Tyranna Resources Ltd (ASX:TYX) has increased the gold resource at its Jumbuck Gold Joint Venture in South Australia to 319,000 ounces, an increase of 100,000 ounces or 46% from the previous estimate.
Additional drilling into Typhoon and Monsoon enabled maiden 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.
Jumbuck Project surrounds operating Challenger Gold Mine
Tyranna holds 77% in the Jumbuck Joint Venture with WPG Resources Ltd (ASX:WPG) 23%.
All the deposits at Jumbuck are located within trucking distance of the Challenger Gold Mine operated by WPG.
The close proximity to the 1.2 million ounce Challenger Gold Mine is a key driver for Tyranna which aims to identify a similar analogue deposit.
Tyranna is targeting a 500,000-ounce gold resource for the project where all deposits are presently interpreted to be open at depth and have excellent potential for resource increases with further drilling.
READ: Tyranna Resources receives assays from Jumbuck, first visible gold witnessed
Tyranna managing director Bruno Seneque said: “This 100,000 ounces increase is a very pleasing result for the Western Gawler Craton Joint Venture.
“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.”
First-pass scoping studies to commence
Seneque added “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 Tyranna’s exploration efforts.”