JOHANNESBURG (miningweekly.com) – Resource and exploration company Tyranna Resources has initiated a formal dispute process as a result of repeated claims allegedly made by emerging gold producer WPG Resources that part of exploration licence 5661, which surrounds South Australia’s Challenger gold mineral lease, does not form part of Tyranna’s operations.
The ASX-listed company, a merger between Trafford Resources and Ironclad Mining, announced on Tuesday that it had initiated the dispute to protect its “leading ownership position” of the gold assets within the tenement immediately surrounding Challenger gold mine in the far north of South Australia.
“The board . . . is aware that in certain market releases made by WPG Resources, an impression has been given that part of exploration licence 5661 (that part which surrounds the original Challenger gold mineral lease – ML 6103) does not form part of the long-established Tyranna Resources/ Challenger Gold Operations joint venture (JV). This is incorrect,” said Tyranna.
The company had written to Challenger Gold Operations and WPG Resources seeking written acknowledgement and confirmation that they each recognise the nature and extent of Tyranna’s interests in the mine.
Tyranna reiterated that EL 5661, which immediately surrounds, and is contiguous with, the Challenger gold operations, formed part of the Tyranna/Challenger Gold JV and that the recently granted mineral lease 6457 within that tenement was subject to the same JV agreement.
Tyranna held a 59% jJV equity in the project, while Challenger held the remaining 41% stake.