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Tyranna kicks off drilling at Eureka gold play

Tyranna Resources is gearing up for its maiden resource development drill program at the historic and now re-invented Eureka gold project near Leonora after completing acquisition of the project earlier this month.

The company recently awarded the drilling contract and will commence a 3,200 metre program for 20 drill holes, starting in mid-September, taking about 3-4 weeks to complete.

The program is primarily aimed at bringing the historical mineral resource at Eureka up to JORC-compliant standard, specifically targeting the position of an interpreted high grade ore shoot beneath the existing open pit.

On completion of an updated mineral resource estimate, Tyranna will then be in a position to instigate a feasibility study for the project, to evaluate the opportunity of mining and potentially toll-treating the ore at nearby mills.

The resource drilling has been planned for some time and has been highly anticipated by Tyranna followers.

 Historical mining at Eureka only exploited near surface ores, without a serious dip at the underground potential of the deposit.

Two exploratory declines were started by previous owners in 1996, however the low gold price at that time effectively stymied the economics of continuing mining.

Tyranna Managing Director Bruno Seneque said: “The Company plans to systematically unlock the gold production potential of this exciting gold asset. The drilling program will be the first step forward. We are located in one of the world’s premier mining districts and surrounded by toll processing facilities and first-class infrastructure.”

The drill program will follow up on historical high-grade intercepts, but will also test extensions of the mineralisation further north.

Tyranna describes the acquisition of the Eureka gold project as a transformational step, moving the company from a pure explorer to a potential producer by using a growth strategy that is focussed on near-term production and cash flow.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/08/18

1 year TSR5 year TSR
60thOtto Energy159%9%
413thKey Petroleum0%-5%
555thTyranna Resources-19%-37%
679thLegacy Iron Ore-40%-41%
732ndKopore Metals-50%-73%
737 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

279th↑Key Petroleum$39k
280th↑Legacy Iron Ore$38k
281st↓Tyranna Resources$37k
282nd↓Otto Energy$36k
283rd↓Kopore Metals$36k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Tyranna Resources

573rdBruno Seneque$208k
Ranked by total remuneration from all listed WA companies

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