Tyranna Resources Ltd (ASX:TYX) will next month begin a new exploration program with the aim of adding to its gold bounty at the Jumbuck Gold Project in South Australia.
This comes as the company has increased its ownership of the Western Gawler Craton Joint Venture (WGCJV) which includes the 319,000-ounce Jumbuck project.
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Sole funding exploration in the first half of 2018 enabled Tyranna to lift its interest in the two components of the WGCJV with WPG Resources Ltd (ASX:WPG) and Coombedown Resources Pty Ltd.
Tyranna now has 70.2% of the Northern Jumbuck tenements and 78.01% of the Southern Jumbuck holdings.
New program to start in mid-August
The second half exploration, which is expected to start in mid-August, will focus on an infill reverse circulation (RC) and diamond drilling campaign at the Campfire Bore prospect.
Tyranna and WPG agree this has demonstrated the best potential economic viability of all the Northern Jumbuck gold prospects and is on a path towards a feasibility study.
The infill drilling is aimed at upgrading Campfire Bore’s JORC-compliant inferred resources to the indicated category.
Dependent on the outcomes, additional drilling may also be planned to upgrade resources at the other Northern Jumbuck deposits of Mainwood, Greenewood and Golf Bore.
The intention would be to also complete mining feasibility studies on these.
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The Jumbuck project comprises 9,762 square kilometres surrounding WPG’s Challenger Gold Mine, which has produced more than 1.2 million ounces at 6 g/t gold.
Following the drilling and new resource estimates, a decision will be made to progress towards feasibility study at Campfire Bore, which will also involve converting the tenement to a Mining Claim.
Ore processing discussions
Tyranna and WPG have therefore agreed to move forward to establish ore processing terms in accordance with the WGCJV.
The company will also carry out maiden RC drilling at the South Hilga prospect of the Southern Jumbuck tenements and has returned some impressive historical RAB drilling results.
First South Hilga exploration
South Hilga was drilled by Dominion Mining Ltd in 1995 and 1996, and this primarily focused on a northwest trend, which includes a patchy calcrete anomaly of 5.8 by 3 kilometres with a high of 229ppb gold.
It will be the first time that Tyranna has explored the South Hilga prospect.
This is in line with the company’s strategy to follow-up on previous exploration to build on existing Jumbuck resources.