Tyranna Resources prepares for next phase of exploration at Weebo following positive ground magnetic survey results
- Tyranna Resources surveys at Weebo form gold exploration path with key targets areas identified
Quick facts: Tyranna Resources Ltd
Price: 0.007 AUD
Market Cap: $8.98 m
About the company
Tyranna Resources Ltd (ASX:TYX) is exploring for nickel sulphide mineralisation at the Dragon & Knight Project in Western Australia’s nickel belt particularly in two priority areas – the Lightning Gossan Prospect and Bullseye Anomaly.
The company also has the Pacific Express Nickel Project in northern NSW that comprises a single licence for around 108 square kilometres in an area known for lateritic nickel-cobalt mineralisation.
Another asset is Weebo Gold Project, around 70 kilometres north of Leonora in Eastern Goldfields of Western Australia that comprises around 69 square kilometres east of the Jaguar base metals mine.
How it is doing
Tyranna Resources Ltd (ASX:TYX) (FRA:IRN) is on track for its next phase of exploration at the Weebo Gold Project north of Leonora in Western Australia.after identifying targets during field and desktop work
In an exploration update, the company highlighted that two activities - a ground magnetic survey within E37/1353 as well as the reprocessing of historical MLEM and gravity data covering part of E37/1342 - have finished and will assist in exploration targeting for orogenic gold mineralisation.
Initial interpretation of the ground magnetic data indicates that the geology and structure is more complex than initially thought.
Speaking to the update, managing director Joe Graziano said: “We continue to explore our current project areas and are pleased with the ground magnetic survey undertaken at our Weebo project area.
Tyranna Resources Ltd’s (ASX:TYX) (FRA:IRN) soil sampling and reconnaissance results for the Dragon Project in Western Australia’s Wheatbelt region have been received across three main areas – the Southern Dyke Zone, the Sinclair Shear and the Western Shear Zone - ticking off another step in advancing the tenement.
A total of 495 samples were collected in Tyranna’s aim to test for nickel, copper and cobalt, chromium and gold during April-May 2021.
Tyranna Resources Ltd (ASX:TYX) (FRA:IRN) has announced that pending Ministerial Consent, all conditions for the sale of its Jumbuck Gold Project to Marmota Ltd (ASX:MEU) (FRA:43M) have been satisfied for the transfer of the tenements.
The company is pleased to note, under the terms of the share and asset sale agreement, Marmota has paid the $2.4 million cash component of the acquisition into a trust account to be released on receipt of Ministerial Consent.
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