Go Back Email this Link to a friend

Tawana Resources Nl - Quarterly Activities Report And Appendix 5b

Release Date: 28/07/2016 09:15:00      Code(s): TAW     
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Securities Exchange Limited: TAW
(?the Company? or ?Tawana?)

               Quarterly Activities Report


Mt Belches Lithium Projects

-   Tawana acquired Mount Belches Pty Ltd (?Mt Belches?), which has one tenement application
    and rights (via an option agreement) to acquire 100% of three exploration licences and one
    exploration licence application, all of which are highly prospective for lithium and located in
    the Goldfields region of Western Australia.

-   The Cowan Lithium Project covers approximately 26km strike of two belts containing a large
    number of rare element pegmatites.
-   Prior shallow exploration and previous small scale mining focused on tantalum and tin only.
-   Anomalous lithium assayed in wide spaced geochem & rock chip sampling.
-   A number of spodumene-rich pegmatites mapped and a large number of drill-ready lithium
    geo-chemical anomalies identified in previous exploration data.
-   Recent rock-chip sampling returned grades of up to 1.85% Li (3.99% Li2O) from spodumene-
    rich pegmatite.
-   Drilling to test the known spodumene pegmatites and lithium geochemical anomalies is
    planned for September 2016.
-   The purchase consideration for Mt Belches will be the issue of 40,000,000 Tawana shares to
    shareholders of Mt Belches.

Mofe Creek Iron Ore Project
Project Studies - Mine, Logistics, Infrastructure and Approvals

-   The Mineral Development Agreement (MDA) for Tawana?s 100% owned Mofe Creek Project,
    incorporating both the northern and southern tenements and a potential early start-up project
    for Direct Shipping Ore (DSO), continues to be under review by Liberia?s Inter-Ministerial
    Concessions Committee (IMCC) and a response is anticipated in the September 2016
    quarter. The Company is conducting minimal exploration work on the Mofe Creek Project until
    the MDA has been received.


-    As at 30 June 2016, Tawana Resources had A$1.2 million in cash.
-    Mark Calderwood appointed Chief Executive Officer who has significant corporate credentials
     and relevant exploration experience.
-    The Company completed a one for one non-renounceable rights issue at an issue price of
     $0.015 per share which raised $1.1 million before costs.
-    On 8 April 2016, the Company?s shareholders approved a one-for-twenty consolidation of its
     issued capital.
-    In July 2016, the Company received commitments for a placement to raise $1.75 million at an
     issue price of $0.025 per share.

Cowan Lithium Project1

Cowan Lithium Project
The Cowan Lithium Project (?Project?) area is located 50km south east of Kambalda in the
Eastern Goldfields of Western Australia. It is located approximately 75km south east of the Mt
Marion Lithium project.
The Project area comprises Archaean quartz-biotite metasediments and amphibolites of the
Eastern Goldfields Terrane of the Yilgarn Craton. These metasediments trend north-south and
have been intruded by large numbers of pegmatites.
Two main belts of rare element Lithium-Caesium-Tantalum type (?LCT?) pegmatites are known
in the Project area. LCT type pegmatites are derived from highly siliceous, peraluminous (S-
Type, ?fertile? granites) as highly fractionated granitic melts. These fractionated melts contain
the rare elements (Be, Rb, Cs, Sn, Nb, Ta etc) and a high volatile content (H2O, F, B, P and Li).
Petr ?erny's pegmatite classification (?erny 1991) is the accepted standard. Under this
pegmatite classification scheme the Project area is prospective for:
    i)      LCT Albite-spodumene: These are typically unzoned, homogeneous pegmatites with
            subhedral spodumene in a quartz-albite matrix. The Mt Marion pegmatites (located
            75km to the northwest) are examples of this subclass.
    ii)     LCT Albite: Zoned albite pegmatites have a fine grained albite and quartz border zone
            with albite, often of the cleavelandite variety, as the central pegmatite zone. Small
            quartz lenses and scattered pods of coarsely crystallized quartz, microcline with
            accessory minerals of beryl and phosphates with mica are found irregularly within the
            albite central zones. Tantalum minerals are found disseminated within the albite.
    iii)    LCT Complex: There are considered to be four subclasses depending upon which Li-
            bearing mineral is dominant in the pegmatite.
              a)   Spodumene: spodumene-dominant lithium-bearing pegmatites that are zoned and
                   mineralogically complex (e.g. the Greenbushes and Mt Cattlin pegmatite
              b)   Petalite: Zoned pegmatites dominated by petalite and/or its alteration products
                   (e.g. the Londonderry pegmatites, located 105km to the west-northwest).
              c)   Lepidolite: Pegmatites simple or zoned with are rich in lepidolite (e.g. the Mt
                   Deans pegmatites located 105km to the southwest).
              d)   Amblygonite: Amblygonite-rich pegmatites (Ubini pegmatite, located 130km to
                   the west-northwest).

