The company’s shares were last trading 11% up intra-day, at $0.03.
The Jumbuck Gold Project is situated in the Northern Gawler Block of South Australia and includes about 9,762 square kilometres of ground around Kingsgate Consolidated’s (ASX:KCN) Challenger Gold Mine.
A total of 14,389 metres was drilled at the project during 2016 with the aim to explore for high grade open pit, gold mineralisation within trucking distance of the Challenger gold operations.
The maiden resource of 219,000 ounces of gold represents the completion of the initial phase toward a 500,000-ounce gold exploration target.
All deposits are interpreted to be open at depth and have excellent potential to increase the resource with future drilling.
Tyranna is planning an exploration program for 2017 comprising a drilling campaign of 15,000 – 20,000 metres at Jumbuck, which is planned to commence in March 2017.
The company will initiate the new phase of drilling with a 2,500 metres campaign at the Typhoon and Monsoon prospects to test near surface (>10 metres) high grade targets generated by previous explorers.