Tyranna Resources Ltd (ASX:TYX) has acquired the Weebo Gold Exploration Project in the well-endowed goldfields of Leonora, Western Australia, which is host to 27 million ounces of known gold resources.
The review of the Weebo Gold Project highlighted that two historic soil sampling campaigns stood out - both were gold-in-soil results.
Tyranna’s next phase of exploration at Weebo, which is anticipated to commence in October will consist of a scout air-core campaign of 21 holes for circa 1,000 metres.
The holes are located on three north-south orientated lines at a spacing of 50 metres, each line spaced 150 metres apart.
Interestingly, the drill spacing is based on the Thunderbox analogy, where the mineralised portion of the deposit was typically 30 metres wide.
Tyranna recently received strong market support for a two-stage capital raising program, with the new funds to advance exploration at the company’s key Jumbuck Gold Project in South Australia.
Firm commitments have been received for a placement at $0.017 to raise $1.7 million, which will include a 1 for 1 free attaching $0.04 option with a four year expiry from date of issue.