Tyranna Resources Limited (ASX: TYX) provided an update on its three exploration and development projects across the asset portfolio. The company provided recent drilling results, Location, and geology of its Eureka, Goodsprings and South Australia Projects.
The gold project of the company is within a granted mining lease and is located north of the gold mining centre of Kalgoorlie in Western Australia. The company recently completed a shallow high-grade in-pit Reverse Circulation (RC) drilling in February 2019 and reported the drilling results. An independent mining consulting firm Entech estimated the mining and economic evaluation of the project. The drill intersections are as:
The drill hole identified as 19ERC12 intersected 5m @ 25.6 g/t of gold from 33m including 1m @ 89.7 g/t of gold from 34m.
The drill hole identified as 19ERC04 intersected 7m @ 3.0 g/t of gold from 39m.
The drill hole identified as 19ERC17 intersected 12m @ 2.6 g/t Au from 20m including 1m @ 15.8 g/t of gold from 26m.
The drill hole identified as 19ERC18 intersected 5m @ 3.7 g/t of gold from 23m including 1m @ 13.5 g/t of gold from 24m.
The drill hole identified as 19ERC20 intersected 9m @ 2.5 g/t Au from 12m.
The company is now considering a third-party ore processing for the production due to the proximity to the nearby mills and hence less haulage cost. As per the Managing Director of the company, they have prioritized the project to become a cash-generating asset, which the MD Mr. Bruno thinks is pivotal for a small gold miner.
The exploration team of the company is currently working on an assessment to figure out the effective exploration strategy for the mining lease of the Eureka gold project Tyranna plans to commence drilling in H2FY19 and is progressing on the permitting process as the company is determined to explore the north and south area of the project. As per the company, there has been no drilling to the south of the project and limited drilling to the north. The company previously identified TGC intersection at Yeltana.
The cobalt and base metal project of the company is located approximately 50km southwest of Las Vegas, Nevada, United States and is consist of 329 mining claims covering 6,580 acres of an area. The company mapped down a geophysical survey to the depth of 450m below the surface which identified chargeable zones in the project area, and that could be attributed to mineralisation. The chargeable zones which have concurrent geochemical responses of different metals will be the priority target of the proposed drilling targeted for the H2FY19.
South Australia Gold Project- Jumbuck Gold Project:
The company plans to dive into the project through a Joint Venture (JV) and is waiting for an outcome from the administration and receivership process of the JV partner WPG Resources Limited, and the project will be put on hold till the company reaches clarity on the Joint Venture.
The share of the company closed at A$0.006 (As on 21st March 2019), up by 20% as compared to its previous close.