Tyranna Resources : Maiden Gold Resource for Jumbuck Gold Project

24 January 2017

Maiden 219,000 ounce gold resource estimated for Jumbuck Gold Project

Tyranna Resources Limited ("Tyranna") (ASX: TYX), as manager of the Western Gawler Craton Joint Venture which includes WPG Resources Ltd (ASX: WPG) and Coombedown Resources Pty Ltd is pleased to announce a Maiden Mineral Inferred Resource for the Jumbuck Gold Project reported in accordance with JORC Code 2012 for 219,000 ounces. The resource estimation was undertaken by MPR Geological Consultants Pty Ltd (MPR) and forms part of ongoing resource drilling and project development being undertaken toward the Jumbuck Gold Project Exploration Target of 500,000 oz (ASX 17 October 2016).

Highlights:

• The Jumbuck Gold Project Maiden Inferred Mineral Resource, reported in accordance with JORC Code 2012, totals 219,000 ounces.
• Resource represents completion of phase one toward 500,000 Au oz exploration target. Planned drilling for 2017 of 15,000 - 20,000 metres will commence in March.
• Resources were estimated for: Golf Bore, Golf Bore North, Greenewood, Mainwood and Campfire Bore deposits all located within trucking distance of the Challenger gold mine operated by joint venture partner WPG Resources Ltd.
• All deposits are interpreted to be open at depth and have excellent potential to increase the resource with future drilling.
• Mineralisation is interpreted to be hosted within northeast trending, moderately dipping to vertical zones of sheared quartz-feldspar biotite gneiss units.
• Resource estimates completed by independent consultants - MPR Geological Consultants Pty Ltd.

Tyranna Resources Managing Director, Bruno Seneque commented, "The Western Gawler Craton Joint Venture is very pleased to deliver on the first part of our strategy to define and progress Jumbuck toward our exploration target of 500,000 ounces. The drill program to date has not only delivered the 219,000 ounces Maiden Mineral Inferred Resource but it has more importantly provided the geological and structural data to the JV that gives us confidence that Jumbuck can develop into a significant gold project with excellent exploration upside to come."

Introduction

MPR Geological Consultants Pty Ltd (MPR) was commissioned by Tyranna Resources Limited (Tyranna) to review the reliability of drilling information and to estimate Mineral Resources for the Jumbuck Gold Project. The current study includes the Golf Bore, Golf Bore North, Greenewood, Mainwood and Campfire Bore Deposits. The Monsoon and Typhoon prospects are other early exploration stage prospects in the Jumbuck Gold Project area and have insufficient sampling for estimation for Mineral Resources. Monsoon and Typhoon, therefore, are not included in the current resource estimates.

Location

Figure 1: Jumbuck Gold Prospect Location Map

Resource Estimates

Jumbuck Project inferred resource estimates January 2017

Deposit area		Mt	0.5 g/t cut off Au g/t	Au koz	Mt	0.8 g/t cut off Au g/t	Au koz
Golf Bore	Golf Bore	2.98	1.0	96	1.42	1.5	68
Golf Bore North	0.40	0.9	12	0.15	1.2	6
Combined	3.38	1.0	107	1.57	1.5	74
Greenewood		0.70	1.0	23	0.34	1.4	15
Mainwood		0.36	0.9	10	0.14	1.3	6
Campfire Bore		2.45	1.0	79	1.14	1.4	51
Total		6.89	1.0	219	3.19	1.4	147

*The figures in these tables are rounded to reflect the precision of the estimates and include rounding errors.

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

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

ASX TYX | ABN 79 124 990 405

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Golf Bore / Golf Bore North

Golf Bore is intersected by a tenement boundary, which subdivides this deposit into two areas designated as Golf Bore and Golf Bore North respectively.

Golf Bore is the most densely sampled of the deposits included in the current study, and as shown in Figure 2, drilling in this area comprises of the following:

• Initial 100 by 200 metre spaced vertical Dominion RAB holes, which have been generally replaced by later AC and RC drilling.

• Traverses of angled Dominion RC holes spaced at 25 to 50 metres in southern portions of the deposit, and 250 metres in northern portions including Golf Bore North.

• Several clusters of close spaced (10 by 10 metre) vertical Southern Gold AC holes.

• Tyranna RC holes, including variably spaced deeper angled holes and generally shallower vertical holes infilling several areas to around 20 by 20 metre spacing.

Figure 2: Golf Bore / Golf Bore North drill hole traces and mineralised domains

The mineralised envelope interpreted for Golf Bore trends northeast (050) over 1.6 kilometres and dips to the west at around 65o. Horizontal domain widths average approximately 70 metres. The envelope is subdivided into a comparatively more closely drilled, generally higher grade southern domain, and more broadly drilled, generally lower grade northern domain.

For the mineralised area the depth to base of the highly weathered zone ranges from around 17 to 33 metres and averages around 23 metres, with depth to fresh rock averaging around 37 metres.

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

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

ASX TYX | ABN 79 124 990 405

P a g e | 4