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Tyranna Resources' stake in gold prospect gaining in value as Weednanna delivers

Published: 12:17 17 Jan 2018 AEDT

Picture of drilling rig at Weendanna gold prospect in South Australia
Weednanna is the most advanced gold prospect at the Wilcherry Project Joint Venture

Tyranna Resources Ltd’s (ASX:TYX) 38.6% stake in the Weednanna Gold Prospect, part of the Wilcherry Project located in South Australia, is proving to be a valuable investment.

Exploration results feature an intersection of 35 metres at 3.65 g/t gold at a shallow depths of 43 metres.

Another 6 metre intersection at 13.6 g/t gold from 59 metres tends to support the possibility of identifying further shallow mineralisation.

Alliance Resources holds the majority 61.4% stake in the project

Following examination of data from the 21 hole 3.2 kilometre drilling program, Alliance Resources (ASX:AGS) expects to progress Weednanna towards a resource definition.

As a junior explorer, Tyranna is benefiting from the fact that Weednanna is the most advanced gold prospect at the Wilcherry Project Joint Venture.

Joint venture combining historical data with recent results in preparation for 2018 campaign

Historical exploration targeted primary gold beneath coincident soil anomalies and magnetic highs, but Alliance is re-logging the data to construct a 3-D model.

The company’s improved understanding of the mineralisation style is being used to better define the distribution of the gold.

This will assist the joint-venture in progressing its 2018 exploration campaign, testing high-grade gold shoots as well as examining the prospect of base metal mineralisation.

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