Wrap Text
TAW - Tawana Resources NL - Acquisition of Additional Highly Prospective Ground
in Liberia
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
ISIN: AU000000TAW7
Share code on the Australian Stock Exchange Limited: TAW
ISIN: AU000000TAW7
("Tawana" or "the Company")
Acquisition of Additional Highly Prospective Ground in Liberia
HIGHLIGHTS
- Tawana has secured binding exclusivity and exclusive rights to due
diligence on a significant, highly prospective Birimian land package in
Sinoe County, South-Eastern Liberia referred to as the Sinoe Project.
- The Sinoe Project area covers 400km2 within arguably one of the most
prospective Birimian gold structures currently being explored in Liberia;
the Dugbe Shear.
- There are extensive alluvial and hard rock workings within the licence area
which has seen no modern day exploration.
- The Sinoe Project area is 20km along strike from Hummingbirds (AIM:HBR)
Dugbe Resource (0.8Moz) and 40km along strike from NT Resources (ASX:NTR)
Bukon Jedeh advanced exploration project.
- Ongoing geochemical sampling and mapping at Lofa and Nimba has identified
additional artisanal workings within the Nimba licence and younger hematite
dusted porphyritic granites. Full assay results are expected late August.
- A highly experienced Senior Geologist has been recruited to manage field
exploration activities in Liberia as well as target generation and due
diligence on prospective opportunities both in Liberia and throughout West
Africa.
The Directors of Tawana Resources NL (ASX: TAW) are pleased to announce the
acquisition, pending successful due diligence of a highly prospective land
package in Sinoe County, south-eastern Liberia referred to as the Sinoe Project.
This represents Tawana`s ongoing commitment to future growth.
The mineral exploration licence covers 400km2 of Birimian aged rocks along
arguably the most prospective gold mineralised structure being explored in
Liberia today; the Dugbe Shear.
(Map showing Project location in SE Liberia showing road access, removed for
SENS purposes, but can be found on the company website)
The project area is 25km along strike from Hummingbird`s (AIM:HBR) 0.8Moz Dugbe
Project and 40km along strike from NT Resources (ASX:NTR) Bukon Jedeh Project.
Both projects are hosted along secondary and tertiary order structures adjacent
to the main Dugbe Shear. Similar structural targets have been defined in the
government regional aeromagnetics data over the Sinoe Project area.
The area is characterised by numerous artisanal gold workings observed in the
field during recent site due diligence activities. The area is also
characterised by numerous quartzite, graphite and manganese occurrences on the
USGS Geological map of Liberia; all favourable indications for gold
prospectivity.
An aggressive field sampling and mapping programme is being designed to commence
within the coming weeks. Blanket, wide spaced soil traverses within the license
area and closer spaced soil traverses over high priority targets including hard-
rock artisanal workings are being planned. Assessment of access, artisanal
workings in the area and geological mapping will also be undertaken.
A community`s consultation programme will be undertaken on commencement of field
work to ensure a social license to operate.
(Total aeromagnetic imagery showing approximate locations of advanced projects
along strike to the east, removed for SENS purposes, but can be found on the
company`s website.)
Access is via paved and laterite road from Monrovia to Greenville and access
track from Greenville to the project area. Under the terms of the agreement, the
Company has secured the services of the vendor`s expatriate site manager to
build access tracks, additional camp facilities and maintain logistical supplies
to facilitate exploration activities.
Tawana Resources has paid an initial exclusivity option fee to Global Mineral
Investment Incorporated, the tenement holder of the Sinoe Project area, securing
binding exclusivity and exclusive rights to due diligence. The details of the
transaction remain commercial-in-confidence with full acquisition details to be
provided on completion of successful due diligence by Tawana.
Lofa and Nimba Projects
Field work including regional mapping and stream sediment sampling and targeted
soil traverses across high priority target areas defined by geology and
artisanal workings is almost complete on the Lofa and Nimba projects. Additional
artisanal alluvial gold workings have been located and confirmed within streams
draining coincident topographic high, aeromagnetic high anomaly and favourable
greenstone lithological and structural settings in the central and northern
portion of the Nimba license. These are in addition to the workings already
defined and currently being sampled in the south of the Nimba license along a
30km strike length structural ridge and magnetic high.
