Tyranna Resources Limited (ASX: TYX)
Announced that the successful completion of the recent drilling program at its 100% owned Eureka Gold Project has enabled an update of the Project’s Mineral Resource Estimate.
In addition, an Exploration Target has been delineated through the increased geological knowledge gained from the drilling program and the recently completed tribute mining.
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Eureka Mineral Resource & Maiden Exploration Target
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Tyranna Resources Limited (ASX: TYX) (‘Tyranna’ or ‘the Company’), is pleased to announce that the successful completion of the recent drilling program at its 100% owned Eureka Gold Project (‘the Project’) has enabled an update of the Project’s Mineral Resource Estimate.
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In addition, an Exploration Target has been delineated through the increased geological knowledge gained from the drilling program and the recently completed tribute mining.
• The Mineral Resource currently stands at a 0.5g/t cut-off totals 762,000t @ 1.8g/t containing 43,100 oz Au.
• The Exploration Target is 3 to 4 million tonnes at an average grade of 2 to 4g/t containing 200,000 to 500,000 oz Au.
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The potential quantity and grade of the Eureka Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target and that it is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to this Exploration Target.
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Within eight months of settling its acquisition of the Eureka Gold Project, Tyranna has made promising headway to unlocking the value of the Project. Previous mining and exploration carried out only focussed on the immediate region around the historical Eureka workings and to date there has been no drilling to the south of the current pit and limited drilling to the north. The deepest hole beneath the pit intersected mineralisation less than 200m below surface.
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Tyranna Managing Director Bruno Seneque commented, “This is a fantastic result for Tyranna to not only update the Mineral Resource but also release an Exploration Target for Eureka within the first eight months of ownership.
“The Company believes Eureka to be an extremely under explored mineralised system with all work carried out to date literally just scratching the surface of its true potential. Our Mineral Resource only covers the zone directly beneath the old Eureka Pit, which remains open along strike to the north, south and at depth so as such, we are in the midst of planning an extensive near mine drilling program to test the mineralised potential in the surrounding areas.
“As further upside, Tyranna is currently planning an exploration program to follow up geophysical targets previously generated on the southern mining leases. We look forward to keeping shareholders abreast of our work programs as they unfold.”
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For more information regarding this release, please contact:
Bruno Seneque
Managing Director
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