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Tyranna Resources’ entire board buys company shares

Shareholder approval was required for the board to participate in the February placement.

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The managing director, chairman and two directors all participated in the placement

Tyranna Resources Ltd (ASX:TYX) has received the required shareholder approval for four of its board members to participate in the February share placement.

The entire board each paid $10,000 each to acquire 588,235 shares each as part of the $2.55 million capital raising.

READ: Tyranna Resources raises $2.55 million in heavily oversubscribed placement

Tyranna’s recent exploration focus has been at the Jumbuck Gold Project in South Australia.

The company’s joint venture partner Alliance Resources Ltd (ASX:AGS) has also been active at its Wilcherry joint venture in South Australia.

Tyranna owns 28.91% of the Wilcherry Project and final assays from a 22-hole drill program were just received targeting the Weednanna gold prospect.

Highlights from the latest reverse circulation (RC) drilling assays at Weednanna Target 4 featured 4 metres at 11.6 g/t gold from 76 metres.

READ: Tyranna Resources gets further confirmation of Weednanna’s high-grade gold potential

At the Jumbuck Gold Project, Tyranna recently witnessed gold mineralisation and assays received featured intersections of 6 metres at 6.2 g/t gold.

It was diamond drilling at the Campfire Bore prospect discovered visible gold in the mineralised primary zone which is the first ever occurrence of coarse gold that is visible to the naked eye.

READ: Tyranna Resources receives assays from Jumbuck, first visible gold witnessed

Tyranna holds 77% in the Jumbuck Project joint venture with WPG Resources Ltd (ASX:WPG) 23%.

The 9,762 square kilometre project surrounds the operating Challenger Gold Mine owned by WPG Resources.

Tyranna is targeting a 500,000-ounce gold resource for the project, building upon its current 219,000-ounce gold Inferred resource in place.

Quick facts: Tyranna Resources Ltd

Price: 0.0025 AUD

ASX:TYX
Market: ASX
Market Cap: $2.43 m
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