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Tawana Resources Nl - Promising Results At The Bald Hill Mine With High Grade Lithium Results

Release Date: 27/01/2017 11:45:00      Code(s): TAW     
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(?the Company? or ?Tawana?)

Promising results at the Bald Hill Mine with high grade lithium
results
PLEASE NOTE: ALL GRAPHICS, APPENDICES and TABLE 3 HAVE BEEN REMOVED FOR SENS
PURPOSES. PLEASE REFER TO TAWANA WEBSITE FOR THE COMPLETE ANNOUNCEMENT.

Tawana Resources NL (?Tawana? or the ?Company?) is pleased to announce high-grade
lithium and tantalum results from resource drilling at multiple locations at the Bald Hill
lithium and tantalum mine in Western Australia.

These results, which will contribute to the upcoming maiden lithium Resource estimate to
be completed by the first quarter of 2017, further demonstrate the strong position of the
Company to become a spodumene producer in 2017.

Refer to the attached Joint Announcement in relation to exploration results at the Bald Hill
Mine.

Highlights
- Stacked lithium and/or tantalum rich pegmatites from surface to 140m;
- Three high grade intercepts over 300m strike of the central area;
   i. LRC0048 - 10m at 3.82% Li2O and 243ppm Ta2O5 from 159m including 8m at
   4.43% Li2O5;
   ii. LRC0049 ? 4m at 2.39% Li2O and 246ppm Ta205 from 23m;
   iii. LRC0052 ? 7m at 1.93% Li2O and 261ppm Ta2O5 from 32m including 4m at 2.9%
   Li2O5 and 310ppm Ta205;
   iv. LRC0048 and 49 intercepted other mineralised pegmatites;
- Drilling at the current north-western limit of the Western Pegmatite also intercepted
   very high grade mineralisation in LRC0015 - 6m at 1.61% Li2O and 586ppm Ta205
   from 74m including 4m at 2.2% Li2O and 766ppm Ta2O5;
- Extensions to LRDD0006 ? intercepted 6.9m at 1.29% Li20 and 288ppm Ta205 from
   141m in addition to 23m at 1.15% Li2O from 107m and 4m at 1.33% Li205 and
   485ppm Ta205 from 74m previously reported.
- Strong patterns of zonation and very coarse-grained spodumene apparent with potential
   to use visual/analytical processes in grade control to separately stockpile Li, Li/Ta and
   Ta rich pegmatite during mining.
- Infill resource drilling is the current focus with the recent completion of initial
   metallurgical and sterilisation holes.
- Initial assays from the extensive St John pegmatite swarm returned significant near
   surface intercepts including 4m at 1.6% Li2O from 22m and 4m at 1.19% Li2O from
   38m. The St John pegmatites located 4km northwest of the Bald Hill plant, occur in an
   area of at least 1.2km2 and are covered by mining leases.
- 13,300m has been drilled since 12 October 2016 and Tawana is increasing drill rigs
   from 2 to 3.
-   Feasibility study is due for completion by the end of March 2017 with the aim of
    commissioning of the spodumene concentrator to commence in October 2017.

Managing Director Mark Calderwood stated: ?Resource infill drilling is focusing on an
initial block extending for 1,000m by 300m with multiple pegmatites extending from near-
surface to about 140m depth. This drilling will enable a significant resource upgrade. At
recent pricing, the in-ground combined values of the lithium and tantalum mineralisation is
significant, and tantalum by-product credits have the potential to cover a large share of
mining costs.?

About Tawana (ASX & JSE: TAW)

Tawana Resources NL, is focused on becoming a spodumene producer in 2017 with its
high-quality lithium projects in Western Australia and Namibia.

Tawana?s principal projects are the Bald Hill Lithium and Tantalum Mine (earning a 50%
interest) and the adjacent Cowan Lithium Project. The projects have numerous high quality
spodumene-rich pegmatites, some of which have been historically mined and processed for
tantalum at the existing Bald Hill processing facility.

