Tyranna Resources : Eureka Mineral Resource and Maiden Exploration Target

Eureka Mineral Resource & Maiden Exploration Target

Tyranna Resources Limited (ASX: TYX) ('Tyranna' or 'the Company'), is pleased to announce that the successful completion of the recent drilling program at its 100% owned Eureka Gold Project ('the Project') has enabled an update of the Project's Mineral Resource Estimate. In addition, an Exploration Target has been delineated through the increased geological knowledge gained from the drilling program and the recently completed tribute mining.

•  The Mineral Resource currently stands at a 0.5g/t cut-off totals 762,000t @ 1.8g/t containing 43,100 oz Au.

•  The Exploration Target is 3 to 4 million tonnes at an average grade of 2 to 4g/t containing 200,000 to 500,000 oz Au.

The potential quantity and grade of the Eureka Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource in relation to this Exploration Target and that it is uncertain if further exploration will result in the estimation of a Mineral Resource in relation to this Exploration Target.

Within eight months of settling its acquisition of the Eureka Gold Project, Tyranna has made promising headway to unlocking the value of the Project. Previous mining and exploration carried out only focussed on the immediate region around the historical Eureka workings and to date there has been no drilling to the south of the current pit and limited drilling to the north. The deepest hole beneath the pit intersected mineralisation less than 200m below surface (refer Figure 1 & 3).

Tyranna Managing Director Bruno Seneque commented, "This is a fantastic result for Tyranna to not only update the Mineral Resource but also release an Exploration Target for Eureka within the first eight months of ownership.

"The Company believes Eureka to be an extremely under explored mineralised system with all work carried out to date literally just scratching the surface of its true potential. Our Mineral Resource only covers the zone directly beneath the old Eureka Pit, which remains open along strike to the north, south and at depth so as such, we are in the midst of planning an extensive near mine drilling program to test the mineralised potential in the surrounding areas.

"As further upside, Tyranna is currently planning an exploration program to follow up geophysical targets previously generated on the southern mining leases. We look forward to keeping shareholders abreast of our work programs as they unfold."

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

T +61 8 9485 1040 | F +61 8 9485 1050 | Einfo@tyrannaresources.com| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Eureka is hosted in the same geological units that contain the Mt Pleasant Gold Camp where deposits have been mined underground to significantly greater depths than the deepest drilling at Eureka. In particular, the Quarters, Golden Kilometre and Homestead Mines have produced several hundred thousand ounces of gold to several hundred metres depth.

The Mineral Resource has been estimated beneath the existing Eureka pit, where recent and historic exploration has been limited to. Figure 2 details the extent of the model and the distribution of grade. The mineralised zone remains open along strike to the north and south and also at depth. A near mine drilling program is currently being planned to test the mineralised potential as shown in Figure 3. In addition to this near mine strategy, an exploration program is currently being planned to follow up geophysical targets, on the southern mining leases, that were generated by previous owners.

Table 1: Eureka Mineral Resource Estimate at 0.5g/t cut-off

Table 2: Eureka Mineral Resource Estimate at 1g/t cut-off

The Exploration Target illustrated in figure 3 has been formulated using the drilling contained in and around the existing Eureka open pit. A total of 407 holes totalling 25,264m has been utilised including Diamond core, RC and grade control drilling. The strike and dip extents and orientation are based drilling completed by Tyranna in 2018 and 2019 and on open pit mining completed in early 2018 by a third-party tributer. There is currently no drilling within the Exploration Target. The Exploration Target is based on a proposed exploration program that is yet to commence. The exploration program will be staged with stage 1 consisting of drilling to the immediate south of the current pit. Stage 1 is expected to be completed during the second half of 2019.

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

T +61 8 9485 1040 | F +61 8 9485 1050 | Einfo@tyrannaresources.com| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Figure 2: Long section looking west showing model extents

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

T +61 8 9485 1040 | F +61 8 9485 1050 | Einfo@tyrannaresources.com| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Resource extents.

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 an estimated 220,000t @ 4.5g/t containing 32,000oz.

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

T +61 8 9485 1040 | F +61 8 9485 1050 | Einfo@tyrannaresources.com| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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Additional notes to Resource and Reserve Estimates

The following information is included as per listing rules 5.8.1 and 5.9.1

Geology and Geological Interpretation

The mineralisation at Eureka is contained within the Bent Tree Basalt. Also within the mine area is the Victorious Basalt and the Mt Pleasant Dolerite Sill. The mineralised zone in contained within a zone of shearing and foliation with quartz veining up to 20cm wide. The veins have a low sulphide content with occasional visible gold. A low angle reverse fault has been interpreted beneath the Eureka pit.

Sampling and sub-sampling techniques

Recent drilling was core drilling. Core was cut in half and sampled. Maximum sample length was 1m. RC drilling was 5.25" diameter drilling with samples taken every meter. Core and RC recovery was generally good. RC samples taken by Tyranna were dry.

Drilling techniques

The Mineral Resource contains both diamond and RC drilling. Recent drilling conducted by Tyranna included 13 HQ sized (63.5mm diameter core) diamond core holes and 26 RC holes to confirm historical drilling and the geological interpretation.

Classification critetia

Classification was based on geological confidence in the geological interpretation. Drill spacing, number of holes and number of samples used in the grade estimation were also considered in classifying the resource.

Sample analysis

Tyranna assaying was done at Intertek Genalysis Kalgoorlie. Assaying was fire assay with a 50g charge and AAS finish.

Estimation methodology

Mineral Resources at Eureka were estimated using inverse distance squared grade interpolation methods. A top cut of 20g/t was applied. The mineralised zone was modelled as a solid shape and grades interpolated within this shape using hard boundaries.

Cut-off grades

Cut-off grade for reported Mineral Resources is 0.5g/t and 1g/t. These are based on potential open pit mining techniques.

Mining and Metallurgical factors

The mineralisation was modelled with open pit mining in consideration. The recent tribute mining and milling campaign experienced no metallurgical issues at the toll treatment processing facility.

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

T +61 8 9485 1040 | F +61 8 9485 1050 | Einfo@tyrannaresources.com| W tyrannaresources.com

ASX TYX | ABN 79 124 990 405

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