Tyranna Resources Ltd (ASX:TYX) has a new substantial shareholder in Central Iron Ore Ltd (CVE:CIO) which has an 11.6% stake from its 93.2 million shareholding.
The shareholding comes as a result of Tyranna’s acquisition of the Eureka Gold Project located 50 kilometres north of Kalgoorlie, Western Australia.
Shares were issued to Central Iron Ore in consideration for the project’s sale.
READ: Tyranna Resources completes acquisition of Eureka gold mine
Tyranna is confident that the Eureka open cut gold mine can be brought into production from existing workings in the near term.
Eureka is currently being mined by a local contractor and ongoing work, scheduled to extend the depth of the current open pit by about 20 meters, was completed on the 25th April 2018.