 10 years as an analyst, following on from 17 years as a geologist, he has a good insight into the sector.