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12 gram gold hit for Tyranna/Alliance at Weednanna

Tyranna Resources’ partner Alliance Resources has returned more impressively high-grade and long gold intersections from drilling at the Weednanna gold prospect within the Wilcherry JV project in South Australia.

Most notable is a lucrative looking intersection of 20 metres going a solid 12.44 grams per tonne gold from 104m down-hole that is associated with Shoot 5 that appears to be sub-horizontal and is untested by drilling to the south.

This intersection is located downdip of a previous high grade hit of 8m @ 12.6g/t gold from 93m and correlates with a 7m @ 21.2g/t gold intersection just 25m to the north.

Shoot 5 is close enough to the existing mineral resource of 1.1 million tonnes grading 5.1 grams per tonne gold for 181,000 ounces, that it may be amenable to either open pit or underground mining.

Other significant results are 3m @ 5.97g/t gold from 64m, 5m @ 3.96g/t gold from 117m and 22m @ 1.29g/t gold from 64m including 8m @ 2.3g/t gold.

Alliance, who holds 79.01% of the project, plans to carry out more RC drilling in December to increase the confidence level of the resource in the eastern optimised pit area from the inferred to indicated level.

This will also identify new, near-pit mineralisation that is amenable to either open pit or underground mining techniques and it will provide the information needed to develop a mine plan that maps out the transition from open pit mining of the eastern pit to underground mining that exploits resources beneath the pit, extending to the north to Shoot 2.

Alliance added that this program is likely to be followed by further infill and extensional drilling in early 2019.

Weednanna is located 105km west northwest of Whyalla and 40km north northeast of Kimba in the southern part of the Gawler Craton in South Australia.

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Total Shareholder Return as at 30/11/18

1 year TSR5 year TSR
293rdRedbank Copper0%25%
386thGold Road Resources-12%45%
447thTyranna Resources-22%-40%
520thEuropean Lithium-33%4%
583rdImpact Minerals-42%-26%
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26/04/18
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26/04/18
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137th↓Tyranna Resources$674k
138th↓Impact Minerals$670k
139th↑Gold Road Resources$665k
141st↑European Lithium$659k
142nd↑Redbank Copper$658k
509 listed resources companies ranked by revenue.
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