The Company also owns rights to the giant Uis pegmatite tailings stockpile in Namibia,
estimated to be 20 million tonnes. Drilling has been completed and assays are pending.
Metallurgical test work to confirm acceptable recoverable grades will likely commence in
the first quarter of 2017 and if favourable, there is potential for a low capex/opex operation.
The Company also owns the Mofe Creek iron ore project in coastal Liberia. The deposits
are characterised by exceptionally coarse grained, high-grade free-dig, itabirite that have the
potential to deliver a premium, low cost product. The Company is completing a Mineral
Development Agreement (MDA) with the Government of Liberia and is considering
initially collaborating with owners of the underutilized port of Monrovia or others with a
desire to develop a low capital cost DSO operation.

Competent Persons Statement
The information in this news release that relates to Exploration Results is based on and
fairly represents information and supporting documentation compiled by Mr Mark
Calderwood, an employee of the Company. 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 they are
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 announcement or for any errors, omissions or
misstatements or for any loss, howsoever arising, from the use of this announcement.

Tawana Resources NL (?Tawana? or the ?Company?) is pleased to announce high-grade
lithium and tantalum results from resource drilling at multiple locations at the Bald Hill
lithium and tantalum mine in Western Australia.

These results, which will contribute to the upcoming maiden lithium Resource estimate to
be completed by the first quarter of 2017, further demonstrate the strong position of the
Company to become a spodumene producer in 2017.

Refer to the attached Joint Announcement in relation to exploration results at the Bald Hill
Mine.

Highlights
- Stacked lithium and/or tantalum rich pegmatites from surface to 140m;
- Three high grade intercepts over 300m strike of the central area;
   i. LRC0048 - 10m at 3.82% Li2O and 243ppm Ta2O5 from 159m including 8m at
   4.43% Li2O5;
   ii. LRC0049 ? 4m at 2.39% Li2O and 246ppm Ta205 from 23m;
   iii. LRC0052 ? 7m at 1.93% Li2O and 261ppm Ta2O5 from 32m including 4m at 2.9%
   Li2O5 and 310ppm Ta205;
   iv. LRC0048 and 49 intercepted other mineralised pegmatites;
- Drilling at the current north-western limit of the Western Pegmatite also intercepted
   very high grade mineralisation in LRC0015 - 6m at 1.61% Li2O and 586ppm Ta205
   from 74m including 4m at 2.2% Li2O and 766ppm Ta2O5;
- Extensions to LRDD0006 ? intercepted 6.9m at 1.29% Li20 and 288ppm Ta205 from
   141m in addition to 23m at 1.15% Li2O from 107m and 4m at 1.33% Li205 and
   485ppm Ta205 from 74m previously reported.
- Strong patterns of zonation and very coarse-grained spodumene apparent with potential
   to use visual/analytical processes in grade control to separately stockpile Li, Li/Ta and
   Ta rich pegmatite during mining.
- Infill resource drilling is the current focus with the recent completion of initial
   metallurgical and sterilisation holes.
- Initial assays from the extensive St John pegmatite swarm returned significant near
   surface intercepts including 4m at 1.6% Li2O from 22m and 4m at 1.19% Li2O from
   38m. The St John pegmatites located 4km northwest of the Bald Hill plant, occur in an
   area of at least 1.2km2 and are covered by mining leases.
- 13,300m has been drilled since 12 October 2016 and Tawana is increasing drill rigs
   from 2 to 3.
- Feasibility study is due for completion by the end of March 2017 with the aim of
   commissioning of the spodumene concentrator to commence in October 2017.
27 January 2017
Bald Hill Project (AMAL 100%, TAW Earning 50%)
The Bald Hill 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 and is adjacent to the Tawana?s Cowan Lithium Project. The
Project, owned by Alliance Mineral Assets Limited (?AMAL?), includes a permitted
tantalum (pegmatite) mine, processing facility and associated infrastructure.

Lithco No 2 Pty Ltd, a wholly-owned subsidiary of Tawana, had on 3 June 2016 entered
into Binding Term Sheet in relation to inter alia, a Farm-In and Joint Venture arrangement
with AMAL for the purpose of joint exploration and exploitation of lithium and other
minerals.

