Tyranna Resources has acquired two highly prospective nickel projects, Dragon and Knight, in Western Australia’s eastern Wheatbelt region.
The company has entered into a binding agreement to acquire Clean Power Resources, which owns the two nickel projects, as well as the Pacific Express prospect in northern New South Wales.
Dragon and Knight are in a prime nickel area, 26 kilometres east of St George’s Mining’s high-grade assayed nickel project Mt Alexander, where significant nickel-copper sulphide mineralisation has been discovered.
Tyranna director Joe Graziano said the acquisition would give the company exposure to nickel and copper at a time the industry was facing further upward price pressure due to limited forward supply.
“Entering into this transaction reflects the board’s strategic decision to secure direct exposure to nickel at a time when the global demand-supply fundamentals are increasingly favourable,” Graziano said.
“Our initial focus will be exploring the 36 kilometres strike that traverses the Dragon and Knight projects for nickel massive sulphide mineralisation as this delivers significant exploration upside.
“This is an exciting transformative move for Tyranna and the board looks forward to keeping shareholders apprised of developments as they materialise.”
The Dragon and Knight projects cover around 352 square kilometres, including a 36 kilometre strike portion of a regional sheeted dyke.
In the northern part of the Knight project is a further 8km strike from a parallel regional duke, delivering an 44 kilometres total strike length across the tenements.
The Pacific Express project north of Newcastle, NSW covers about 105 square kilometres and has a history of air-core drilling exploration across six prospects within the tenure.