While acknowledging it is very early stage, the company said initial grades of between 3.5-7.5% lithium oxide "reinforce our belief that this project warrants further detailed and systematic exploration to uncover its true potential".

 

Tyranna has legacy nickel and gold ground in Western Australia and a nickel prospect in New South Wales.

 

It appears to have been at a strategic crossroad in recent times, with the lithium ground emerging earlier this month as part of a scrip transaction that's currently underway.

 

The Giraul pegmatite field is said to contain around 600 pegamatites, of which just 16 have been sampled.

 

The company had about A$2 million cash at the start of the June quarter and was raising $1.1 million earlier this month.

 

Shares in Tyranna were up 78% in late trade to 1.6c, capitalising the company at about $21 million. It has been as low as 0.5c over the past year.