Exploration at Tyranna Resources’ Jumbuck gold project in South Australia is supported by an oversubscribed share placement.
By Reuben Adams
TYRANNA Resources will raise $800,000 before costs through a massively oversubscribed share placement as exploration at its Jumbuck gold project in South Australia continues to build momentum.
These funds will be used for advancing exploration at four prospects within Jumbuck in the northern Gawler Craton – Campfire Bore, Golf Bore, Golf Bore North, and Mainwood – which are the focus of Tyranna’s current 6200m reverse circulation drilling program. This program encompasses wholly owned Tyranna tenements and tenements which form part of a 59:41 joint venture with Challenger Gold Operations (an equal ownership JV between WPG Resources and Pybar Mining Group), operator of the Challenger gold mine.
Tyranna chairman Ian Finch stated that the appetite for the placement reflected the “slight” easing in capital markets and, more importantly, the high prospectivity of the Jumbuck gold project.
“Not only are we drilling for a shallow mineable gold ore body, but also exploring for Challenger look-a-likes,” he said. “The Challenger gold mine has produced in excess of 1 million ounces of gold at an average grade of 6g/t of gold since 2002. It cannot be alone out there.”
Tyranna controls more than 8000 square kilometres of highly prospective ground surrounding the Challenger gold mine, which is scheduled to restart production at the end of the financial year.