Proactive Investors - Run By Investors For Investors

Tyranna Resources dilutes joint venture interest as focus shifts to own projects

The company’s shares are trading about 8% higher intra-day following the move to dilute joint venture interest.
Nevada
Advancing exploration at the Goodsprings Cobalt and Base Metals Project in Nevada

Tyranna Resources Limited (ASX:TYX) has diluted its interest in the Wilcherry Project Joint Venture (WPJV) exploration area in South Australia to 20.99%.

The change in interest is a result of Alliance Resources (ASX:AGS) increasing its interest in the WPJV exploration area to 79.01% after sole funding expenditure for the quarter ended September 30, 2018.

Tyranna has elected not to contribute to the WPJV programs totalling $3.2 million for FY2019.

Alliance’s interest in the WPJV exploration area is expected to increase to 83.64% by June 30, 2019 should actual expenditure reach the approved FY2019 expenditure.

READ: Tyranna Resources reveals two target areas in Nevada

Tyranna recently completed stream sampling identifying two areas, Whale Mine and Anchor Trend, within the Goodsprings Cobalt and Base Metals Project in Nevada, US.

These two cobalt-copper-zinc anomalies will now be followed up with a 3D induced polarisation (IP) survey expected to commence later this month.

 

Drilling has also begun at Tyranna’s 100% owned Eureka Gold Project 50 kilometres north of Kalgoorlie, where the 2,500-metre, 16-hole program is aiming to upgrade the gold resource to JORC 2012 standard.

View full TYX profile View Profile

Tyranna Resources Ltd Timeline

Related Articles

Piedmont's Carolina location map, showing nearby mines and lithium processing facilities
April 23 2019
Piedmont Lithium is a large landholder in North Carolina pursuing regulatory approvals for its Piedmont US-lithium project.
Citronen camp in Greenland
April 03 2019
Its Citronen project is in Greenland while its Captains Flat JV with Glencore is in NSW.
Argentina on a globe of the world
Thu
Explorer Lake Resources has a large lithium landholding in Argentina and is focused on projects suitable for partnering or low-cost operations.

© Proactive Investors 2019

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