Tyranna Resources (ASX:TYX) is well-positioned to benefit from recent investor interest in companies exploring for conglomerate-hosted gold in the Pilbara region of Western Australia.
This exposure comes from Tyranna being the largest shareholder of Kairos Minerals Limited (ASX:KAI) with a holding of 31.3 million shares.
Kairos’s extensive 1,158 square kilometre tenement portfolio in the Pilbara region has been a recent driver of its share price and consequently, Tyranna’s investment.
Karios closed trading yesterday at $0.066 valuing Tyranna’s shareholding at circa $2.06 million.
A recent presentation by Novo Resources Corp (CVE:NVO) at the Denver Gold Forum on its Purdy's Reward discovery, part of its joint venture with Artemis Resources (ASX:ARV) has driven international attention to the area.
As has the recent conglomerate gold discovery at the Loudens Patch prospect by De Grey Mining (ASX:DEG).
Kairos’s tenement portfolio in the Pilbara region contains an estimated 100-kilometre strike length of the prospective lower Fortescue Group Rocks.
This stratigraphic package is similar to that which hosts the discoveries reported by Novo and De Grey.
Kairos has also previously advised that it is planning to commence a field exploration program in the near future to further evaluate the potential of its tenements for conglomerate-hosted gold mineralisation.
SPP closing today
Tyranna shareholders will have until 5:00PM WST today to participate in the share purchase plan (SPP) that is currently open.
Under the SPP, eligible shareholders are able to apply for up to $15,000 worth of new shares priced at $0.017.
Shares under the SPP also come with an attaching 1:1 option exercisable at $0.04 and expiring in 4 years.