Tyranna Resources Limited (ASX:TYX) has diluted its interest in the Wilcherry Project Joint Venture (WPJV) exploration area in South Australia to 20.99%.
The change in interest is a result of Alliance Resources (ASX:AGS) increasing its interest in the WPJV exploration area to 79.01% after sole funding expenditure for the quarter ended September 30, 2018.
Tyranna has elected not to contribute to the WPJV programs totalling $3.2 million for FY2019.
Alliance’s interest in the WPJV exploration area is expected to increase to 83.64% by June 30, 2019 should actual expenditure reach the approved FY2019 expenditure.
READ: Tyranna Resources reveals two target areas in Nevada
Tyranna recently completed stream sampling identifying two areas, Whale Mine and Anchor Trend, within the Goodsprings Cobalt and Base Metals Project in Nevada, US.
These two cobalt-copper-zinc anomalies will now be followed up with a 3D induced polarisation (IP) survey expected to commence later this month.
Drilling has also begun at Tyranna’s 100% owned Eureka Gold Project 50 kilometres north of Kalgoorlie, where the 2,500-metre, 16-hole program is aiming to upgrade the gold resource to JORC 2012 standard.