- Tyranna Resources (TYX) confirms lithium mineralisation in six locations within the Namibe project in Angola
- The company received results from rock chip sampling undertaken at the Giraul pegmatite field within the project
- Of the 16 samples, 11 yielded highly anomalous lithium, caesium and tantalum with six confirmed to contain lithium minerals and assays peaked at 7.49 per cent lithium
- Company Director Joe Graziano says further exploration will be conducted at Namibe to “uncover its true potential”
- TYX shares soar 100 per cent to trade at 1.8 cents at market close
Tyranna Resources (TYX) has received assays from the Namibe lithium project in Angola.
Earlier this month, Tyranna announced it would gain an 80 per cent stake in the Namibe project through a binding terms sheet to acquire Angolan Minerals, the owner of the lithium project.
The Namibe Lithium Project covers 207 square kilometres and contains the ‘potentially significant’ Giraul pegmatite field in which 600 or more pegmatites are exposed within a 25-kilometre-long by 10-kilometre-wide area.
Today’s assays were provided by Angolan Minerals and come from 16 samples of a rock chip sampling program completed in 2019 and 2021 of the pegmatites within the Giraul pegmatite field.
Positively, 11 of the 16 samples yielded highly anomalous lithium, caesium and tantalum. Of the 11 pegmatites, six were confirmed to contain lithium minerals and three of those six pegmatites were confirmed to contain spodumene.
The best assay result for lithium was from sample AAR013 which comprised spodumene
fragments from a large spodumene crystal. This sample returned a result of 7.49 per cent lithium.
Additional assays include 4.56 per cent lithium, 3.85 per cent lithium and 3.44 per cent lithium.
Based on the results, the company believes lithium pegmatites may be present throughout the project, rather than being restricted to any zone within the Giraul pegmatite field, and that there’s a high potential to find many more lithium pegmatites within the project.
Tyranna Resources Director Joe Graziano said the results are “very encouraging and point to the great potential of the project.”
“These initial results reinforce our belief that this project warrants further detailed and systematic exploration to uncover its true potential and look forward to the exciting road ahead for the company and its shareholders,” he said.
Next up, Tyranna will follow-up on the sampling results and investigate any uninspected sites to find more lithium pegmatites.
Once it has received the necessary shareholder approvals, Tyranna’s plans to define drill targets to commence drilling as soon as possible.
TYX shares soared 100 per cent to trade at 1.8 cents at market close.