Tyranna Resources Limited (ASX: TYX) Shares Crashed Despite Announcing Significant TGC Intersection At Yeltana

  • Oct 08, 2018 AEDT
  • Team Kalkine
Tyranna Resources Limited (ASX: TYX) Shares Crashed Despite Announcing Significant TGC Intersection At Yeltana

Tyranna Resources has been smashed in today’s trade. Despite announcing significant returns of Total Graphite Carbon (TGC) intersection at Yeltana Prospect, the share price of Tyranna Resources Limited nosedived 6.667% to last trade at $0.014 on 8 October 2018.

In the market release to Australian Securities Exchange, Tyranna’s joint venture partner Alliance Resources Limited (ASX: AGS) announced the diamond drilling results from the Yeltana Graphite Prospect at Wilcherry Hill.

Yeltana Prospect is a graphite deposit which forms part of Wilcherry Project joint venture between Tyranna Resources Ltd, which clutches 24.99% interest, and the majority holder Alliance Resources which holds 75.01%. Yeltana Prospect which was first identified in early 2017, is located at Wilcherry Hill within the Gawler Craton, 40 km north of Kimba in South Australia.

The drilling assays have shown the significant graphite drill intersections averaging greater than 5.0 % Total Graphite Carbon (TGC). It includes 17.2m @ 5.05 % TGC from 234.1m in 18EMDH006; 17.1m @ 8.54 % TGC from 148m in 18EMDH007; and 21.05m @ 9.28 % TGC from 171.75m in 18EMDH007.

This survey identified a single strong bedrock anomaly that was modelled as being ~600 metres by 1,200 metres in size, high strength dipping ~60-70 degrees southwest, and starting between ~50 and 75 metres below surface. Further, the RC hole drilled in November 2017 returned 39 metres @ 8.0% Total Graphite Carbon (TGC) from 116 metres depth. These results have confirmed the existence of broad zone of graphite mineralization at Yeltana which could significantly turn it into the one of the largest graphite deposits in Australia.  

Moreover, the exploration target for Yeltana Prospect has been estimated to range between 24.5 million and 59 million tonnes, grading between 5.5% and 10.2% total graphitic carbon.

Going back to its recent development, the identification of cobalt and base metals targets at Goodsprings, Nevada contributes to the notable progress of the company. On 2 October 2018, Tyranna Resources Limited announced that it has identified the two high ranked Cobalt-Copper-Zinc anomalies on the completion of stream sampling at the Goodsprings Project, located in the State of Nevada USA. These two areas include The Whale Mine, previously a producing Zinc mine and The Anchor Trend, a 2km from copper anomaly.

TYX informed that targets exhibit strong potential with no previous modern exploration techniques applied to test for depth, grade or strike. The company intends to commence the 3D Induced polarization and resistivity survey in late October 2018.

The share price of Tyranna Resources Limited (ASX: TYX) last traded at $0.014, down by 6.667% on 8 October 2018. Further, it has witnessed a performance change of negative 42.31% over the past one year.

Whereas, Alliance Resources Limited (ASX: AGS) jumped 13.043% to $0.130, on 8 October 2018. Its stock has seen a performance change of +27.78% over the past 12-month period.

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