Bidding war proves beneficial for Tyranna, but there’s a bit of a headscratcher

There is no question that the bidding war over the Jumbuck gold project in South Australia has proved beneficial for Tyranna Resources (ASX:TYX), with the company receiving and accepting a revised $2.25m offer from original bidder Syngas (ASX:SYS).

After all, the new offer is $1.3m more than the comparatively paltry $950,000 that Syngas was originally offering for the project before Alliance Resources (ASX:AGS) made a competing $2.025m offer.

However, the head-scratcher is why the company did not accept Marmota’s (ASX:MEU) $2.6m offer to acquire Jumbuck, which is next to its existing ground.

Marmota had noted in its announcement in late July that its offer was superior (and still is) to both the Syngas and Alliance offers and not conditional on any capital raising.

There has been no indication to date that Marmota has withdrawn its offer, so it is anyone’s guess why Tyranna is not accepting the offer that would put an additional $350,000 in its piggy bank.

Tyranna Resources (ASX:TYX) share price chart

Adding gold to the inventory

Tribune Resources (ASX:TBR) has highlighted the open pit mining potential of the Adiembra prospect within its Japa project in Ghana after pencilling in a maiden resource of 1.81 million ounces of gold.

It noted that along with extremely encouraging results from recent drilling at the 3km long Japa-Daieso Trend, the new resource demonstrated the potential for Japa to become a significant, long-life gold production centre.

Adiembra consists of two principal lodes — Adiembra Central and Adiembra West — that are 1,400m in length, up to 700m wide and down to a depth of 270m below surface.

There is potential to further increase the resource as both lodes are open along strike and at depth, a point that is not lost on Tribune, which is planning to carry out further drilling this year.

The West Africa-focused company added that other areas of the property remain highly prospective with little or no exploration work done to date.

Tribune Resources (ASX:TBR) share price chart

Also rolling out the gold ounces is GBM Resources (ASX:GBZ), which announced a maiden resource of 4.6 million tonnes grading 0.7 grams per tonne (g/t) for 101,900 ounces of contained gold for the White Dam project in South Australia.

About 58 per cent of the resource at the Hannaford, Vertigo and White Dam North deposits is contained in oxidised portions with the potential to be successfully leached in the current plant.

Copper is also expected to be produced as a by-product of operations at the SART plant.

White Dam is a heap leach operation about 50km southwest of Broken Hill that has produced about 175,000 ounces of gold since 2010 and has the potential to continue production.