Tyranna Resources: Gold Resources Increase by 100,000 Oz to 319,000 Oz at Jumbuck

(firmenpresse) - Gold Resources Increase by 100,000 Oz to 319,000 Oz at Jumbuck

30 May 2018 - Tyranna Resources Limited (Tyranna) (ASX: TYX), as manager of the Western Gawler Craton Joint Venture which includes WPG Resources Ltd (ASX: WPG) and Coombedown Resources Pty Ltd is pleased to announce a Mineral Resource update for the Jumbuck Gold Project reported in accordance with JORC Code 2012.

Highlights:

- The Jumbuck Gold Project Mineral Resource Estimate, reported in accordance with JORC Code 2012, totals 319,000 ounces, an increase of 100,000oz or 46% from the previous estimate (ASX: 24 January 2017).

- All deposits are interpreted to be open at depth and have excellent potential for resource increases with future drilling.

- The deeper underground continuity of the mineralisation is yet to be tested.

- All deposits located within trucking distance of the Challenger gold mine operated by joint venture partner WPG Resources Ltd.

- All reported resources are within 100m from surface and therefore potentially exploitable by open cut mining.

Tyranna Resources Managing Director, Bruno Seneque commented, This 100,000 oz increase is a very pleasing result for the WGCJV. It illustrates a significant step forward in building resources at Jumbuck. This new resource strengthens our understanding of the deposits and it is to be noted that these are shallow ounces, sitting only 100 metres from surface. We will now start to plan first pass scoping studies to evaluate the potential to advance toward feasibility studies. Of course this will entail discussions with our joint venture partner - WPG Resources, who operate the Challenger Gold Operations and have been supportive of Tyrannas exploration efforts.

Since the previous Mineral Resources Estimate was announced on 24 January 2017 Tyranna has conducted additional RC and Diamond core drilling. A total of 131 RC holes for 9,923.5m and 5 Diamond Core holes for 777.9m were drilled during 2017 and into early 2018. A summary of total drilling into the various projects is presented in table 2. The updated Mineral Resource Estimate is tabulated in table 1.

Additional drilling into Typhoon and Monsoon enabled maiden mineral resources to be estimated for these deposits. Also, drilling into Golf Bore and Greenewood increased confidence in the continuity of mineralisation resulting in maiden Indicated Resources for these deposits. Figures 3 and 4 illustrate the two main deposits, Golf Bore and Campfire Bore, block models.

Project History & Future Work

The Jumbuck Gold Project is still at an early stage of development. There are no developed mines and therefore no historic production on the project area. Since the discovery of the Challenger gold deposit in 1995 and up to exploration work by Tyranna Resources, relatively little regional exploration work was carried out by previous explorers at Jumbuck with near mine and mill feed exploration taking a higher priority at the Challenger gold mine. Tyranna has reinvigorated exploration activity in the area with the aim to discover Challenger style economic gold mineralisation and to increase gold resources.

Over the past three years Tyranna has delineated more than 300,000oz of relatively shallow Mineral Resources. The early stage of this discovery and delineation phase is indicated by the shallow average depth of drilling illustrated in Table 3. The average depth of RC drilling into the deposits is only 80m and in addition there has only been 10 diamond drill holes completed. This means that these resources are potentially amenable to open cut mining. The underground continuity potential of these resources is yet to be tested adequately and exploration success in this endeavour is in line with Tyrannas aim to find a Challenger style deposit. Therefore the Jumbuck Gold Project is still at an early stage of its development and remains relatively underexplored.

Tyranna has commenced initial, internal economic analysis of the deposits based on these updated Mineral Resources. Optimisation of the resource block models indicates potential economic viability. The next stage of this process is to engage with Joint Venture partner - WPG Resources to determine accessibility to nearby processing facilities at the Challenger Gold Operations. Those discussions and consequent arrangements will then lead the Joint Venture to conduct targeted, infill drilling programs to upgrade sufficient resources to Indicated status to enable the estimation of Ore Reserves.
http://www.irw-press.at/prcom/images/messages/2018/43525/072_Mineral Resource Increase at Jumbuck FINALPRcom.001.jpeg

Figure 1: Drilling at Typhoon gold prospect towards maiden resource
http://www.irw-press.at/prcom/images/messages/2018/43525/072_Mineral Resource Increase at Jumbuck FINALPRcom.002.jpeg

