Ironclad Mining Limited (now Tyranna Resources Limited) - June 2015 Report

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’ NovaBollinger 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. Download the report for more information.

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