THE BOURSE WHISPERER: Tyranna Resources (ASX: TYX) has resolved a dispute with WPG Resources (ASX: WPG) and Coombedown Resources Pty Ltd (CBD) in regards to the Western Gawler Craton Joint Venture (WGCJV).
The dispute had arisen regarding the northern portion of Exploration Licence 5661, which surrounds the Challenger gold mine, which was contested by Tyranna as to whether it formed part of the WGCJV.
Tyranna is the manager of the WGCJV with a 66 per cent interest and WPG has a 34 per cent interest.
This JV was for gold only, however as part of a binding term sheet between Tyranna and WPG, Tyranna will now have 100 per cent rights to other minerals on the WGCJV tenements.
As part of the binding term sheet, Tyranna has dropped its claim to the northern portion of EL 5661 (including ML 6457) as being part of the WGCJV.
In return, WPG has agreed that ownership of the tenements subject to the WGCJV will be transferred to Tyranna and its subsidiary Half Moon Pty Ltd (HMP) and that a new joint venture will be formed between WPG and Tyranna and their subsidiaries.
The interests of the two parties in the new joint venture ab initio will be exactly the same as under the old joint venture, and there will be no change to the dilution provisions.
As with the old JV, Tyranna will be manager of the new JV venture.
Tyranna highlighted the importance of the agreement now allowing it 100 per cent rights to explore for minerals other than gold, adding that elevated base metals (including nickel, copper, PGE’s) have been recorded in RAB drilling and calcrete sampling at the Aristarchus prospect and at the Woomera Tank/South Hilga prospect areas.
Tyranna indicated it would now prepare a strategy to explore for base metals in the target areas without diverting efforts from its current gold drilling program at Jumbuck.
The company explained that the acquisition of the rights to all other minerals on the WGCJV adds an additional 2,500 square kilometres to its current 100 per cent-owned tenement holding of 5,700sqkm.
“This agreement frees Tyranna to control its own destiny by securing ownership of the WGCJV tenements,” Tyranna Resources managing director Bruno Seneque said in the company’s announcement to the Australian Securities Exchange.
“This ownership gives us the ability to explore for other minerals on the WGCJV tenements and creates a tremendous opportunity to now devise a holistic exploration strategy to maximise all of our tenements.
“Our current drilling program for gold is progressing well with results due in mid to late October.
“We are firm believers in the Jumbuck region, and are the leading junior explorer surrounding the one million ounce Challenger gold mine.”