Figure 2: Jumbuck Gold Prospect Location Map

Resource Estimates

Table 1. Jumbuck Project Mineral Resource Estimates May 2018 - 0.5g/t cut-off grade
Deposit Indicated Resources Inferred Resources Total Mineral Resources
0.5 g/t cut-off gradeMt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz
Golf Bore 0.57 1.0 18 3.22 1.0 100 3.79 1.0 119
Campfire Bore - - - 2.78 1.2 109 2.78 1.2 109
Greenewood 0.14 1.4 7 0.75 1.6 39 0.90 1.6 46
Monsoon - - - 0.61 0.8 17 0.61 0.8 17
Typhoon - - - 0.27 1.9 16 0.27 1.9 16
Mainwood - - - 0.35 1.1 12 0.35 1.1 12
Total 0.74 1.1 25 7.99 1.1 294 8.70 1.1 319

*The figures in these tables are rounded to reflect the precision of the estimates and include
rounding
errors.



Table 2. Jumbuck Project Mineral Resource Estimates May 2018 - 0.8g/t cut-off grade
Deposit Indicated Resources Inferred Resources Total Mineral Resources
0.8 g/t cut-off gradeMt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz
Golf Bore 0.29 1.4 13 1.47 1.4 65 1.77 1.4 79
Campfire Bore - - - 1.99 1.5 93 1.99 1.5 93
Greenewood 0.11 1.6 6 0.64 1.8 37 0.75 1.8 43
Monsoon - - - 0.25 1.2 10 0.25 1.2 10
Typhoon - - - 0.20 2.3 15 0.20 2.3 15
Mainwood - - - 0.15 1.7 8 0.15 1.7 8
Total 0.41 1.4 19 4.71 1.5 229 5.12 1.5 248

*The figures in these tables are rounded to reflect the precision of the estimates and include
rounding
errors



Table 3. Drilling Summary for Jumbuck Deposits
Deposit Air core Drilling RAB Drilling RC Drilling Diamond Core
Drilling

No. Total Av. No. Total Av. No. Total Av. No. Total Av.
of meters dept of meter depth of meter depth of meter depth
holes h holess holess holess

Golf Bore 165 6,724 40.8 227 8,920 39.3 243 21,08886.8 2 286 143.0
Campfire Bore13 924 71.0 183 7,946 43.4 95 7,825 82.4 3 396 132.0
Greenewood - - - 3 79 26.3 121 7,933 65.6 5 794 158.8
Monsoon 97 5,170 53.3 269 15,59860.0 52 4,100 78.9 - - -
Typhoon 27 1,579 58.5 188 10,53056.0 45 4,066 90.4 - - -
Mainwood 24 1,171 48.8 143 6,718 47.0 39 2,791 71.6 - - -
Total 326 15,568 47.8 1,013 49,79149.2 595 47,80380.3 10 1,476 147.6

Diamond Core Drilling includes RC pre-collars
http://www.irw-press.at/prcom/images/messages/2018/43525/072_Mineral Resource Increase at Jumbuck FINALPRcom.003.jpeg

Figure 3: Campfire Bore deposit block model
http://www.irw-press.at/prcom/images/messages/2018/43525/072_Mineral Resource Increase at Jumbuck FINALPRcom.004.jpeg

Figure 4: Golf Bore deposit block model

Competent Persons statements:

The information in this announcement that relates to Exploration Results and general project comments is based on information compiled by Nicholas Revell, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Revell is the Technical Director of the Company. Mr. Revell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Revell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resource estimates is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Richard Maddocks is an independent consultant to Tyranna Resources Limited. Mr Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr. Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Bruno Seneque,
Managing Director
P: +61 8 9485 1040

Peter Taylor
Investor Relations
P: +61 412 036 231
peter(at)nwrcommunications.com.au

About Tyranna Resources Limited

Tyranna Resources is an ASX listed diversified minerals exploration Company with a significant portfolio of assets at various stages of development.

Jumbuck JV (Tyranna Resources Limited - 77% / WPG Resources Limited - 23%)

Tyrannas Jumbuck Gold project controls 9,762 km² surrounding the Challenger Gold Mine (>1.2M Ozs gold produced (at) 6g/t Au). The close proximity of Greenewood to the 1.2m oz Challenger Gold Mine is a key driver for Tyranna which aims to identify a similar analogue deposit. The Company target for the Jumbuck Gold Project is 500,000 oz Au and the Tyranna team has been steadily undertaking works on prospective targets to grow mineral resources (refer to Exploration Target Statement ASX announcement on 17 October 2016)1.

To view entire news including tables and JORC-Code, please follow the link:
https://www.irw-press.com/tl_files/pdf/Tyranna_300518.pdf

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Datum: 30.05.2018 - 07:31 Uhr
Sprache: Deutsch
News-ID 576260
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