Impressive grades from Cascavel
The company’s investment value of $1.3 million in the Eric Sprott-backed Kairos Minerals Ltd (ASX:KAI) also looks set to bear fruit with promising results from conglomerate gold potential in Western Australia’s Pilbara region.
“2018 commences on a positive note”
Bruno Seneque, managing director, said: “2018 has really commenced on a positive note for Tyranna.
“We are witnessing excellent results coming out of Orinoco’s Cascavel, which has resulted in a significant increase in their share price, and as such our investment.
“Results out of the Weednanna prospect, part of the Wilcherry Project JV, have confirmed that we have a significant high grade gold project, and the JV is striving ahead laying the groundwork to production at this very exciting prospect.”
At Eureka, which Tyranna acquired in December 2017, a resource/reserve definition drilling program of circa 1,500-2,000 metres began on 23 January.
The program is expected to be completed by late March/early April and the aim is to bring the historical resource to JORC 2012 standard.
Geotechnical samples will be collected for structural information and metallurgical test work, followed by commencement of a mining feasibility study.
Drilling at Jumbuck JV
At the Jumbuck JV, a 1,000 metre drilling program is being carried out at Greenewood prospect, 37 kilometres north of WPG’s 1.2 million ounce Challenger Gold Mine in South Australia.
Tyranna’s target for Jumbuck is a 500,000 ounce resource and work will continue at several prospective targets to build on the 219,000 ounce inferred resource.
At Weednanna a 21-hole drilling program for 3,246 metres confirmed a new high-grade gold zone within the project complex with results including 35 metres at 3.65 g/t gold from 43 metres.
Further drilling is planned this month as the JV progresses Weednanna towards a resource definition.
Recent metallurgical test work results have confirmed positive gold recoveries.