Tyranna has now diluted its interest in the Wilcherry Project exploration area to 38.64%.
The current change in interests is a result of Alliance sole funding expenditure for the quarter ended 30 September 2017.
Moreover, Tyranna has elected not to contribute to the FY2018 exploration program totalling circa $3.7 million.
The company’s shares closed circa 7% higher on Monday following the announcement.
Tyranna recently intersected wide, shallow gold zones from stage 2 drilling at the Typhoon Gold Prospect within the Jumbuck Gold Project in South Australia.
The Jumbuck Gold Project is a joint venture between Tyranna and WPG Resources (ASX:WPG), which owns and operates the Challenger gold mine and mill.
Significantly, Tyranna’s raw assay data results from stage 1 and 2 drilling at Typhoon is higher grade than the historical drilling intercepts.
Typhoon therefore has the potential to become a satellite mill feed located less than 40 kilometres from the Challenger Gold Operations.
Tyranna is currently sourcing a diamond drill rig for the next stage of drilling at the Jumbuck Gold Project.