   The two large LCT pegmatite belts defined within the Project area are:
   1)    Mt Belches ? Bald Hill (?MBBH Belt?)

         This pegmatite belt striking north to northwest extends for at least 15km, however the
         pegmatite belt likely extends for at least 25km under transported cover. A large number
         of albite rich and LCT type Albite-Spodumene pegmatites occur over a width of about 4km.
         Previous exploration and exploitation has been focused on tantalum and tin. About 10km
         strike of the pegmatite belt is located on the Mount Belches tenements.
   2)    Claypan Dam- Madoonia (?CDM Belt?)

         This less explored northeast-southwest oriented LCT pegmatite belt has a strike of at least
         22km and width of at least 7km. The belt is known to contain LCT Albite pegmatites with
         tantalite and tin and potentially hosts LCT Albite-Spodumene pegmatites. A significant
         portion of the belt is covered by the Mount Belches tenements.

(erny 1991) is reference to erny, P., 1991 ? Rare-element granitic pegmatites Part 1: anatomy
and internal evolution of pegmatite deposits: Geoscience Canada, V. 18:2, p 49-67

(Jacobson et al 2007) is reference to Jacobson, M . I., Calderwood M. A. and Grguric B. A., 2007
Guidebook to Pegmatites of Western Australia p299-308

   The pegmatites occur as gently dipping sheets and as steeply dipping veins which are all elongate in
   a northerly direction, parallel to the regional foliation. They range in thickness from a few metres
   to as much as 30 metres and in some instances occur as multiple, parallel dykes or swarms separated
   by a few metres of sheared metasediments (Jacobson et al 2007).
   The unweathered pegmatites as exposed in the Bald Hill South pit (south of the Project area) are
   composed of two zones, a quartz-spodumene-albite zone and a quartz-microcline-muscovite-albite
   zone. From inspection, cassiterite, columbite-tantalite are present as accessory minerals in the
   quartz-spodumene-albite zone. The zoning is so poorly defined that these pegmatites can be
   classified as unzoned albite-spodumene pegmatites (Jacobson et al 2007).
   Outcrops of exposed schist and pegmatites are restricted to limited areas; most of the tenement
   area is concealed by bluebush floodplain and sandplain and wash zones. Remnants of Eocene
   sediments also mask bedrock.

Previous Work

Prior exploration by tantalum explorers on the tenements has essentially been limited to:
 A)    Wide spaced (~200m x 400m) shallow RAB (and minor RC) drilling for bottom of hole
       geochemistry including lithium assays. Within the project area 419 holes averaging 12.9m
       were drilled and sampled within part of the MBBH Belt and 257 holes averaging 16.1m
       were drilled and sampled within part of the CDM Belt. The resulting lithium geochemical
       database has resulted in the identification of a significant number of anomalies worthy
       of follow-up drilling. Based on the entire regional database lithium assays of schist with
       40ppm (85ppm Li2O) are considered anomalous, 80ppm (170ppm Li2O) strongly anomalous
       and 120ppm (260ppm Li2O) highly anomalous. Background lithium levels within the schist
       hosting the two pegmatite belts is about 3ppm. A summary of drill hole geochemical
       results are provided in Table 1 and shown on Figures 3 to 6. Selected individual drill hole
       geochemical results are provided in Table 4. A summary of anomalous rock chip results
       from previous exploration are provided in Table 2. These rock chip results are shown on
       Figures 3 to 6 as pegmatite locations.

