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Tyranna Resources completes 30-hole drill program at Eureka open pit

Assays are pending - the company plans to recommence gold mining at the open pit.

Eureka open pit
Gold is trading at A$1,858 per ounce, an all-time high in AUD terms

Tyranna Resources Ltd (ASX:TYX) has completed its 30-hole reverse circulation (RC) drill program at its 100% owned Eureka Gold Project in Western Australia.

Drilling was inside the historical open pit gold mine and was designed to target areas for mining in the north wall, south wall and within the pit.

This close spaced drilling program was aimed at confirming the continuity and grade of the mineralisation directly below the open pit floor.

Mine plan aims to extend the open pit

Tyranna is currently building towards a mine plan aimed at the potential extension of open-pit mining at Eureka.

Discussions with nearby processing mills have commenced to negotiate the sale of ore from potential mining activities at Eureka.

READ: Tyranna Resources turns its focus to its gold projects

Tyranna’s managing director Bruno Seneque said: “Eureka has produced gold at good grades in the past and we acquired this with the knowledge that there were more ounces available.

“Mining was discontinued here not for lack of gold, but for the prevailing gold price at the time.

“Gold is now trading over A$1800 per ounce and our aim is to be free digging here in the pit and toll treating at nearby facilities.

Eurkea was mined as recently as 2018

Between October 2017 and April 2018 a tribute arrangement under the previous owners of the Eureka project resulted in the mining of 53,000 tonnes at 3.3 g/t for production of 5,400 ounces.

Earlier production between 1985 and 1989 totalled 220,000 tonnes at 4.5 g/t for 32,000 ounces.

Mapping in the Eureka pit revealed that mineralisation was associated with quartz veining with minor sulphides contained within a broader zone of shearing and foliation.

Channel sampling conducted across the ore zone before mining was completed in April 2018 indicates the presence of high-grade mineralisation beneath and along strike of the current pit.

Quick facts: Tyranna Resources Ltd

Price: 0.0045 AUD

ASX:TYX
Market: ASX
Market Cap: $4.38 m
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