Tyranna Resources expanding Jumbuck destiny
THE INSIDE STORY: Tyranna Resources (ASX: TYX) is confident a bright future lies within the company’s Jumbuck gold project located in the Western Gawler Craton of South Australia.
It’s hard to disagree with that sentiment, especially when you take the company’s recent drilling success into consideration.
Tyranna completed a highly successful drilling program in the first half of 2016, which yielded the first new discovery within the 9,000 square kilometre project area in over 15 years at the Greenewood deposit.
Within the results achieved from the first 15 holes of the program at Greenewood, Tyranna encountered three exciting intercepts over 200 metres strike extent, which remained open ended:
6 metres at 6.81 grams per tonne gold from 53m down hole (16GWRC012);
6m at 2.17g/t gold from 36m down hole, including 2m at 15.5g/t gold from 47m (16GWRC003); and
3m at 8.26g/t gold from 26m down hole, including 1m at 23.05g/t from 26m (16GWRC011).
Tyranna interpreted the discovery of the Greenewood prospect to have opened a new front for the further discovery of near surface gold resources, which it believes will assist in its stated objective of establishing over 500,000 ounces of gold, in resource.
Another possibility to emerge was that Greenewood may be linked, not only to the Mainwood prospect 800m to the South West, but also to the Camp Fire Bore prospect to the North.
This means that no geochemical signature at surface exists as a guide to drilling.
This created a great deal of excitement and anticipation as Tyranna believes this to be the first discovery of sub-surface gold being made without the assistance of calcrete anomalism in this part of the Gawler Block.
This set the company’s technical team a monumental task, with it currently running a series of test geochemical grids across the occurrence, in an effort to unlock new methodologies for locating gold in areas, where calcrete formation is absent.
It would be very handy should they be able to do so as areas such as these account for an extremely large proportion of the 9,000sqkm controlled by Tyranna.
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The completion of a $3.56 million capital raising, comprising a $1.78 million placement, and a $1.78 million fully underwritten Rights Issue to eligible shareholders, bolstered Tyranna’s exploration coffers, enabling it to commence further drilling of the Greenewood discovery and the extension of a previously known prospect at Campfire Bore.
“The funds raised from the capital raising and placement mean the company is now well-funded to explore the Jumbuck gold project,” Tyranna Resources managing director Bruno Seneque told The Resources Roadhouse.
“Our current focus is squarely on the newly discovered Greenewood gold prospect with follow up drilling to be carried out in support of the recent drilling success we achieved at Campfire Bore.”
“With each passing exploration campaign at Jumbuck, Tyranna’s technical team have been making breakthroughs in exploration techniques that are yielding gold discoveries.”
The interpretation of geochemical data which led to the definition of the Campfire Bore North trend also defined a number of look-a-like targets – mostly in the vicinity of Greenewood.
These targets will be the first tested in the current program.
Tyranna believes potential remains for the Greenewood-Mainwood camp and Campfire Bore to be geologically linked and is hopeful the drilling as well as ongoing target generation work will contribute further to understanding this 7km long feature.
“The drilling we have completed to date has demonstrated the mineralisation at these prospects to remain open in all directions,” Seneque said.
“We expect the current drilling will rigorously test the down-dip and along strike components at each prospect armed with the objective of making the next significant gold discovery in the region since the one million ounce Challenger deposit.”
Tyranna Resources Limited (ASX: TYX)
…The Short Story
HEAD OFFICE
Level 2, 679 Murray Street
West Perth, WA, 6005
PH: +61 8 9485 1040
Email: reception@tyrannaresources.com
Web: www.tyrannaresources.com
DIRECTORS
Joseph Pinto, Bruno Seneque, Nick Revell, Frank Lesko