 Table 1 | Summary of Bottom of HoleRAB and RC Geochemical Sampling
          Pegmatite Belt         Holes          Holes +/=       Holes +/=       Holes +/=
                                Sampled         40ppm Li        80ppm Li        120ppm Li
          MBBH                    419           206 (49%)       81 (19%)         39 (9%)
          CDM                     257            77 (30%)        11 (4%)         4 (2%)

 B)    Rock chip sampling, prior explorers collected more than 226 pegmatite samples from
       within the Project area of which 219 were assayed for Li. A total of 95 (42%) of the rock
       chip samples contained anomalous levels of one or more of Li, Cs, Ta or Sn.

 Table 2 | Summary of Anomalous Previous Rock Chip Geochemical Sampling
          Pegmatite                    Li2O            Cs2O            Ta2O5          SnO2    Na2O
                                     +100ppm         +100ppm          +50ppm         +50ppm   >4%
          # of samples                    41            37                 47           37    129
          % of total                     19%           17%                21%          16%    65%
          Average grade (ppm)           1,041          189                192          118    5.4%

 C)    The extensive shallow auger and soil sampling is considered to be of limited value due to
       the unknown regolith profile and extensive transported Archaean derived regolith or in-
       situ Eocene sediments and the likely leaching of lithium from the weathered sampling
 D)    RC drilling of 24 pegmatites (or pegmatite clusters) was undertaken however lithium was
       not analysed in pegmatite samples. A total of 70 RC and RAB holes intercepted
       pegmatites within the Cowan Project area. RC drill hole BHC1013 intercepted 14.5m of
       pegmatite with spodumene logged throughout. RC drill hole BHR882 contained a 4m
       intersection of pegmatite which was logged as containing spodumene and a bottom of
       hole (BOH) schist sample contains 2,019ppm Li2O.

Prior production within the Project Area is limited to a small amount of tin and/or tantalum from
eluvials at the Mount Belches workings. Soft and hard rock mining for tantalum with associated
accessory tin has been undertaken at the Bald Hill and the Dawn View mines on adjoining tenements
and at Saint John workings on excised licences.

Recent Work

Recent mapping and rock chip sampling of outcropping spodumene bearing pegmatites located within
E15/1446 in the Mount Belches area, has returned lithium values from 15 samples of pegmatite.
Lithium values range from 3,762 ppm (0.81% Li2O) in pegmatite containing moderate spodumene
content up to 18,545 ppm (3.99% Li2O) in pegmatites with high spodumene content. Results of the
15l samples are contained in Table 5, sample locations and details of sampling are contained in
Appendix 1 Section 2 and the Li2O results are shown on Figure 4.
Initial Exploration Planned by Tawana
The Company plans to undertake initial RC drilling of existing drill targets. Concurrently with drilling
the Company will undertake further mapping and sampling within the pegmatite belts not previously
explored. Mineralogy will be undertaken on pegmatites to better define their LCT type pegmatite

Yallari Project1
The Yallari Project is located 25km southeast of Coolgardie and about 10km west of Mt Marion. The
project areas cover portions of the greenstone sequence that hosts the Mt Marion and Londonderry
pegmatite fields. Numerous pegmatites have been mapped by nickel and base metal explorers
however there are no records on the rare element content of the pegmatites. These pegmatites
based on their mineralogy are probably derived from a peraluminous and possible ?fertile?
granite. The geological setting of the pegmatites and the proximity to the Mt Marion and
Londonderry lithium bearing pegmatite fields is encouraging.

Sampling is required to define the pegmatite type(s) and their potential for mineralisation. Based
on the currently known pegmatite mineralogy the most prospective area for lithium enriched
pegmatites will be further from the source granite (Figure 8). Three recent samples of pegmatite
scree from near access tracks returned anomalous lithium result from one sample (Refer Table 6).