Recent Drilling
Except for a six-day period over Christmas, drilling has continued on the Bald Hill Mining
Lease and 13,300m has been drilled since 12 October 2016. Drilling has defined a zone
extending for 2km by 0.5km that remains open to the West and South, containing multiple
lithium-tantalum pegmatites between surface and 140m. The Bald Hill pegmatites range
from tantalum rich to spodumene rich and the larger pegmatites (up to 30m wide) can
exhibit strong internal zonation which is typical of the most fractionated lithium-tantalum
deposits (such as Greenbushes and Wodgina). The zone pegmatites have excellent
potential to support separation of mineralisation types during mining.

Tawana is currently increasing the number of RC rigs from 2 to 3 with the intention of
completing the initial infill and sterilisation drilling for an updated Resource/Reserve
estimate and associated mine design, and to continue expanding the footprint of the
mineralised pegmatite swarm.

The feasibility study is due for completion by the end of March with the aim of
commissioning of the spodumene DMS (Dense Medium Separation) circuit to commence
in October (Refer Tawana ASX announcement on 16 January 2017 and AMA SGXNet
announcement on 18 January 2017).

Table 1| Notable Lithium and Tantalum Intercepts

Hole ID                 From m         To m    interval   Li2O %     Ta2O5     Nb2O5        SnO2 ppm
                                               m                     ppm       ppm
LDD0002                  33            42      9          0.58       826       176          297
               Incl.     35            39      4          0.92       1,075     205          320
LDD0003                  88.1          86      17.9       0.11       434       199          122
LRCD00063                73            81      8          0.95       381       173          166
               incl.     74            78      4          133        485       217          212
                         107           130     23         1.15       166       107          127
               incl.     108           123     15         1.33       173       113          107
                         177.1         184     6.9        1.29       288       141          167
LRC0015                  74            80      6          1.61       586       197          357
               Incl.     75            79      4          2.20       766       262          330
LRC0040                  124           127     3          1.19       106       72           196
               incl.     124           126     2          1.61       118       82           228
               incl.     128           163     35         1.05       106       110          112
               and       131           133     2          1.40       176       100          156
               and       125           139     14         1.47       108       131          116
               and       140           145     5          1.40       58        58           95
               and       149           151     2          1.52       117       143          79
               and       153           155     2          1.37       117       111          74
               and       157           161     4          1.61       98        93           179
LRC0044                  45            57      12         1.00       249       89           12
               incl      47            49      2          1.99       184       82           332
                         53            55      2          1.44       330       107          133
LRC0047                  86            104     18         0.50       324       91           173
               Incl      87            91      4          0.28       484       116          179
               And       94            100     6          0.76       430       119          169
                         146           155     9          0.90       235       109          130
               Incl      146           147     1          0.37       808       329          209
               and       147           149     2          1.69       154       72           164
Hole ID                  From m        To m    interval   Li2O %     Ta2O5     Nb2O5        SnO2 ppm
                                               m                     ppm       ppm
LRC0048                  68            71      3          0.80       687       234          129
               Incl      122           137     15         0.68       123       104          109
               And       123           124     1          1.77       99        114          83
                         131           135     4          1.27       139       100          158
               Inc       156           159     3          0.16       556       198          221
                         158           159     1          0.14       1,324     465          114
               inc       159           169     10         3.82       243       92           212
                         159           167     8          4.43       237       92           231
LRC0049                  23            27      4          2.39       246       91           286
               Incl      24            26      2          3.84       255       97           366
                         247           151     4          1.47       43        45           88
               Incl      247           149     2          2.05       42        50           79
LRC0050                  38            41      3          1.07       383       112          189
                         42            47      6          1.33       363       82           179
                         47            48      1          0.14       230       43           100
LRC0052                  32            39      7          1.93       261       101          308
               incl      33            37      4          2.90       310       116          322
Notes
1) The true width of pegmatites are generally considered 85-95% of the intercept width.
2) Details of Drill Holes and Pegmatite Intercepts and all significant intercepts are
contained in Tables 2 & 3
3) Intercepts to 123m previously reported

The first few holes drilled on the St John mining leases has confirmed that the extensive
pegmatite swarm contains spodumene. The St John pegmatites range from a few metres
to 30m in width.

