Tyranna Resources is the result of the merger of Ironclad Mining and Trafford Resources, combining the exploration assets of Trafford with the potential to raise significant cash from the sale of Ironclad’s fixed assets.
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With the Ironclad-Trafford merger now complete, Ironclad is recommencing exploration on its highly prospective Jumbuck Gold Project, located over the under-explored Archaean Christie Domain of the Gawler Craton of South Australia. The Christie Domain has similarities to the Fraser-Albany Orogen of Western Australia, host to Tropicana and Nova-Bollinger.
Previous regional sampling over the project area, which surrounds Kingsgate’s 1Moz Challenger Gold Mine, identified +300 gold-in-calcrete anomalies, of which +250 are yet to be followed up. Follow-up work on around 50 anomalies has generated potentially economic gold grades in drilling at eight anomalies and one JORC-compliant resource; although further work is required on all of these prospects. Work has also identified prospectivity for magmatic nickel/copper mineralisation, potentially similar to that at Sirius’ Nova-Bollinger deposit.
Should economic gold resources be delineated and dependent upon the operating status at Challenger at the time, there are potential ore treatment synergies with the Challenger mill, given that Ironclad is in an exploration JV with Kingsgate over part of the Jumbuck area.
We rate Ironclad as a SPECULATIVE BUY, with short to medium price movers being positive exploration results, and the successful sale of the Ironclad fixed assets.
Ironclad is an ASX-listed junior exploration company concentrating on projects in the Gawler Craton of South Australia. The Company’s key focus is on the Jumbuck Gold Project, located around the operating Challenger Gold Mine of Kingsgate Consolidated. Holdings also include the Wilcherry Hill Project, originally primarily held for iron ore, but also prospective for a range of base and precious metals, including gold, lead, zinc, silver and tin.
The Company has recently completed a merger with Trafford Resources, combining the exploration assets of Trafford with the potential to raise significant cash from the sale of Ironclad’s fixed assets.
Ironclad Mining (ASX: IFE, “Ironclad” or “the Company”) has now completed the merger with Trafford Resources (“Trafford”), and activities will now concentrate on exploration on the highly prospective Jumbuck Gold Project (“Jumbuck”), located over the western Gawler Craton in South Australia, with work also planned at Wilcherry Hill.
Official website: http://www.tyrannaresources.com/
ASX on Hotcooper: http://hotcopper.com.au/asx/IFE