THE BOURSE WHISPERER: Tyranna Resources (ASX: TYX) has picked up two exploration tenements, collectively known as the Weebo gold project in Leonora, Western Australia.
Tyranna Resources indicated it has a further application for a third exploration licence currently pending.
Tyranna explained that the acquisition came about following the completion of a desktop review of the tenements (E36/880, E37/1328 and E37/1275) that suggested splays that are part of the shear system responsible for the emplacement of the neighbouring 2.3 million ounce Thunderbox gold deposit, trend SE through EL 37/1275.
“The basement geology of this license is analogous to Thunderbox and as such, will be the primary focus for the Tyranna technical team,” Tyranna Resources said in its ASX announcement.
Tyranna’s review of the Weebo gold project highlighted that two historic soil sampling campaigns stood out; both were gold-in-soil results for E37/1275.
Soil sampling was previously conducted by Pacmin Mining Corporation (1997-98) and Mt Martin Gold Mines (1990).
“The campaign carried out by Pacmin Mining Corporation extended throughout much of the E37/1275 license area and generated several low-level anomalies,” Tyranna said.
“Importantly, Mt Martin Gold Mines also identified some of these anomalous regions in the earlier soil sampling campaigns.”
The company outlined its next phase of exploration at the Weebo gold project, which is anticipated to commence in October, is to consist of a scout air-core campaign of 21 holes for approximately 1,000 metres.
“The holes are located on three north-south orientated lines at a spacing of 50 metres, each line spaced 150 metres apart,” Tyranna said.
“The drill spacing is based on Thunderbox analogy, where the mineralised portion of the deposit was typically 30 metres wide.
“As it is probable the shear trends NE, this drill spacing tests for mineralisation of a similar scale.”