Terms of Bald Hill Mine Earn in and Joint Venture

Through Tawana?s 100% owned subsidiary Lithco No 2 Pty Ltd, Tawana has entered into a
legally binding terms sheet that outlines the terms for a Farm-In and Joint Venture
arrangement with Alliance Mineral Assets Limited (?AMAL?) with respect to AMAL?s Bald
    Hill project in Western Australia for the purpose of joint exploration and exploitation of
    lithium and other minerals.


    The commercial terms require Tawana:
    i.     to spend, by 31 December 2017 (or such later date as may be agreed between the
           parties), a minimum of $7.5 million on exploration, evaluation and feasibility
           (including administrative and other overhead costs in relation thereto)
           (?Expenditure Commitment?); and

    ii.     to spend, $12.5 million in capital expenditure required for upgrading and
            converting the plant for processing ore derived from the Project, infrastructure
            costs, pre-stripping activities and other expenditures including operating costs
            (?Capital Expenditure?).

    Upon completion of the Expenditure Commitment, Tawana shall be entitled to 50% of all
    rights to lithium minerals from the tenements comprising the Project (?Tenements?).

    Upon completion of the Expenditure Commitment and Capital Expenditure, Tawana will be
    entitled to a 50% interest in the Project (being all minerals from the tenements and the
    processing plant and infrastructure at Bald Hill).

    Table 2| Drill Summary, Deeper Extensional Holes with Pegmatite Intercepts

Hole ID    Easting   Northing   RL       Depth   Azm   Dec.   Type      From    To       Width   Pegmatite Type
           m         m          m        m                              m       m        m
LDD0001    421755    6512320    284      283.9   270   -60    DD Met    22.9    24       1.1     Li
                                                                        83.2    83.2     1.1
                                                                        100.3   113.3    13.0    Li
                                                                        146.7   153.9    7.2     Li
LDD0002    421910    6512760    294      60      90    -60    DD Met    31.7    42       10.3    Ta,   Li
LDD0003    421880    6512400    286      150.4   90    -60    DD Met    68.2    88.4     20.2    Ta
LRCD0006   421760    6512320    284      208     90    -60    RC/DD     73      80       7       Ta, Li
                                                                        108     130      22
                                                                        177.1   185.4    8.3     Ta, Li
                                                                                                 Ta, Li
LRCD0024   422100    6512000    276      172     90    -60    RC/DD     96      108      12      Ta, Li
LRCD0032   422420    6512000    278      175     90    -60    RC/DD     91      92       1       Ta
LRCD0039   421920    6512200    280      149.5   90    -60    RC/DD     97.5    102      2.5     Ta
                                                                        116.8   128.5    11.7    Li,Ta
LRCD0041   421600    6512200    280      172     90    -60    RC/DD     79.2    80.7     1.5     Barren
                                                                        116.6   120      3.4     Ta
                                                                        146     156      10      Li, Ta
LRC0009    421880    6512800    292      52      90    -60    RC        34      41       7       Li, Ta

