Tyranna and Alliance Resources enter into joint venture

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Image credit: www.tyrannaresources.com

Gold exploration company Tyranna Resources has entered into a joint venture agreement with Alliance over the Wilcherry Hill Project located 100km northwest of Whyalla in South Australia.

Image credit: www.tyrannaresources.com
Image credit: www.tyrannaresources.com

Tyranna will receive $2 million cash for sale of 51% JV interest in the Wilcherry Hill project to Alliance, which the company will use to ramp up exploration at its Jumbuck Gold Project, also in SA, and to progress its 100% owned tenements surrounding the Challenger gold mine.

Tyranna’s Managing Director Bruno Seneque said Alliance will invest in Tyranna by acquiring or subscribing for shares to become a cornerstone shareholder in the Company.

“This agreement with Alliance comes at an opportune time, allowing us to focus on the Jumbuck gold project, where we are currently drilling our new gold discoveries at the Greenwood and Campfire Bore prospects,” he said.

Adertisement

“Alliance, whose Chairman and major shareholder is Mr Ian Gandel, is a well-funded and an experienced explorer in South Australia. We are excited to welcome Alliance as our partner and look forward to unlocking the full multi-mineral potential of Wilcherry Hill.”

The Wilcherry Hill Project is prospective for a range of deposit styles including skarn, intrusion-related sediment-hosted, shear-hosted and iron oxide copper-gold that may contain economic concentration of a variety of commodities, including gold, tin, copper, zinc, lead, silver, iron, bismuth, tungsten, and uranium.

Alliance is currently in the process of completing its due diligence on the Project and has until 8 October to determine whether or not to proceed with the purchase.