30/11/2020 - 16:02

Tyranna, Hannans in gold deals

30/11/2020 - 16:02

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Tyranna Resources has sold a gold project in South Australia for $3 million, while fellow Perth-based explorer Hannans is purchasing assets in Western Australia.

Tyranna, Hannans in gold deals
Tyranna has sold its Jumbuck gold project in SA to Adelaide-based Marmota. Photo: Tyranna Resources

Tyranna Resources has sold a gold project in South Australia for $3 million, while fellow Perth-based explorer Hannans is purchasing assets in Western Australia.

Tyranna, which had received three separate bids for its Jumbuck gold project, had accepted an offer from Adelaide-based Marmota.

It comes four days after Tyranna announced it had terminated a competing offer from Melbourne company Syngas.

Syngas, which previously offered to pay $950,000 in cash for Jumbuck, had raised its bid to $2 million to match a competing offer from Melbourne-based Alliance Resources.

Both companies were outbid by ASX-listed Marmota in July, which offered to pay $2.6 million for the project.

Following further bids, Marmota raised its offer to $2.5 million in cash and $500,000 worth of company shares, which Tyranna has now accepted.

The 7,926-square kilometre Jumbuck project includes tenements wholly owned by Tyranna and a number held with its joint venture partner, ASX-listed WPG Resources.

Marmota chairman Colin Rose said the Jumbuck gold project was in the company’s “backyard”.

“It is where we do our gold exploration. Our exploration team know the ground,” Dr Rose said.

“We believe that if anyone can make it work, Marmota can.”

Meanwhile, Hannans announced it had signed agreements to earn interests in gold and nickel tenements in WA.

Hannans has secured an option to purchase a 90 per cent interest in gold and nickel tenements, situated between Southern Cross and Bullfinch.

The company will pay an option fee of $100,000 in three instalments to vendor Kym Anthony McClaren, and a further $200,000 in cash plus $200,000 worth of Hannans shares.

The deal is expected to complete by early next year.

Separately, Hannans has signed an agreement to buy a 70 per cent interest in nickel tenements 100 kilometres east of Norseman, currently held by private company Kingmaker Metals.

The deal requires Hannans to spend $1 million on exploration, including an initial $100,000 by June 30 next year.

Hannans will manage all exploration activities and decisions, and free-carry Kingmaker through to a decision to mine.

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