Tyranna Resources Ltd (ASX:TYX) and joint venture partner Alliance Resources Ltd (ASX:AGS) have received high grade gold results from drilling at the Weednanna Deposit within the Wilcherry Project in South Australia.
Highlight results include:
• 8 metres at 5.3 g/t gold from 75 metres including 2 metres at 16.2 g/t gold from 76 metres;
• 3 metres at 12.1 g/t gold from 133 metres; and
• 2 metres at 16.1 g/t gold from 126 metres.
The Wilcherry Project is a joint venture between Alliance (81.41%) and Tyranna (18.59%), with Alliance moving to 100% ownership this month.
Tyranna is divesting its 18.59% interest in the Wilcherry Project for $1.5 million in cash which will be paid in three tranches: $350,000 within two days of execution, $400,000 within 30 days and the final $750,000 on completion of the deal.
Completion of the deal is on target for mid-March 2019.
Tyranna managing director Bruno Seneque recently 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.”