The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Tyranna Resources (TYX) identifies a broad zone of lithium mineralisation at the Muvero lithium prospect in Angola
  • Three holes were drilled with work beginning in mid-October to provide Tyranna with critical information it hopes will enable optimised follow-up drilling
  • Hole four intersected a broad zone of lithium mineralisation with pegmatite encountered from zero to 44.65 metres, and pegmatite and host rock from 44.65 to 66.6 metres
  • The drill core from all holes will be sent to the Geoangol facilities for cutting and sampling before they are processed into pulps and sent to Australia for assay
  • Tyranna shares are down 23.8 per cent and trading at 3.2 cents at 11:49 am AEDT

Tyranna Resources (TYX) has identified a broad zone of lithium mineralisation at the Muvero lithium prospect in Angola.

The company has drilled three holes so far, with a fourth one underway and nearing completion.

Drilling is progressing slower than usual due to heavy water consumption with water lost due to drilling through heavily fractured ground.

Tyranna has reported it has been difficult maintaining an adequate water supply and time has been lost when the replenishment has been slow.

Drilling began in mid-October to provide the company with critical information to support future drilling plans.

Hole NDDH004 intersected a broad zone of “well-developed” lithium mineralisation which appears to comprise a substantial portion of pegmatite.

Pegmatite was encountered from zero to 44.65 metres while hybridised pegmatite-host-rock contact was encountered from 44.65 to 66.6 metres.

Additionally, hole NDDH001 intersected pegmatite from 5.1 to 11.39 metres while hole NDDH003 intersected pegmatite from 3.05 to 21.32 metres.

The drill core from all holes will be sent to the Geoangol facilities for cutting and sampling before they are processed into pulps and sent to Australia for assaying.

Tyranna was down 23.8 per cent on the market with shares trading at 3.2 cents at 11:49 am AEDT.

TYX by the numbers
More From The Market Online
The Market Online Video

Daily ASX Market Close: Index slides as basketball fan makes $40 million bid for Perth Wildcats, May 30, 2024

The ASX200 continued to slide today, shedding another half a per cent off the back of…
The Market Online Video

Daily ASX Market Update: Materials drags market under – May 30, 2024

The ASX200 is trading down as predicted, around half a per cent.

Sports Entertainment Group jumps 15% as firm bids to buy Perth Wildcats for $40M

Sports Entertainment Group announced on Thursday it has received a non-binding offer to buy WA basketball…
The Market Online Video

Market Update: ASX turns green with real estate flowering

The ASX200 is trading up around 0.7 per cent.