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Tyranna Resources progressing work to make decision-to-mine at Eureka

Independent Perth mining consultant Entech completed a restart study for the Eureka Gold Project during the June quarter.

Eureka open pit
The Eureka Gold Project is located 50 kilometres north of the gold mining centre of Kalgoorlie

Tyranna Resources Ltd (ASX:TYX) is undertaking further work at its Eureka Gold Project in order to make a decision to restart a gold mining operation.

The results of a restart study report handed down in May 2019 outlined a two-month mining operation at Eureka that would generate $2.6 million in cash flow.

The study and proposed mining operation is based on the May 2019 JORC resource of 762,000 tonnes gradingt 1.8 g/t gold for 43,100 ounces of gold.

The further work to be conducted includes:

• Further close spaced infill grade control drilling;
• Detailed geotechnical and hydrogeological assessment;
• Further contract negotiations for mining and haulage;
• Review of processing options and final commercial negotiations;
• Detailed review of physicals and costs to PFS level;
• Completion of Ore Reserve;
• Review of funding / financing options if required; and
• Completion of statutory approvals for mine development.

READ: Tyranna Resources appoints Guiseppe Graziano as non-executive director

Tyranna is also planning to drill four holes at the Whale area within the Goodsprings Base Metals Project in the US state of Nevada.

A contractor based in Nevada has been engaged to progress a drilling approval application for the planned program.

Quick facts: Tyranna Resources Ltd

Price: 0.004 AUD

ASX:TYX
Market: ASX
Market Cap: $4.22 m
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