TYX announces assay results from its Angolan lithium project

Published 08-MAY-2024 10:17 A.M.

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Tyranna Resources (ASX: TYX) just announced a batch of assay results from its Angolan hard rock lithium project.

TYX’s project has >1,000 independent pegmatite outcrops scattered over it, to date, TYX has only tested ~2% of the pegmatites.

In late 2022 TYX announced a discovery at its Muvero prospect, hitting ~22m of lithium with grades at 2.02%.

This was enough to bring in a Chinese JV partner and a binding offtake agreement that came with a US$10M prepayment.

On top of the US$10M prepayment commitment, TYX’s partner $5.5BN Sinomine also committed to a A$31M investment into TYX and at the project level.

Now TYX has $9M cash in the bank (at 31 March 2023).

Today TYX put out a batch of assay results from its Muvero discovery. Here are our key takeaways from the announcement:

1. TYX extended its Muvero discovery at depth with lithium grades up to ~3.81% - the yellow zones in the image below shows where the lithium mineralisation is being picked up.

2. TYX also hit high tantalum grades in most of its drill holes (grades up to 834ppm) - the tantalum grades are comparable to some operating mines & also a good sign TYX’s project could host a valuable tantalum by-product.

3. TYX also intercepted caesium grades up to 4.37% - these aren't the first intercepts to hit caesium mineralisation (pollucite), again this could signal a valuable by-product to the projects lithium mineralisation.