Mining Projects to acquire lithium project from Tyranna Resources

THE BOURSE WHISPERER: Mining Projects Group (ASX: MPJ) has agreed to acquire the ‘Lynas Find Assets’ from Tyranna Resources (ASX: TYX) in the Pilbara region of Western Australia.

The assets are to be renamed the Pilbara lithium-gold project and adjoin both Pilbara Minerals’ (ASX: PLS) Pilgangoora lithium-tantalum project and Altura Mining’s (ASX: AJM) Pilgangoora lithium project.

The Pilbara lithium-gold project covers 29 square kilometres approximately 100 kilometres south of Port Hedland.

In 2008, one of Tyranna’s former entities, Trafford Resources published a JORC (2004) gold resource of 49,515 ounces comprising 933,400 tonnes at 1.65 grasm per tonne gold.

“The extensive exploration undertaken at Pilbara had clearly demonstrated its potential to host significant lithium and gold mineralisation.,” Mining Projects managing director Joshua Wellisch said in the company’s announcement to the Australian Securities Exchange.

“This view was also underpinned by the extensive lithium resources established on the adjacent tenements by Pilbara Minerals and Altura Mining.

“The lithium-bearing pegmatite sills which have been identified, the extensive gold mineralisation already outlined and the considerable success enjoyed by our neighbours in establishing substantial lithium resources gives us every reason to be excited about the Pilbara acquisition.

“Upon settlement of the acquisition, we will move quickly to begin an aggressive on-ground exploration program at Pilbara.”

Tyranna Resources executive chairman Ian Finch will join the Mining Projects board as chairman.