LRC0010    421920    6512800    293      46      90    -60    RC        28.8    37.1     8.3     Li, Ta
LRC0011    421960    6512800    294      40      90    -60    RC        29.1    32       2.9     Ta, Li
LRC0012    422000    6512800    296      74      90    -60    RC        60      63.1     3.1     Ta, Li
LRC0013    421720    6512800    289      100     90    -60    RC        41.4    45.2     3.8     Ta, Li
                                                                        69      70       1
                                                                                                 Ta
LRC0014    421640    6512800    287      136     90    -60    RC        25      26       1       Li, Ta
                                                                        65.1    79       13.9
LRC0015    421560    6512800    286      122     90    -60    RC        0       1        1       Ta?
                                                                        74.7    80       5.3
                                                                                                 Li?
LRC0016    422200    6512320    286      126     270   -60    RC        11.8    28       16.2    Li, Ta
                                                                        77.2    86.1     8.9
                                                                                                 Li, Ta
LRC0019    421760    6513000    290      58      90    -60    RC        2.6     11.2     8,6     Ta
LRC0021       421600       6513000        282        100        90       -60      RC           54         56           2          Ta
LRC0022       421720       6513000        272        52         90       -60      RC           13.4       15.4         2          Ta
LRC0023       422100       6512000        272        123        90       -60      RC           80.9       96.9         16         Li,
LRC0025       422250       6511595        270        76         90       -60      RC           24.6       28           3.4        Ta
LRC0026       422400       6511600        270        82         90       -60      RC           38         42           4          Li, Ta
                                                                                               58         73           14
                                                                                                                                  Li, Ta
LRC0027       422400       6511200        274        82         90       -60      RC           65.2       68.2         3          Barren
LRC0028       422390       6511200        274        160        90       -60      RC           26         32           6          Li, Ta
                                                                                               127.7      129          1.3
                                                                                                                                  Li,Ta
LRC0030       422160       6511800        274        160        90       -60      RC           106.7      109.9        3.2        Li, Ta
                                                                                               120        121          1
                                                                                               124        126          2          Ta
                                                                                                                                  Ta
LRC0035       421777       6512000        279        171        90       -60      RC           126.3      129          2.7        Li, Ta
                                                                                               142        153          11
                                                                                               158.9      160.1        1.2        Li, Ta
                                                                                                                                  Ta
LRC0036       421620       6512000        300        160        90       -60      RC           67.1       68.2         1.2        bareen
                                                                                               111        119.4        8.4
                                                                                               130        135          5          Li, Ta
                                                                                               144        147          3          Li, Ta
                                                                                                                                  Ta
LRC0040       421760       6512200        281        178        90       -60      RC           89.6       91.4         1.8        Ta
                                                                                               123.6      166.1        42.5
                                                                                                                                  Li, Ta
LRC0044       421880       6512720        292        118        90       -60      RC           45         56           11         Li, Ta
LRC0046       421960       6512320        283        100        90       -60      RC           70         74           4          Li, Ta
LRC0047       421880       6512320        284        160        90       -60      RC           77         80           3          Ta
                                                                                               86         103          17         Li, Ta
                                                                                               116        122          6          Li, Ta
                                                                                               146        154          8          Li, Ta
LRC0048       421840       6512320                   180        90       -60      RC           68         71           3          Ta
                                                                                               112        114          2          Li, Ta
                                                                                               122        136          14         Li, Ta
                                                                                               156        174          18         Li, Ta
LRC0049       421915       6512640        291        160        90       -60      RC           25         31           6          Li, Ta
                                                                                               145        154          9          Li, Ta
LRC0050       421920       6512720        293        54         90       -60      RC           12         14           2          Ta
                                                                                               39         48           9          Li, Ta
LRC0051      421920       6512680         292        49         0       -90      RC            36         42           6          Li, Ta
LRC0052      421880       6516400         291        46         90      -60      RC            32         41           9          Li, Ta
LRC0101      420320       6516400         320        80         90      -60      RC            77         80           3          barren
LRC0102      420400       6516400         320        80         90      -60      RC            20         28           8          Li
LRC0103      420440       6516400         320        80         90      -60      RC            37         44           7          Li
   Notes
   1) The true width of pegmatites are generally considered 85-95% of the intercept width.
   2) Only pegmatites of 1m or more in width included


    Competent Persons Statement The information in this news release that relates to Exploration Results is based on and fairly
                                                       by Mr Mark Calderwood, an employee of
    represents information and supporting documentation compiled
    Tawana. 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 they are 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 as representation or
warranty, express or implied, of TAW and/or Alliance Mineral Assets Limited. 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 and/or
Alliance Mineral Assets Limited. The forward looking statements/projections are inherently
uncertain and may therefore differ materially from results ultimately achieved. Tawana
Resources NL and/or Alliance Mineral Assets Limited 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 and/or Alliance Mineral Assets Limited or any of their 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 and/or Alliance Mineral Assets Limited, their 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
announcement or for any errors, omissions or misstatements or for any loss, howsoever
arising, from the use of this announcement.



27 January 2017
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Limited

Date: 27/01/2017 11:45:00 Supplied by www.sharenet.co.za                     
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