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Tyranna Resources Ltd makes gold discovery in South Australia

Published: 13:30 01 Jun 2016 AEST

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Tyranna Resources Ltd (ASX:TYX) has moved closer to achieving a gold resource of over 0.5 million ounces by the end of 2016 with its new gold discovery at the Jumbuck Project in the Northern Gawler block of South Australia.

Reverse circulation (RC) drilling results from Tyranna’s Mainwood Prospect include 2 metres at 7.94 g/t gold from 41 metres, 3 metres at 2.45 g/t gold from 31 metres and 2 metres at 2.36 g/t gold from 30 metres.

This initial resource would form the basis of an initial 3 to 5 year mining plan providing the a platform for accelerated resource definition within the area targeting an overall gold resource of 2 to 3 million ounces in the medium term.

Adding upside, is that six of the seven advanced gold prospects form part of a joint venture with Challenger Gold Operations Pty Ltd, which has a gold plant within 50 kilometres of the Challenger gold processing plant.

Under a JV, gold ore can be processed at the Challenger facility whereby Tyranna is the joint venture manager and holds a 59% equity stake in it.

Located north of the main Mainwood gold mineralization, Greenewood could extend the latter’s strike length by over 800 metres.

Tyranna has completed half of its 42-hole RC drilling program at Mainwood. The remaining 21 holes are still being drilled, and on completion, the company will move its rig to the Camp Fire Bore Prospect.

It is possible that with the new find, Tyranna would be able to link the Mainwood Prospect, in the south west, to the Camp Fire Bore Prospect in the north.

Tyranna was created from the merger of Ironclad Mining (ASX:IFE) and Trafford Resources (ASX:TRF). The intention of the merger was to form a company that was adequately funded to execute effective exploration.

Tyranna's share price has doubled since January 2016.

 

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