The land is in the township of Kimba in South Australia and contains an 80-person camp.
The $1.5 million cash will be paid in three tranches, $350,000 within two days of execution, $400,000 within the 30 days after and the final $750,000 on completion of the deal.
Tyranna’s managing director Bruno Seneque said: “The sale of our remaining interest in the Wilcherry Project and the Kimba Camp is expected to allow Tyranna to focus on its 100% owned gold project at the Eureka gold mine in the Kalgoorlie region of Western Australia and the Jumbuck gold project in South Australia.
“In this climate of soaring Australian gold prices, we are focusing on accelerating the cash generation potential of Eureka."
The Eureka open-pit gold mine is located 50 kilometres north of Kalgoorlie and was mined as recently as April 2018 producing 50,000 tonnes at 3.3 g/t for 5,400 ounces.
Historical production between 1985 and 1989 totalled 220,000 tonnes at 4.5 g/t gold containing 32,000 ounces.
Tyranna completed a drilling program in late 2018 to update the JORC resource and evaluate the opportunity of mining and toll treating to nearby processing mills.
Results from IP survey also pending
Seneque added: “The company is awaiting an outcome this quarter regarding the Western Gawler Craton JV with WPG Resources Ltd which is in administration and receivership.
“We continue to make good progress exploring the Goodsprings cobalt and base metals project in Nevada, USA with results of the induced polarisation program to be released shortly.”
The Goodsprings Project comprises 329 mining claims covering 6,580 acres in southern Nevada.
Due to the lack of any modern exploration, the project area presents attractive opportunities to deploy modern exploration techniques.