Furthermore, a maiden Exploration Target has been estimated using the increased geological knowledge gained from the drilling program and recently completed tribute mining.
The new resource stands at 0.76 million tonnes grading 1.8 g/t gold for 43,100 ounces gold.
The Exploration Target measures 3-4 million tonnes grading 2-4 g/t gold for 200,000-500,000 ounces gold.
Tyranna’s managing director Bruno Seneque said: “This is a fantastic result for Tyranna to not only update the Mineral Resource but also release an Exploration Target for Eureka within the first eight months of ownership.
“The company believes Eureka to be an extremely under explored mineralised system with all work carried out to date literally just scratching the surface of its true potential.
“Our Mineral Resource only covers the zone directly beneath the old Eureka Pit, which remains open along strike to the north, south and at depth so as such, we are in the midst of planning an extensive near mine drilling program to test the mineralised potential in the surrounding areas.
“As further upside, Tyranna is currently planning an exploration program to follow up geophysical targets previously generated on the southern mining leases.”
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.
Previous mining and exploration carried out only focussed on the immediate region around the historical Eureka workings and to date there has been no drilling to the south of the current pit and limited drilling to the north.
Notably, the deepest hole beneath the pit intersected mineralisation less than 200 metres below surface.