Tychean Resources Ltd. (ASX: TYK) today announced that its recently acquired private company IronRinger Resources had secured an EIS grant to co-fund the drilling of four diamond holes for ~1,200m at the Yampi Nickel-Copper-Gold project.
In the market release, the company told that grant of $120,000 was awarded to Yampi Ni-Cu-Au project under the Exploration Incentive Scheme of the Government of Western Australia. It included the independent, competitive process involving 73 applicants out of which only 40 were successful.
Tychean Chairman, Duncan Gordon stated that the winning of EIS grant is of extreme prestige for the company as it is a highly competitive process and is determined by a panel of independent experts. Mr. Gordon added the company is excited to commence drilling of the high priority nickel, copper and gold targets at Yampi which outlines a significant milestone towards realizing the potential of that area.
Yampi is located on significant faults which possess substantial tectonic features and portion of Kimberley's southern margin defined by the King Leopold Orogen. The company told that this Orogen is one of the fundamental tectonic building blocks of the modern Australian continent. Copper mineralization in the form of veins and gossans is reportedly exposed over a 13km strike length.
The EIS grant of $120,000 represents the full amount applied for by IronRinger and related to a contribution towards 50% of the direct costs for drilling. Moreover, the company plans to undertake the drilling program over three high priority targets in the 2019 field season around April 2019.
As per the company’s announcement, the funding is to be applied to drill four diamond holes for a total of 1,200m at Wilson’s Reward, Grant’s Find, and CO1 Mag/EM/Ruins Dolerite target.
Tychean told that Grant’s Find and Wilson’s Reward sit over ~13kms of gossans. Both areas were mined for copper pre-WW1 which had observed minimal exploration since 1959 when WMC drilled ten holes with encouraging copper results. The copper and gold potential of the project has also been highlighted in several generations of rock chip sampling.
On the front of the acquisition agreement, Tychean has the right to acquire all of the shares in IronRinger the holder of the Yampi project and the Rocky Dam project near Kalgoorlie. However, the agreement remains subject to the satisfaction of several conditions including the transfer of E04/2315 from the existing holder to IronRinger, shareholder approvals, and approval to the change of control of IronRinger according to military reserve access agreements that relate to the Yampi tenements.
Tychean Resources Ltd. is a gold exploration and development company with flagship projects including Spargoville Project, Tanami Project and Valley Floor Project located in the Eastern Goldfields of Western Australia.
TYK traded flat today, 11 January 2019. The stock price last traded at $0.003 with a market capitalization of $1.73 million. Over the past year, the stock has witnessed a negative performance change of 57.14% including a plunge of 40% in the past three months.
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