 Table 3 | Tenement Summary

  Cowan Project
    Tenement number           Km2              Grant Date
  E15/1205                     5.9            10-03-2011
  E15/1377                    95.7            12-11-2014
  E15/1446                    57.6            18-08-2014
  Yallari Project
  Tenement number             Km2              Grant Date
  E15/1401                    41.2              Pending
  E15/1525                    58.8              Pending
          Table 4 | Cowan Project, Selected Significant BOH (1m) Assays MBBH Pegmatite Belt

                                        From      To           Cs           Li        Rb      Li2O
HOLE ID       EAST         NORTH
                                         (m)     (m)          ppm          ppm       ppm      ppm
BHR0878     421,087      6,515,272       21      22            26          491       171     1,057
BHR0880     421,187      6,515,309       24      25           2,366        938      6,973    2,019
BHR1941     417,687      6,518,557       16      17            84          241       170      519
BHR1971     419,637      6,517,457        2       3            36          311        84      670
BHR2050     416,237      6,522,957        1       2            57          471        78     1,014
BHR2075     416,637      6,522,557        0       1           121          1,248     193     2,687
BHR2076     416,437      6,522,557        0       1            35          1,656     118     3,565
BHR2100     418,537      6,521,757        0       2            7           382        79      823
BHR2101     418,487      6,521,757        1       2            45          375        56      808
BHR2105     417,637      6,521,732        2       3            21          388        76      835
BHR2134     417,237      6,520,957       21      22            6           245        72      527
BHR2159     417,637      6,519,557        9      10            19          341       134      734
BHR2165     418,637      6,519,357        2       3            8           283       245      609
BHR2184     418,137      6,518,107       20      21           2,505        1,606    1,073    3,457
BHR2186     418,237      6,518,157       18      19            10          366        96      788
BHR2199     418,687      6,517,557       23      24            5           249        63      536
BHR2237     419,337      6,517,532        0       1            6           246        70      530
BHR2244     419,437      6,517,857        1       2            6           260       126      560

          Table 5 | Cowan Project 2016 Pegmatite Rock Chip Sampling (results in ppm unless stated)
Ref        Description                              Cs              K         Li    Li2O %   Nb         Rb     Sn    Ta
P10        pegmatite outcrop spodumene rich        59.7            1.11    10,799    2.32    68         487     60    91
P11        pegmatite outcrop spodumene rich        49.2            0.89     8,706    1.87    79         417     70    86
P13        pegmatite outcrop spodumene rich        64.9            1.35     9,264    1.99    54         717    135    43
P16        pegmatite outcrop with spodumene        34.9            0.62     3,762    0.81    94         327     94    97
P17        pegmatite outcrop spodumene poor        96.2            1.25     3,507    0.75    87         622    135   175
P18        pegmatite outcrop visible Ta/Sn?        210.2           2.15       75     0.02    92        2,175   637   283
P22        Cymatolite after spodumene? in          265.7           3.01      146     0.03    17        1,150   274    23
           pegmatite from trench dump
P23        pegmatite spodumene rich from           101.6           0.73    18,545    3.99    20        251     213    42
P24        pegmatite spodumene rich from              97.6         1.19    11,913    2.56    61        347     213    60
P33        pegmatite outcrop spodumene rich           25.7         0.64    10,894    2.35    58        214      43    51
P36        pegmatite outcrop spodumene rich           35.3         1.18     9,555    2.06    43        406      48    41
P37        pegmatite outcrop spodumene rich           32.8         0.46    13,136    2.83    63        214      70    42
P42        pegmatite outcrop spodumene rich           79.5         1.21     8,293    1.79    58        612     140   115
P45        pegmatite outcrop spodumene rich           52.1         0.43    10,817    2.33    82        188      98   136
P49        pegmatite outcrop spodumene rich           30.2         0.44    11,366    2.45    79        179      75    73

          Table 6 | Yallari Project 2016 Pegmatite Rock Chip Sampling (results in ppm unless stated)

Ref.       Location      Description                    Cs          K%        Li    Li2O %   Nb         Rb     Sn    Ta
P04        E15/1526      pegmatite scree               59.5         3.66     22      0.00    43        913.6    8    14.4
P06        E15/1401      pegmatite scree               8.7          2.46     37      0.01    58        567.7   10    7.2
P09        E15/1401      pegmatite scree               12.9         2.62     832     0.18    17        515.6    5    6.6
Terms of the Tenement Option Agreement

