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.