Editor's PickMarket News

Tyranna Resources surveys at Weebo form gold exploration path with key targets areas identified

Tyranna Resources Ltd (ASX:TYX) (FRA:IRN) is on track for its next phase of exploration at the Weebo Gold Project north of Leonora in Western Australia.after identifying targets during field and desktop work In an exploration update, the company highlighted that two activities – a ground magnetic survey within E37/1353 as well as the reprocessing of historical MLEM and gravity data covering part of E37/1342 – have finished and will assist in exploration targeting for orogenic gold mineralisation. Initial interpretation of the ground magnetic data indicates that the geology and structure is more complex than initially thought. “Pathway to future exploration” Speaking to the update, managing director Joe Graziano said: “We continue to explore our current project areas and are pleased with the ground magnetic survey undertaken at our Weebo project area. “These initial results provide a pathway to future exploration of the project area. “We look forward to assessing and identifying suitable targets for the next phase of exploration.” Ground magnetic survey Tyranna’s geology team undertook the ground magnetic survey over the three areas which cover the tenement to identify gold-mineralised host structures. A total of 130-line kilometres of surveying was completed, totalling an area of 3.22 square kilometres. Data has been processed by independent consultants, which included upward continuation, reduction to the pole and a tilt derivative. Lithologies intercepted by historical drilling range from mafic volcanics to granites. The new magnetic survey indicates that the geology is more variable and the structure more complex than shown on the geology maps – with features of interest including a series of reverse magnetic anomalies throughout the survey area. These are interpreted as late intrusives, which may be focused into pre-existing structures that are potentially mineralised. Historical data reprocessing Moving-loop electromagnetic (MLEM) data were collected over a portion at the current tenement E37/1342 in 2013 by the previous explorers. This historical data was processed and imaged to identify subtle features that previous explorers may have passed over. The survey covered 8.15-line kilometres along a 200-metre x 50-metre spaced station grid. E37/1353 historical drilling results A review of historical drilling done by previous tenure holders in and near the current tenement location revealed that Terrain Mines Limited completed a 17-hole, 2,122 metres RC drilling program in 2012, which was designed to test a 1-kilometre-long gold soil anomaly. The best result was in hole CERC013 from 43 to 44 metres returning 1-metre at 2.26 g/t gold. Looking ahead Initial magnetic interpretation has indicated the geology is more variable and structurally complex than initially thought within E37/1342. Several potential target areas have been identified which require further work. Reprocessing of the original moving loop EM has identified one small conductive target, which also requires follow-up work. The anomalous gold result from the historical drilling review needs to be included in follow-up work proposals for next stage exploration at Weebo.