The terms of the option agreement for Mt Belches to acquire 100% of the Cowan Lithium Project
tenements are as follows:

  -       An option payment of $100,000 which was paid by Tawana on 6 July 2016;
  -       $2,000,000 in cash or Tawana shares (based on the 30 day VWAP) any time up to 4
          March 2017. The choice of cash or shares or a combination of the two is at the election
          of the grantor of the Option; and
  -       2% gross revenue royalty on any production.

Consideration for the Purchase of Mt Belches Pty Ltd

The consideration for Tawana to acquire Mt Belches is the issue of 40,000,000 Tawana shares to
the shareholders of Mt Belches, none of whom are related parties of the Company. This is subject
to shareholder approval on 23 August 2016.

Mofe Creek Iron Ore Project
Mineral Development Agreement (MDA)

The Company is awaiting a formal response from Liberia?s IMCC with regard to the first
pass submission of Tawana Liberia Inc.?s Mineral Development Agreement. A response is
anticipated in the September 2016 quarter. Activities on the project have been limited
until a formal response on the MDA has been received.
The MDA is an agreement outlining the technical, commercial and
social/environmental commitments to be undertaken to build, operate and sustain a
project within Liberia, and is a legislative document passed as a bill in parliament for
a term of 25 years.

Infrastructure & Logistics

On 18 May 2015, Tawana and WISCO CAD (Hong Kong) Mining Company Limited (WISCO)
signed a non-binding memorandum of understanding (MoU)2 to negotiate in good faith, a
potential definitive Cooperation Agreement between the parties in relation to access
and use of WISCO CAD?s port facilities in the port of Freeport, Monrovia.
Negotiations remain ongoing.


Bomi Hills Analogue and Significance of Drilling Program
Initial geological observations from drilling (refer ASX announcement on 18 February
2016) at the Goehn Prospect highlights the similarities in lithology and mineralisation
setting as reported at the Bomi Hills mine.

The Goehn Prospect is along strike from the abandoned Bomi Hills iron ore mine which
was in production from 1951 to 1977. Historic production at Bomi Hills is poorly
documented; however estimated historic production by the Government of Liberia is
50Mt of high-grade DSO lump magnetite in addition to high-grade beneficiated sinter
feed concentrate. DSO magnetite averaged 64.5% Fe, 4.5% SiO2, 1.5% Al2O3 and 0.13% P,
of which 53% formed lump material (average 11-37mm) and 47% formed fines (<11mm).
Friable iron formation was beneficiated through Humphrey Spirals and a magnetic
separator to produce sinter feed concentrate averaging 64% Fe, 6% SiO 2 and 0.04-0.05%
P (Gruss, 1973).

The genesis of the Bomi Hills magnetite deposit is not clearly understood, however,
general consensus is that it is hypogene and represents an itabirite that has come into
direct contact with rising gneissic fronts causing enrichment to coarse massive magnetite
by metamorphic differentiation (Gruss, 1973). Magnetite mineralisation is in direct
contact with gneissic basement and is partially blind.

The Bomi Hills cross section at figure 10 has striking similarities between the lithologies
intersected at Goehn.
Drilling at Goehn has intersected a similar package of friable iron formation transitioning
into hard iron formation from surface, through mafic schist and into footwall gneiss
basement. DSO has been intersected within and directly below the mafic schists over
variable widths and to a current average of 15m.

