Tyranna Resources starts drilling at Jumbuck Gold Project

THE DRILL SERGEANT: Tyranna Resources. (ASX: TYX) has kicked off its 2016 drilling program at the company’s Jumbuck gold project in the northern Gawler Craton of South Australia.

This is the first phase of Reverse Circulation (RC) drilling of an overall drilling program Tyranna has planned for the 2016 calendar year.

Tyranna outlined its aim with this drilling will be to outline a near surface (less than 60 metres) gold resource in excess of 500,000 ounces from seven advanced gold prospects, all of which are within 50 kilometres of the Challenger gold processing plant that is currently under care and maintenance.

“If attained, such a resource would form the basis of an initial three to five year mining plan providing the springboard for accelerated resource definition within the area targeting an overall gold resource of two to three million ounces in the medium term,” Tyranna Resources said in its ASX announcement.

Six of Tyranna’s seven advanced Jumbuck gold prospects form part of a joint venture with Challenger Gold Operations.

Under the joint venture, and subject to certain circumstances, gold ore may be processed at the Challenger facility.

Tyranna is the joint venture manager with a 59 per cent stake.

“The current JV approved program, if fully carried out, will increase Tyranna’s stake to approximately 70 per cent,” the company said.

“In the first instance drilling will concentrate on the four northern advanced prospects of Golf Bore, Golf Bore North, Mainwood and Camp Fire Bore where previous drilling has identified significant gold potential.”

Email: info@tyrannaresources.com.au

Website: www.tyrannaresources.com.au