Perth-based Tyranna Resources has commenced drilling at its Eureka gold mine, 50km to the north of Kalgoorlie. The company’s ASX shares closed 50 per cent up by December 13 at $0.027 before stabilising to $0.016 at time of writing.
The drilling (contracted to Eureka Mines) will extend the current open pit by 20 metres and will last until March 2018. Following this period of mining, Tyranna plans to provide an updated ore reserve report and feasibility study in order to recommence full operations.
Tyranna, a merger of Ironclad Mining and Trafford Resources and owners of the Jumbuck and Wilcherry Hill projects in South Australia.
The Eureka gold mine represents the company’s first venture into the lucrative Goldfields region of Western Australia; the company acquired the mine from Canadian company Central Iron Ore at the start of December, with the intention of using the mine as a cash asset to fund exploration at the Jumbuck project.
Tyranna is also the largest shareholder in Kairos Minerals, which has activities in the Pilbara region. Tyranna has submitted plans to the Department of Mines, Industry, Regulation and Safety to bring the project up to JORC 2012 standards.