Nanocap Tyranna Resources (ASX:TYX) has reported winding up lithium drilling at its Angolan Namibe Lithium Project (NLP).
The junior explorer said on Friday it’s found spodumene downhole at least one sunk target but that it was based on visual inspection. A total of 11 holes were tapped by a diamond tipped rig for 817m of core in total.
The NLP is held 72% by Tyranna in a JV with Sinomine Resources Group, a Chinese company. No surprises there, given its name.
But here’s the thing about Tyranna’s Friday results – while geotechs reckon there’s spodumene down there, the company is also moving away from the two prospect areas of interest that it sought to drill in the first place – the Muvero and Loop prospects, but also a third called Calicatas.
In between the lines, it appears that the company isn’t too optimistic. Perhaps that’s because assay results on presumably <800m worth of core aren’t expected back until as late as Q2 next year.
And: management have indicated the company may be seeking to give up on the NLP altogether. Perhaps not surprising, after the news we’ve had from Liontown and MinRes this week (to be fair, those companies are far larger and not in Angola, but you surely see my point.)
“With drilling complete, programmes of mapping and geochemical sampling have resumed away from the Muvero and Loop Prospects, to identify future drill targets,” TYX MD David Crook said.
“The Company is actively evaluating other projects in Angola that may fit its broader strategy, of acquiring and developing demand-driven metals, including metals other than lithium.”
TYX last traded at 0.4cps.
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