Potential DSO Start Up
The DSO mineralisation defined within the Goehn Prospect falls within 6km of the
bitumen road between the Mofe Creek Project area and the operational port of Monrovia;
only 85km away (Refer Figure 9). This new discovery represents a strategic opportunity
to structure an early-start-up operation with minimal capital intensity, using the existing
highway and a working port within Monrovia. The mineralisation is readily accessible and
presents from surface.
The Goehn Prospect also supports the opportunity for a potential early start-up, low-
capital intensity mining and trucking operation within the initial years of production and
project life cycle. Due to the hematite DSO style mineralisation discovered, a
beneficiation process may not be required at start-up and will only be introduced as the
mineralisation transitions from DSO into friable itabirite mineralization. This mining
methodology ensures the delayed capital requirements of a processing facility and allows
the wet plant to be potentially funded from cashflow and/or strategic debt, once the
Company is operational and generating an income.
This potential development is further enhanced by the infrastructure sharing MoU
executed between the Company and WISCO-CAD; the owner-operator of the Monrovia
port iron ore handling facilities (refer ASX announcement of 18 May 2015).
The Company continues to explore a range of potential options to unlock value for
shareholders, including joint venture or outright sale options.


Cash and Fiscal Management
As at 30 June 2016, Tawana Resources held $1.2 million in cash. The company
maintained stringent fiscal management programs in order to minimise expenditure at a
corporate and project level.
The Company completed a 1 for 1 pro rata non-renounceable rights issue at an issue price
of $0.015 raising $1,106,441 before costs.
Appointment of Chief Executive Officer
Mark Calderwood was appointed Chief Executive Officer (?CEO?) of the Company
effective 11 July 2016. He has extensive experience in mineral exploration and
production management, he is an authority on pegmatites and was a co-author of the
?Pegmatites of Western Australia?. Mr Calderwood was CEO of Perseus Mining Limited
for 9 years and is currently non-executive director of three junior gold explorers. Mr
Calderwood has the requisite 5 years? experience for reporting on the results of rare
metal pegmatite exploration.

In order to fund planned exploration programs, the Company has received commitments
to raise $1,750,000 by issue of shares at a price of $0.025 per share.

In July, Tranche 1 of the capital raising was completed and 19,620,000 ordinary shares at an issue
price $0.025 per share were issued to sophisticated investors.

Tranche 2 of 50,400,000 shares at an issue price of $0.025 per share is subject to shareholder
approval on 23 August 2016 as outlined in the Notice of General Meeting announced on 21 July

Share Consolidation
On 8 April 2016, the Company completed a one-for-twenty consolidation of its issued
capital. The consolidation resulted in the shares on issue being reduced from
approximately 1,475.3 million to 73.8 million (before any subsequent capital raising).

All outstanding options were also consolidated on the same ratio which will resulted in a
total of 1.12 million options on issue.

Mark Calderwood

Chief Executive Officer
Tel +61 8 9489 2600
Detailed information on all aspects of Tawana?s projects can be found on the Company?s
website www.tawana.com.au
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on and fairly represents information
and supporting documentation compiled by Mr Mark Calderwood. Mr Calderwood is a member of The Australasian
Institute of Mining and Metallurgy. Mr Calderwood has sufficient experience relevant to the style of mineralisation
under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the
2012 edition of the ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Mr
Calderwood consents to the inclusion in this report of the matters based on their information in the form and context
in which it appears.

Forward Looking Statement
This report may contain certain forward looking statements and projections regarding estimated, resources and
reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and
corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and
should not be relied upon. They are not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors many of which are beyond the control of Tawana Resources NL. The forward looking
statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved.

Tawana Resources NL does not make any representations and provides no warranties concerning the accuracy of the
projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new
information, future events or otherwise except to the extent required by applicable laws. While the information
contained in this report has been prepared in good faith, neither TAW or any of its directors, officers, agents,
employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy,
completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly,
to the maximum extent permitted by law, none of TAW, its directors, employees or agents, advisers, nor any other
person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or
otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained in this
presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this

1   All exploration results referred to in these sections were outlined in ASX Announcment on 11 July 2016. Tawana is
    not aware of any new information or data that materially affects the information included in the said announcement.
2          Disclaimer:
          (i)      the MOU represents a non binding intention of the parties to negotiate a formal cooperation
                   agreement in good faith. The parties are yet to agree on any definitive operational, commercial
                   and/or legal terms (including tonnage capacity or delivery schedules) for the cooperation
          (ii)     the obligation to negotiate in good faith comes to an end on the earlier of execution of a definitive
                   cooperation agreement or 31 December 2015; and
          (iii)    there is no certainty or assurance that parties will reach a final agreement on the terms of the
                   cooperation agreement.
          (iv)     Refer to ASX announcement on 18 May 2015 for further information.
Appendix 1 | Tawana Resources NL Tenements

