Proactive Investors - Run By Investors For Investors

Tyranna Resources’ partner Alliance Resources increases stake in Wilcherry

The company’s shares closed circa 7% higher on Monday.
map of South Australia
Tyranna has diluted its interest to 38.64%

Tyranna Resources Ltd’s (ASX:TYX) partner Alliance Resources Ltd (ASX:AGS) has increased its interest in the Wilcherry Project joint venture in South Australia to 61.36%.

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.

READ NEXT: Tyranna Resources drills high-grade gold near the Challenger Gold Mine

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.

View full TYX profile View Profile

Tyranna Resources Ltd Timeline

Related Articles

gold bars
August 02 2018
Arc Minerals has significant upside at kalaba in Zambia
1537373733_copper-periodic-table-3.jpg
September 20 2018
The board of Carube boasts several decades of copper exploration and development experience between them
1544730554_tsodilo-plant.jpg
Thu
Tsodilo holds diamond and metal licenses in Botswana and South Africa

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use