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So far, so good for Tyranna's strategic shift to gold

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So far, so good for Tyranna's strategic shift to gold

A year after the between IronClad MiningLtd. and Trafford ResourcesLtd. was completed, the rebrandedTyranna ResourcesLtd. is proving a change of focus was just what the company needed.

Tyranna is aiming to define aresource of 500,000 ounces of gold before the end of the year, which is lookingmore and more likely following recent drilling at the Jumbuck gold project in South Australia.

Over 80% of holes drilled atthe Greenewood prospect have intersected gold, while mineralization at theMainwood and Campfire Bore prospects may be connected.

Tyranna also believes itsTyphoon prospect could host another gold mine like in South Australia,a joint venture between WPGResources Ltd. and Pybar Mining Services Pty. Ltd., which was in May andhistorically produced around 1 million ounces.

SNL Metals & Mining spokewith Managing Director Bruno Seneque about Tyranna's achievements to date,progress at the Jumbuck project and the company's plans for its mothballed ironore projects.

What follows is an edited versionof that interview.

SNL: It's been about a yearsince the merger. What has been the most defining event in that time?

Bruno Seneque: With the downturn and withthe way the iron ore market was going, we were quite fortunate that we had theflexibility to change tack. So what we did was we put all our iron ore projectsinto care and maintenance and because Trafford at that point had the Jumbuckgold project in South Australia, we made a conscious decision to focus on goldand to ramp up gold exploration.

Wetimed it well with the gold price, especially with the Australian dollar goldprice reaching all-time highs. It has worked out really well for us and to topthat off we've had a pretty good bout of exploration success as well.

Ourplan is to get to half a million ounces in resource by the end of the year.

What is the attraction ofSouth Australia for Tyranna?

There'ssomething like nine base metals mines and about 20 gold mines around the SuperPit [in Kalgoorlie, Western Australia] within a 100-kilometer radius, whereasthere's only one gold-producing mine within a 100-kilometer radius aroundChallenger in South Australia, yet there are numerous gold prospects.

Inother words, there are numerous areas that have been drilled and economic goldintersections have been discovered and we've got seven of these and they're allwithin 50 kilometers of Challenger.

Wefocused on the top four — Golf Bore, Golf Bore North, Mainwood and CampfireBore. We also found a new area, which we called Greenewood, by drilling anoutlier about 800 meters northeast of the Mainwood deposit and we found goldunder it.

Why has the area been sounderexplored?

It'snot as easy to find as gold in Western Australia's Goldfields. In theGoldfields you can drill zero to 20 meters with aircore and find gold in partsper billion and drill deeper and find gold in bedrock.

There'sa pattern of it because there are so many gold mines in the Goldfields, whereasin South Australia there is only one producing gold mine within a 200-kilometerdiameter of Challenger.

So this could be the nextGoldfields?

Thereis something like 300 gold-in-calcrete anomalies, but only 30 of them have beentested and then from them you've got these seven gold deposits. So eventually Ithink there will be a number of mines around Challenger.

Soin other words, what will happen is the area will start to morph into what theGoldfields look like today.

Tyranna said recently thatthe Greenewood, Mainwood and Campfire Bore prospects could be linked. Whatwould that mean for the Jumbuck project?

Itmeans that the chances of getting a sizable resource increases. If we do get aresource and therefore a reserve that is economical we can actually put a plantthere. So there wouldn't be much in the way of transport costs or roads and soon because there's only 6 kilometers between Mainwood and Campfire Bore.

Itwould just make a lot of sense if you've got 200,000 ounces, 250,000 ounces or300,000 ounces in reserve that you would build a plant there.

How are you following up thepossible links between the three prospects?

We'repreparing a program for the second half and that will involve definitelydrilling at Greenewood and we're already starting to investigate now the linksbetween Mainwood, Greenewood and Campfire Bore. In the second half, ourexploration program will be a lot more substantial.

The company is currently indispute with WPGResources over the ownership of part of an exploration license surrounding theChallenger mine. What is happening with that?

There'sa formal process that we have to go through, which is part of the joint venturedocumentation. We've had one meeting already. So it's just a matter of goingthrough the process.

Do you expect a favorableoutcome?

Yes,absolutely. Our landholding in the area is quite substantial and quite dominantand so we are actually exerting what we think we're entitled to.

With respect to the iron oreprojects that are on care and maintenance, will you revisit them if the pricepicks up or are you looking at selling?

TheWilcherry Hilltenements are very prospective for a bunch of other minerals as well, one ofthem being tin, and we have got work coming up on that and we'll make an announcementabout that shortly, but we still have some fairly exciting explorationpotential out there as well.