Tyranna Resources to Acquire Angolan Copper-Gold Mine

Australian mining company Tyranna Resources has entered into an agreement with exploration company OCJAF-Exploração Mineira (OCJAF) to acquire a 70% stake in the Maongo Copper-Gold Project in Angola.

The transaction includes an upfront payment of $50,000, with Tyranna Resources set to reimburse OCJAF for license application costs. An additional payment of $150,000 will be made upon receipt of a government permit and a further $200,000 upon positive results from the initial exploration program.

“The Maongo Project is the first to meet our criteria, where prospectivity for copper and gold is evident in an area with good access, in an uncomplicated operating environment,” stated David Crook, Managing Director, Tyranna Resources.

Following the completion of negotiations with Angola’s National Resource Management aurhority, Tyranna Resources will initiate fieldwork to expand known targets. Planned activities include geological mapping, soil geochemistry and geophysical surveys.

Under the deal, Angolan entity Maongo LDA will hold the project title, with Tyranna Resources’ local subsidiary owning a 70% stake and OCJAF retaining 30%.