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Tyranna gets free kick from historic drill results

ASX-listed Tyranna Resources’ Wilcherry Hill JV project partner, Alliance Resources has identified nine additional mineralised shoots based on historical drilling intercepts in an old database at the emerging Weednanna gold project, 120km west of Whyalla in South Australia.

Alliance unearthed 59 old drill intersections, all with gold results greater than 1 gram per tonne gold, whilst it was completing 3D modelling ahead of a maiden mineral resource estimate at Weednanna.

The results which date back to 1997, include some spectacular numbers from diamond drilling including 9 metres grading 25.1g/t gold from 7m down-hole, including 4m @ 53.9g/t gold from 10m down-hole.

Another 1998 diamond hole returned 7m @ 21.2g/t gold from 125m down-hole and a recent RC drill hole in the same gold shoot showed 13m @ 8.0g/t from 88m down-hole, including 3 metres at nearly an ounce to the tonne gold from 98m down-hole.

Alliance says that all gold shoots are currently unconstrained by drilling in at least one direction and have the potential to increase in tonnage with more targeted work.

The company also announced that it had located results for a 20m thick mineralised quartz vein sitting in the hanging wall position to its “Shoot 1” lode.

The best result was 48m @ 2.0g/t gold from 54m down-hole, including higher-grade intersections of 7m @ 5.4g/t gold from 69m and 2m @ 16.0g/t gold from 98m hole depth.

The quartz vein will not be included in the new resource estimate, as it requires further definition drilling to test for extensions of the gold-bearing zone within the structure.

Alliance recently announced other significant gold intercepts at the Mawson and Ultima South prospects within the Weednanna gold camp, which continue to expand the footprint of mineralisation discovered.

The Wilcherry JV presently has an equity split of 28.91% for Tyranna and 71.09% Alliance Resources.

The latest 3D modelling of the Weednanna ore system shows multiple gold ore shoots striking over a distance of about 1km in a north-northwest direction at the prospect.

Alliance is utilising its technical understanding of the geological and structural controls on gold mineralisation to better evaluate the drilling intercepts identified from the historical database.

The company reported that 3D modelling of the historical assay data is essential for the purposes of forward planning of exploration activities in the broader project area.

Thirteen gold shoots in total have now been identified at the Weednanna prospect and according to Alliance, the maiden resource estimate is now scheduled for reporting to the market over the next few weeks.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
48thLiontown Resources211%22%
553rdTyranna Resources-12%-26%
603rdJacka Resources-20%-48%
608thMount Ridley Mines-20%32%
683rdInca Minerals-38%-24%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

26/04/18
$10k Bought
26/04/18
$10k Bought
26/04/18
$10k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

282nd↓Tyranna Resources$37k
333rd↓Liontown Resources$7k
334th↑Mount Ridley Mines$7k
337th↓Jacka Resources$7k
338th↓Inca Minerals$6k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Tyranna Resources

593rdBruno Seneque$208k
Ranked by total remuneration from all listed WA companies

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