Perth-based exploration company, Tyranna Resources, has started soil sampling at three target areas covering the Southern Dyke and Ultramafic Shear/Fault zones at its Dragon nickel-copper tenement.
Tyranna will also carry out extensive field reconnaissance and rock chip sampling in the remaining tenement area to locate potential additional target areas.
“Commencing the soil sampling and field reconnaissance at Dragon tenement, coupled with the inaugural drilling programme being planned for the Knight tenement, is another step towards developing the Dragon & Knight Project,” director, Joe Graziano, said.
Founded in 2015, Tyranna’s two anchor projects are its Eureka and Jumbuck Gold Projects. In October 2019, it acquired Dragon and Knight in Western Australia’s eastern Wheatbelt region to give exposure to nickel and copper at a time of rising copper prices due to limited forward supply. Since then, the price of copper has surged by another 60 per cent to around US$9546 a tonne.
The Dragon and Knight projects cover 352 square kilometres, including a 36 kilometre strike portion of a regional sheeted dyke. They 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.
Earlier due diligence by the company had identified two parallel ENE trending regional dykes transecting both the Knight and Dragon tenements, which appear to control nickel-copper sulphide mineralisation. The team also found highly prospective targets for follow-up exploratory work.
Tyranna’s investigation will focus on the Widgiemooltha dykes in the Southern Dyke Zone, extensions to the N-S striking Mount Clifford Komatiite, and two north-south trending shears that transect the Dragon tenement.
Due to the COVID-19 crisis, Tyranna had to postpone all non-essential exploration activities in 2020. It commenced a comprehensive soil-sampling campaign at the Dragon and Knight only in November 2020, focusing on two priority targets: the Lightning Gossan prospect and Bullseye Anomaly.
Tyranna’s shares climbed 7 per cent on news of its latest progress.