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Tyranna Resources Ltd

Tyranna Resources eyes near-term gold production at Eureka; drill targets identified in Nevada

Independent Perth mining consultant Entech engaged to complete economic and mining assessment on Eureka Gold Project.

Eureka Gold Project
Drill program approval at Goodsprings in progress

Tyranna Resources Ltd (ASX:TYX) is continuing to make significant progress on its Eureka Gold Project in Western Australia and the Goodsprings Cobalt & Base Metals Project in Nevada.

Eureka Gold Project (EGP)

The EGP is contained within a granted mining lease located 50 kilometres north of the gold mining centre of Kalgoorlie in Western Australia.

Following the successful completion of the shallow high grade in-pit reverse circulation drilling program in February 2019, Perth-based independent mining consulting firm Entech, has been engaged to complete a mining and economic evaluation on the EGP.

READ: Tyranna Resources hits 89.7 g/t gold in recent drilling at Eureka project, shares surge

Tyranna is now focussed on assessing the most effective path to production via third party ore processing.

Due to the proximity to nearby mills, it is expected haulage costs will not be prohibitive and the EGP ore reports highly favourable metallurgical recoveries of 95% as shown by historical processing through the Lakewood mill in Kalgoorlie by the previous owner.

Tyranna managing director Bruno Seneque said: “We have prioritised our project pipeline with the EGP front and centre of our efforts because the ability to become a cash-generating asset is vitally significant for a small cap gold exploration company like ourselves.

“Shareholders will appreciate that the company will have the opportunity to generate free positive cashflow from the EGP at a time of record Australian gold prices, allowing the company to self-fund an aggressive exploration and project development strategy.”

Goodsprings Cobalt & Base Metals Project

Tyranna’s Goodsprings Project is about 50 kilometres southwest of Las Vegas covering 6,580 acres within the Goodsprings mining district in Nevada, US.

A recent geophysical survey has successfully mapped down to 450 metres below surface. It has identified chargeable zones which could be attributed to mineralisation.

READ: Tyranna Resources results suggest larger cobalt base metals system in Nevada

Some of the chargeable zones have coincident geochemical responses (copper, cobalt and zinc) and are considered high priority targets.

Drilling approval application is now in progress and drilling is targeted for the second half of 2019.

Jumbuck Gold Project, South Australia

Tyranna is awaiting an outcome from the administration and receivership process of joint venture partner WPG Resources as the Jumbuck Gold Project relates to the Western Gawler Craton JV (Tyranna 78%, WPG 22%).

According to a recent notice by WPG, the second creditors meeting has been extended to April 29 2019, therefore Tyranna has decided to place exploration activities within the project on hold until clarity is achieved on the outcome of the administration and receivership process of WPG.

Quick facts: Tyranna Resources Ltd

Price: $0.01

Market: ASX
Market Cap: $4.71 m
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