 Tenement                      Location               Structure

 MEL-12029                                            100% Tawana Resources through its 100%
 Mofe Creek                                           owned Liberian subsidiary
 MEL-1223/14                                          100% Tawana Resources through its 100%
 Mofe Creek Sth                                       owned Liberian subsidiary

Mining Tenements disposed: Nil
Beneficial percentage interests held in farm-in or farm-out agreements: Nil
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil

The following tenements are to be acquired which are subject to shareholder approval at a general
meeting on 23 August 2016.

 Tenement                      Location               Structure

 Cowan Lithium Project

                                                      Subject to an option agreement with Mt
 E15/1205                      Western Australia
                                                      Subject to an option agreement with Mt
 E15/1377                      Western Australia
                                                      Subject to an option agreement with Mt
 E15/1446                      Western Australia

 Yallari Project

                                                      Pending and subject to an option agreement
 E15/1401                      Western Australia
                                                      with Mt Belches

 E15/1525                      Western Australia      Pending and owned by Mt Belches
                                                          Appendix 5B
                                    Mining exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity
                                                     Tawana Resources NL

ABN                                                                                   Quarter ended (?current quarter?)
                69 085 166 721                                                                       30 June 2016

Consolidated statement of cash flows
                                                                                   Current quarter               Year to date
Cash flows related to operating activities                                            $A?000                     (6 months)
1.1       Receipts from product sales and related debtors                                              -                            -

1.2       Payments for     (a) exploration & evaluation                                            (24)                          (87)
                           (b) development                                                            -                             -
                           (c) production                                                             -                             -
                           (d) administration                                                     (170)                         (569)
1.3       Dividends received                                                                          -                             -
1.4       Interest and other items of a similar nature
          received                                                                                     2                           5
1.5       Interest and other costs of finance paid                                                     -                           -
1.6       R&D refund                                                                                   -                           -
1.7       Other                                                                                        -                           -

          Net Operating Cash Flows                                                                (192)                         (651)

          Cash flows related to investing activities
1.8       Payment for purchases of:
                          (a) prospects                                                                -                            -
                          (b) equity investments                                                       -                            -
                          (c) other fixed assets                                                       -                            -
1.9       Proceeds from sale of:
                          (a) prospects                                                                -                           -
                          (b) equity investments                                                      46                          71
                          (c) other fixed assets                                                       -                           -
1.10      Loans to other entities                                                                      -                           -
1.11      Loans repaid by other entities                                                               -                           -
1.12      Other (provide details if material)                                                          -                           -

          Net investing cash flows                                                                    46                          71
1.13      Total operating and investing cash flows
          (carried forward)                                                                       (146)                         (580)

1.13    Total operating and investing cash flows
        (brought forward)                                                       (146)                      (580)

        Cash flows related to financing activities
1.14    Proceeds from issues of shares, options, etc.                           1,077                      1,077
1.15    Proceeds from sale of forfeited shares                                      -                          -
1.16    Proceeds from borrowings                                                    -                          -
1.17    Repayment of borrowings                                                     -                          -
1.18    Dividends paid                                                              -                          -
1.19    Other ? share issue costs                                                (44)                       (44)
                                                                                1,033                      1,033
        Net financing cash flows

        Net increase (decrease) in cash held                                      887                         453

1.20    Cash at beginning of quarter/year to date                                 357                        788
1.21    Exchange rate adjustments to item 1.20                                     (2)                         1
                                                                                1,242                      1,242
1.22    Cash at end of quarter

Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
                                                                                            Current quarter

1.23     Aggregate amount of payments to the parties included in item 1.2                                        50

1.24     Aggregate amount of loans to the parties included in item 1.10                                           -

1.25     Explanation necessary for an understanding of the transactions

         Directors? salaries, director fees and superannuation.

