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Tyranna Resources (ASX:TYX) continues to expand in central Angola, acquiring a three-fourths interest in the Chinguar Gold Project, a large-scale exploration asset 50 kilometres northeast of the country’s second-largest city, from AGFC.
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The Chinguar Gold Project that Tyranna is now invested in covers one singular prospection title that runs across 3,352 square kilometres and hosts multiple “garimpo” gold recovery operations. Tyranna says it now plans to systemically explore the area using modern techniques as quickly as possible.
“The number of garimpo workings targeting shallow gold… provides credibility to the likelihood that the project will have areas with deeper, primary source of gold wide-open,” Tyranna’s managing director, David Crook, said.
Tyranna’s ambitions to crack on with those garimpo (artisanal) workings will be helped on by the “proactive” Angolan government’s mineral exploration departments recently completing geological mapping and surveys.
Those, Mr Crook said, give Tyranna the geophysical and geological datasets needed to “facilitate our targeting and on-ground fieldwork greatly.”
New sealed roads in the Lobito corridor will also help the cause; the explorer predicts it can work year-round now that infrastructure is operating.
On the balance sheet, the deal – helmed by Tyranna subsidiary Luvulu – cost the Oz explorer $39,000 in surface taxes and $32K for AGFC’s prior costs. Should favourable assay results come in, Tyranna will send another 27.5M shares.
Luvulu will lead the early-day works at Chinguar until an MRE is declared.
TYX has been down -9%; it’s following the wider bourse drop today.
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