Tyranna Resources - Final Results from RC Drilling Campaign at Muvero Lithium Project, Angola
TYX (TYX) Share Update July 2024 Wednesday 31st
Tyranna Resources Reports Modest Lithium Mineralisation at Muvero Project
Tyranna Resources Limited (ASX: TYX) has reported the final results from its recent reverse circulation (RC) drilling campaign at the Muvero Lithium Project in Angola. The results indicate modest mineralisation of lithium, caesium, and tantalum, with plans for further drilling later this quarter.
Instant Summary:
- Drill-hole MRC44A intersected mineralised pegmatite containing lithium, caesium, and tantalum.
- Best lithium result: 1m at 1.17% Li2O from 23m.
- Best tantalum result: 4m at 180ppm Ta2O5 from 32m.
- Best caesium result: 1m at 1.12% Cs2O from 33m.
- Core drilling to resume later this quarter targeting new and existing prospects.
Drilling Results Overview
The recent RC drilling campaign at the Muvero Lithium Project in Angola, conducted between April 24 and May 24, 2024, covered a total of 1,403 meters. Drill-holes MRC43 to MRC50 were completed, with only MRC44A intersecting significant lithium-caesium-tantalum (LCT) mineralisation. The best lithium result was 1 meter at 1.17% Li2O from 23 meters depth, while the best tantalum result was 4 meters at 180ppm Ta2O5 from 32 meters depth. Additionally, the best caesium result was 1 meter at 1.12% Cs2O from 33 meters depth.
Managing Director David Crook commented on the results, noting that the assays from the last of the drill holes returned only modest mineralisation. However, he highlighted the potential for further exploration, with core drilling planned to resume later this quarter. The drilling rig is currently mobilising to the site and will initially target the projected down-plunge position of the Muvero Prospect mineralisation before testing new targets within the broader project area.
Next Steps and Future Exploration
In addition to the planned core drilling, Tyranna Resources is also evaluating other projects in Angola that may fit the company's broader strategy of acquiring and developing demand-driven commodities. The company plans to complete programs of mapping and geochemical sampling away from the Muvero Prospect to identify additional lithium-pegmatite targets. These efforts will be carried out in conjunction with the drilling planned between now and the end of 2024.
Diamond drill-holes will be completed at Muvero, primarily to test the eastern parts of the prospect, including the Muvero Link Zone, where previous drilling ended in spodumene-bearing pegmatite. The eastern part of the Muvero Prospect has not been adequately investigated but shows significant potential. Drilling will also be undertaken at the Calicatas and Loop prospects.
The modest results from the recent drilling campaign may lead to a cautious reaction from investors. While the mineralisation results are not as high as some might have hoped, the planned future drilling and exploration activities indicate that Tyranna Resources is committed to thoroughly exploring the potential of the Muvero Project. The company's strategy to evaluate other projects in Angola could also provide additional opportunities for growth and development.
Investor Reaction:
Analysts are likely to have mixed reactions to the announcement. While the modest mineralisation results may temper immediate enthusiasm, the planned future drilling and exploration activities suggest that there is still potential for significant discoveries. Investors will be closely watching the results of the upcoming drilling campaigns and the company's evaluation of other projects in Angola.
Conclusion:
Investors should keep an eye on Tyranna Resources' upcoming drilling activities and exploration plans. The company's commitment to further exploration and potential new projects in Angola could lead to significant developments in the future. Staying informed on the progress of these activities will be crucial for making informed investment decisions.