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Tyranna Resources and partner reveal high grade gold results from Wilcherry Project

Tyranna is focused on the Eureka gold mine in Kalgoorlie and the Jumbuck gold project in South Australia.

drilling
The company is divesting its interest in the Wilcherry Project for $1.5 million in cash

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.

READ: Tyranna Resources agrees to divest non-core asset for $1.5 million

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.”

Quick facts: Tyranna Resources Ltd

Price: 0.0045 AUD

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