EUREKA Gold Project
Eureka Gold Project
Tyranna to Acquire Producing Gold Project 50km north of Kalgoorlie.
Introduction
Tyranna Resources Limited (ASX: TYX) (‘Tyranna’ or ‘the Company’), is pleased to announce that it has entered into a binding agreement to acquire the advanced Eureka Gold Project, which hosts the Eureka open cut gold mine, from Central Iron Ore Limited (a company listed on the Canadian TSX Venture Exchange: TSX.V: CIO).
The acquisition will provide Tyranna with a potential cash generating asset which can be used in funding the exciting exploration activities at Tyranna’s Jumbuck Gold Project in the northern Gawler block of South Australia.
Tyranna will commence additional drilling in December aimed at upgrading the historical resource estimate to a JORC (2012) compliant estimate. Once the mineral resource has been updated mining studies will commence with the aim of estimating an updated Ore Reserve.
Project Location
Project Highlights
- Transformational acquisition from explorer to producer
- New growth strategy focused on near term production acquisition
- Operating open cut gold mine – currently subject to development by third party
- Historical Mineral Resource of 451,000 at 4.4 g/t gold for 64,200 oz of contained gold. This mineral resource estimate is not reported in accordance with the JORC (2012) Code (see Appendix A) and investors are cautioned that the Company has not yet completed the work to verify the historical resource estimate.
- Close proximity to processing mills
- Approvals submitted for resource definition drilling to commence in December 2017