Tyranna Resources Ltd (ASX:TYX) (FRA:IRN) has announced that pending Ministerial Consent, all conditions for the sale of its Jumbuck Gold Project to Marmota Ltd (ASX:MEU) (FRA:43M) have been satisfied for the transfer of the tenements.
The company is pleased to note, under the terms of the share and asset sale agreement, Marmota has paid the $2.4 million cash component of the acquisition into a trust account to be released on receipt of Ministerial Consent.
Following the grant of Ministerial Consent, which is expected within the next 2-3 months, Marmota will then:
➢ Release the $2.4 million in trust to Tyranna; and
➢ Issue Marmota shares to the value of $500,000, in full satisfaction of the purchase price of the Jumbuck Gold Project.
Dragon & Knight Project progresses
In April, the company highlighted its plan to take the next step in advancing the Dragon & Knight Project in Western Australia’s eastern Wheatbelt region with fieldwork about to begin.
Work will start on the Dragon tenement focusing on gridded, soil sampling of three selected target areas covering the Southern Dykes area, as well as the ultramafic shear and fault zones.
In addition to the soil sampling, there will be an extensive field reconnaissance and rock chip sampling program covering the remaining tenement area with the view to possibly locate additional target areas for future follow-up work.
Two field crews each comprised of one geologist and one field technician have been deployed to begin work on the soil sampling and field reconnaissance programs.