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Tyranna Resources Ltd.
Summary
| Project: | Eureka | |
|---|---|---|
| Deposit: | Eureka | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/24/2019 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-5-2019: Tyranna Resources Ltd. announces a Scoping Study report for its Eureka deposit at the Eureka project. Re-Start study results incl. AUD $7.1M gross revenue, $2.6M positive cash flow. Tyranna Resources Limited (ASX: TYX) (‘Tyranna’ or ‘the Compa | |
| Resources: | (Resource I+I): 762Kt @ 1.8g/t Au for 43.1Koz Au contained | |
| CP/QP: | [Overall Report]: Nicholas Revell (Internal) | |
| ABSTRACT: | Tyranna Resources Limited (ASX: TYX) (‘Tyranna’ or ‘the Company’), is pleased to announce that independent mining consultants Entech have completed a review of a restart study at the Company’s 100% owned Eureka Gold Project located 50km north of the gold mining centre of Kalgoorlie, Western Australia. The restart study shows, subject to the cautionary statement below, that a viable cash flow positive early mining opportunity exists at the Eureka project. Tyranna Managing Director Bruno Seneque said: “The results of the mining study as an early mining opportunity demonstrates the potential to generate good free positive cash flow for the business with minimal upfront capital delivering a very good cash margin over a short period. “We plan to generate cash flow to self-fund exploration to grow our assets at Eureka with minimal shareholder dilution. “Plans are underway to secure a funding solution that will enable Tyranna to commence mining at Eureka and in the meantime, mining approvals will be fast tracked, mining and haulage contractors appointed, and negotiations with the preferred toll treater will be concluded.” Independent mining consultant Entech has reviewed the study and has identified no fatal flaws. The Board will now consider funding options for the restart, with the objective of either no or minimal dilution for existing shareholders, given the relatively modest capital drawdown required. This will include internal funding, traditional debt/equity, profit share arrangements with strategic partners, sale or partial sale of Company assets. | |
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