The 5,000-metre reverse circulation program will target the company’s priority prospects - Typhoon and Greenewood.
The current resource stands at 219,000 ounces of gold and Tyranna aims to increase the deposit towards the exploration target of 500,000 ounces of gold.
This richly endowed group of tenements surrounds the operating Challenger Gold Mine which is operated by Tyranna’s joint venture partner, WPG Resources (ASX:WPG).
Tyranna’s strategy is to build its gold endowment so it’s sufficient to support a standalone gold project.
Bruno Seneque, managing director, commented
“These drill results to date at our target prospects within Jumbuck clearly indicate that we have high grade and plentiful gold mineralisation.
“Drilling to date has enhanced our knowledge of the geological settings and assisted us to effectively adjust our drill program to focus on building our gold resource.
“We know we have a good project on our hands and now we are getting down to the business of extracting that value by building the resource.”
Drilling following up a successful 2016 campaign
The Jumbuck Gold Project consists of 9,762 square kilometres of tenements, some of which are held in joint venture with WPG Resources (Tyranna: 72%, WPG: 28%).
The Typhoon and Greenewood prospects are held within joint venture tenements.
A total of 14,389 metres was drilled at the Jumbuck Gold Project during the 2016 calendar year with the aim to explore for high-grade open pit, gold mineralisation within trucking distance of the Challenger gold operations.
2,000 metres planned at Typhoon
The Typhoon gold prospect ranks as one of Tyranna’s most promising gold prospects due to the high gold grades encountered in its maiden drilling program.
The phase 2 program of 2,000 metres of reverse circulation drilling will focus on strike extensions and testing a parallel structure.
Significant assays from phase 1 include:
- 1 metre at 50.7 g/t gold from 71 metres;
- 13 metres at 3.88 g/t gold from 47 metres;
- 5 metres at 2.55 g/t gold from 70 metres; and
- 14 metres at 1.24 g/t gold from 32 metres.
3,000 metres planned at Greenewood
The Greenewood gold prospect will be drilled with 3,000 metres of reverse circulation drilling after Typhoon to test strike continuation, a parallel lode and a geochemical anomaly.
Significant drill results during the 2016 calendar year included:
- 1 metre at 20.55 g/t gold from 47 metres;
- 3 metres at 8.26 g/t gold from 26 metres;
- 14 metres at 5.79 g/t gold from 35 metres; and
- 1 metre at 23.4 g/t gold from 27 metres.
Drill results to be used to calculate a resource upgrade
A resource upgrade will be calculated after the completion of drilling in early October 2017.
Tyranna entered the September quarter with a cash balance $1.4 million.