Tyranna Resources : High Grade Drilling Results at Eureka

5 December 2018

High Grade Drilling Results at Eureka

Highlights

•  Diamond drilling confirms high grade ore shoot continues beneath Eureka pit

•  Best Intersections include :

  • o 14m @ 4.58 g/t Au from 103m including 1m @ 41.80g/t from 105m (18EKDD09)

  • o 4.0m @ 3.33g/t Au from 98.0m (18EKDD012)

  • o 0.4m @ 31.0 g/t Au from 170.9m (18EKDD02)

  • o 1.0m @ 7.63g/t Au from 122m (18EKDD08)

  • o 0.92m @ 5.9g/t Au from 130.58m (18EKDD08)

•  High grade channel samples across ore at base of pit :

  • o 4.0m @ 20.7g/t Au

  • o 5.6m @ 13.1g/t Au

•  JORC estimate to be updated to drive decision to commence mining study

Tyranna Resources Limited (ASX: TYX) ('Tyranna' or 'the Company'), is pleased to announce that drilling has been completed at its 100% owned Eureka Gold Project located 50km north of the gold mining centre of Kalgoorlie, Western Australia.

The drilling program, comprising 2,040 metres for 13 holes, was successful in intersecting the high-grade ore shoot beneath the recently completed open pit (refer Figure 1 and 2). Diamond drilling was designed to target the interpreted south plunging ore shoot that had been mined in the pit by the previous owners.

Figure 1: Section 1 showing Tyranna drilling with historic results

Level 2, 679 Murray Street, WEST PERTH WA 6005 | PO Box 1124, WEST PERTH WA 6872

T [phone] | F [phone] | [e-mail]| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Figure 2: Section 2 Tyranna drilling with historic results

Figure 3: Plan view showing location of sections 1 and 2

Level 2, 679 Murray Street, WEST PERTH WA 6005 | PO Box 1124, WEST PERTH WA 6872

T [phone] | F [phone] | [e-mail]| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Mapping in the Eureka pit revealed that mineralisation was associated with quartz veining with minor sulphides contained within a broader zone of shearing and foliation. Channel sampling conducted across the ore zone before mining was completed in April 2018 indicates the presence of high grade mineralisation beneath and along strike of the current pit. Figure 4 shows the position of the ore zone in the north wall and an ore drive that was developed in 1996. Decline development that was completed in 1996 is illustrated in figure 5. The project was not progressed due to the prevailing gold price at that time.

Figure 4: North wall of Eureka pit showing ore zone with channel sampling and underground development location. Note position of drill rig from recent drilling programme.

Level 2, 679 Murray Street, WEST PERTH WA 6005 | PO Box 1124, WEST PERTH WA 6872

T [phone] | F [phone] | [e-mail]| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Between October 2017 and April 2018 a tribute arrangement under the previous owners of the Eureka project resulted in the mining of 53,000 tonnes at 3.3 g/t for production of 5,400 ounces. Historic production between 1985 and 1989 totalled 220,000t @ 4.5g/t containing 32,000oz.

The deeper drilling, as part of the recent programme, intersected the interpreted mineralised zone with strong foliation and disseminated sulphides but the absence of quartz veining meant that only low grades were generally returned. There is very limited drilling down plunge of the pit so it is possible that the interpreted shoot does plunge at a steeper angle. Tyranna will now complete an updated JORC resource estimate, after which a decision will be made to commence a mining study to evaluate the opportunity of mining and toll treating to nearby processing mills.

Figure 5: Diagram showing recent drilling program and 1996 decline development

Level 2, 679 Murray Street, WEST PERTH WA 6005 | PO Box 1124, WEST PERTH WA 6872

T [phone] | F [phone] | [e-mail]| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Table 1: Tyranna drilling Hole Details and Significant Intersections

Hole ID	Northing	Easting	RL	Dip	Azm	EOH	Depth From (m)	Depth To (m)	Width (m)	Au g/t
18EKDD001	6643814	332642	428	-72	315	247.9	No significant intersection
18EKDD002	6643812	332641	428	-75	293	244.8	201	202	1	1.71
18EKDD003	6643812	332641	428	-65	278	221.3	170.9	171.3	0.40	31.00
18EKDD004	6643812	332640	428	-60	278	177.1	164	165	1	1.20
18EKDD005	6643812	332638	428	-36	277	131.2	122	124	2	2.85
18EKDD006	6643837	332577	429	-57	272	129.8	65	75.4	10.4	0.47
18EKDD007	6643837	332579	429	-36	271	86.9	77.1	78.3	1.2	1.11
18EKDD008	6643837	332590	381	-69	242	169.7	122	123	1	7.63
and	130.58	131.5	0.92	5.90
and	162.18	163	0.82	4.55
18EKDD009	6643760	332590	381	-60	243	152	103	117	14	4.58
Including	105	106	1	41.80
and	121.9	128.1	6.2	2.66
18EKDD010	6643760	332589	381	-56	264	139.8	90	92	2	1.97
and	106	107	1	2.30
18EKDD011	6643761	332590	381	-74	294	150.2	110	113	3	1.40
and	129	131	2	1.28
18EKDD012	6643761	332590	381	-59	309	117.2	98	102	4	3.33
18EKDD013	6644469	332382	430	-55	233	72.1	No significant intersection

Level 2, 679 Murray Street, WEST PERTH WA 6005 | PO Box 1124, WEST PERTH WA 6872

T [phone] | F [phone] | [e-mail]| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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