(Maps showing Nimba license area over USGS geology and government aeromagnetic
survey total magnetic intensity, removed for SENS purposes, but can be found on
the company`s website.)
The Nimba license area is considered highly prospective for multi Moz gold
deposits due to:
Proximity to and on splays off the Cestos Shear; a major scale crustal structure
which hosts known gold deposits and projects
Proximity to the Ity Gold Mine (5Moz)
Structurally complex zone at contact between the Archean Craton to the west and
Birimian complex to the east with inferred in-folding of Birimian aged rocks
into Archean Craton and emplacement of Palaeoproterozoic granitoids into the
folded rock package along major splay structures of the Cestos Shear.
Recent mapping along soil traverses cut on the Nimba prospect has identified
younger hematite dusted porphyritic alkaline feldspar-quartz-mica composition
granites cross cutting the gneiss basement further enhancing the prospectivity
of this area. Assay results for the full programme are expected late August.
Senior Geologist Recruited
The Company is pleased to announce the recruitment of Rockson Coffie as Senior
Geologist primarily accountable for field programmes and target generation in
Liberia as well as review and assessment of prospective opportunities throughout
West Africa. Rockson is a Ghanaian national with in excess of 10 years`
experience in grassroots exploration, resource evaluation and mine geology both
in Ghana and Liberia.
Rockson has 5 years` experience in Ghana with Ashanti Goldfields and Redback
Mining (now Kinross Gold Corporation NYSE:KGC & TSX:K) working on Birimian gold
systems and with a broad range of responsibilities including grassroots
exploration programs to production critical mine geology roles.
Over the last 5 years Rockson has been working on grassroots and advanced gold
exploration programs throughout Liberia with Liberty International Mineral
Corporation, Hummingbird Resources Ltd (AIM: HBR) and Shankill Resources Ltd
over a broad range of Birimian and Archean geological settings throughout the
country.
"Rockson`s skills and relevant experience especially over the last 5 years in
Liberia in similar geological and logistical settings we are working in now will
be critical to Tawana`s ongoing success and growth pipeline in Liberia and
elsewhere throughout West Africa. We are very pleased to have Rockson on board",
Len Kolff (CEO) commented.
Tawana`s new look website is live at www.tawana.com.au in line with its new
management, new focus; new beginnings vision.
About Liberia
Liberia is a democratic country run by Her Excellency President Ellen Johnson-
Sirleaf; Africa`s first elected female head of state in 2005. The country is
hugely prospective and hosts several world class iron ore deposits but yet is
completely underexplored for gold and non-ferrous metals. Liberia has a modern
and transparent mining code and the government is supportive of foreign
investment especially in the exploration and mining industry to help unlock the
value of its potential mineral wealth. Tawana will be one of the first ASX
listed junior companies into Liberia following in the footsteps of mining majors
BHP Billiton, Arcelor-Mittal and Severstal.
Liberia is located in West Africa dominantly within the Archean aged Kenema Man
Domain and lesser Birimian sediments to the east. There are a large number of
world class mineral deposits located in the Archean and Birimian rock types
throughout West Africa including Obuasi (40Moz+) and Tasiast (18Moz+). West
Africa is one of the fastest growing mineral provinces in the world and Liberia
currently hosts several world class iron ore deposits and is underexplored for
gold.
For further information, please contact:
Lennard Kolff van Oosterwijk
Chief Executive Officer
Competent Persons Statements
The information in this report in so far that it relates to Liberian Project
Exploration Results, Mineral Resources or Ore Reserves is based on information
compiled by Lennard Kolff van Oosterwijk, who is a Member of the Australian
Institute of Geoscientists included in a list promulgated by the ASX from time
to time. Lennard Kolff van Oosterwijk is a full-time employee of the company and
has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined in the 2004 Edition of the
`Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves`. Lennard Kolff van Oosterwijk consents to the inclusion in the
report of the matters based on his information in the form and context in which
it appears.
Contact Details
Principle & Registered Office:
Suite 25, 145 Stirling Highway
Nedlands, Western Australia
Postal Address:
P.O. Box 3144
Broadway, Nedlands
WA 6009
Website
www.tawana.com.au
Phone
+61 8 9389 3140
Facsimile
+61 8 9389 3199
13 July 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 13/07/2011 09:58:22 Supplied by www.sharenet.co.za
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