Tyranna Resources (ASX:TYX) has agreed to acquire 70% interest in the Maongo Copper-Gold Project, northeast of Namibe to expand its claims in Angola.
The company expects the concession to be accepted in Q3 2025.
The company has paid around US$54,479 ($82,719) to the current vendor, OCJAF Exploração Mineira for the exclusive right to acquisition.
Tyranna will pay an additional US$163,425 once issued the prospecting licence for the project and delegate US$200,000 worth in shares after the company’s first exploration program returns recognisable results from laboratory testing.
The company has been actively appraising projects across the country with a focus on areas with prospective for copper production using integrative gene expression omnibus (IGEO) datasets and hyperspectral imagery under its project generation initiative.
Managing Director David Crook says this acquisition holds true to the company’s broader strategy to target demand-driven metals in Angola.
“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,” Crook says.
“The sites of mining and treatment artefacts were confirmed by company field staff during our due diligence period, and concession approval documentation is currently being advanced with the Agência Nacional dos Recursos Minerais (ANRM), Tyranna’s 30% partner, OCJAF and the company’s 70% Angolan subsidiary, Maongo, LDA.”
The Maongo Copper-Gold Project was first believed to be mined in the 1920s with recorded copper and gold mineralisation by Empresa Mineira do Sul de Angola.
Empresa do Maongo and Companhia Mineira do Lobito conducted the most recent drilling campaign at the project in the 1960s at three main groups of underground mines: the Vimpongos group, the Maongo group, and the Cacimba workings.
The company intends to target these prospects, as well as the Conango Canpungo area with geological mapping, and soil geochemistry and geophysical surveys, following the return of contract negotiations with the ANRM.
Tyranna Resources is a mineral explorer focusing on the development of mining projects in Angola, Africa.
Write to Maddison Elliott at Mining.com.au
Images: Tyranna Resources