Non-cash financing and investing activities
2.1    Details of financing and investing transactions which have had a material effect on consolidated
       assets and liabilities but did not involve cash flows


2.2    Details of outlays made by other entities to establish or increase their share in projects in which the
       reporting entity has an interest


Financing facilities available
Add notes as necessary for an understanding of the position.

                                                                 Amount available                 Amount used
                                                                 $A?000                           $A?000
3.1    Loan facilities                                                                   -                                -

3.2    Credit standby arrangements                                                       -                                -

Estimated cash outflows for next quarter
4.1    Exploration and evaluation                                                                                 225

4.2    Development                                                                                                    -

4.3    Production                                                                                                     -

4.4    Administration                                                                                              380

       Total                                                                                                       605

Reconciliation of cash
 Reconciliation of cash at the end of the quarter (as                  Current quarter                 Previous quarter
 shown in the consolidated statement of cash flows) to                    $A?000                           $A?000
 the related items in the accounts is as follows.
 5.1     Cash on hand and at bank                                                   1,242                                 357
                                                                                             -                                -
 5.2     Deposits at call
                                                                                             -                                -
 5.3     Bank overdraft
                                                                                             -                                -
 5.4     Other (provide details)
                                                                                    1,242                                 357
         Total: cash at end of quarter (item 1.22)

Changes in interests in mining tenements
                                        Tenement               Nature of interest                Interest at   Interest at
                                        reference              (note (2))                        beginning     end of
                                                                                                 of quarter    quarter
 6.1    Interests in mining
        tenements relinquished,
        reduced or lapsed

 6.2    Interests in mining
        tenements acquired or

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

                                      Total number        Number quoted       Issue price per         Amount paid up per
                                                                              security (see note      security (see note 3)
                                                                              3) (cents)              (cents)
7.1       Preference                  -                   -

7.2       Changes during
7.3       +Ordinary securities        147,525,502         147,525,502
                                      (Note that a        (Note that a
                                      20:1 share          20:1 share
                                      consolidation       consolidation
                                      took place          took place
                                      during the          during the
                                      quarter)            quarter)

7.4       Changes during
          (a) Increases through           73,762,751           73,762,751     $0.015                  $0.015
          (b) Decreases
          through returns of
          capital, buy-backs
7.5       +Convertible debt

7.6       Changes during
7.7       Options                                                                  Exercise price             Expiry date
          Unlisted options                   500,000                      -                $0.36        12 December 2016
          Unlisted options                    75,000                      -                $0.30        12 December 2016
          Unlisted options                   550,000                      -               $0.178             26 May 2018
          Unlisted options                 2,500,000                      -               $0.035             15 June 2018
7.8       Issued during quarter            2,500,000                      -               $0.035             15 June 2018
7.9       Exercised during                         -                      -                     -                       -
7.10      Expired during                           -                      -                     -                       -
7.11      Debentures                               -                      -

7.12      Unsecured notes                          -     


Compliance statement
1         This statement has been prepared under accounting policies which comply with accounting
          standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2         This statement does give a true and fair view of the matters disclosed.

Sign here:      ............................................................   Date: 28 July 2016
                     Company secretary

Print name:     Michael Naylor


28 July 2016

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

1         The quarterly report provides a basis for informing the market how the entity?s activities have
          been financed for the past quarter and the effect on its cash position. An entity wanting to
          disclose additional information is encouraged to do so, in a note or notes attached to this report.

2         The ?Nature of interest? (items 6.1 and 6.2) includes options in respect of interests in mining
          tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a
          joint venture agreement and there are conditions precedent which will change its percentage
          interest in a mining tenement, it should disclose the change of percentage interest and conditions
          precedent in the list required for items 6.1 and 6.2.

3         Issued and quoted securities The issue price and amount paid up is not required in items 7.1
          and 7.3 for fully paid securities.

4         The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
          Resources and AASB 107: Statement of Cash Flows apply to this report.

5         Accounting Standards ASX will accept, for example, the use of International Financial
          Reporting Standards for foreign entities. If the standards used do not address a topic, the
          Australian standard on that topic (if any) must be complied with.

                                                               == == == == ==


Date: 28/07/2016 09:15:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.