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TAW - Tawana Resources NL - Soil Anomaly Extended to 9 km at Sinoe Gold Project,

Release Date: 12/03/2012 10:10
Code(s): TAW
Wrap Text

TAW - Tawana Resources NL - Soil Anomaly Extended to 9 km at Sinoe Gold Project, Liberia, West Africa 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") Soil Anomaly Extended to 9 km at Sinoe Gold Project, Liberia, West Africa (Note - All images and figures removed for SENS purposes and can be found on the Company`s website) HIGHLIGHTS - Additional results received; Northern soil anomaly extended from 5.8 km to 9 km +30 ppb (up to 1 g/t) gold - Two significant +30 ppb soil anomalies defined with up to 1 g/t gold in soils on a broad 800 x 100m reconnaissance grid - Southern anomaly 8 km long by 400 - 1400m wide, Northern anomaly 9 km long by 400 - 1600m wide - 25 km along strike from 3.8 Moz Dugbe 1 (AIM: HUM), 40 km along strike from the 10 km long Bukon Jedeh soil anomaly (ASX: EQU) - Emerging gold province in West Africa - 200 x 50m infill soil sampling completed on Southern anomaly and underway over Northern anomaly - 400m of trenching completed - Drilling likely to occur in second quarter 2012 Tawana Resources NL (ASX: TAW, the `Company`) is pleased to announce it has extended and identified several high priority soil anomalies from its maiden geological exploration program on the company`s Sinoe project in Liberia, West Africa. Tawana Resources NL, Managing director, Len Kolff said "These additional results have extended considerably the strike length of the Northern anomaly and confirm the ongoing potential of the Sinoe Gold Project", further adding "infill 200 x 50m soil sampling has been completed in record time on the Southern anomaly and trenching is underway to fast track target generation for drilling potentially in second quarter 2012." "The Dugbe Shear continues to shape up into a major new gold province in the West African gold story; it is exciting to be part of this emerging province" he said. Meanwhile work continues at pace with a 400 x 50m soil sampling programme completed over the Nimba BLEG anomaly and sampling teams now relocated to commence sampling at the Lofa Project. Sinoe Soil Anomalies Additional results have been received from the maiden 800 x 100m soil sampling programme over the Sinoe Gold Project area. An additional approximate 1300 soil sample results submitted in late December 2011 were received completing all outstanding samples on the maiden 800 x 100m sampling grid. The additional results have extended known gold anomalism from a strike length of 5.8 km to a total strike length of 9 km and widths of between 400m to 1600m. Anomalism is broadly defined by +30 ppb with highest results returned at approximately 1 g/t gold in soil on a very broad 800 x 100m reconnaissance grid. Results to date have defined two large coherent and continuous +30 ppb soil anomalies with results up to 1 g/t Au in soils, providing confidence of significant mineralisation occurring below. The southern +30 ppb soil anomaly is approximately 8 km long and between 400 m to 1.4 km wide. Additional smaller soil anomalies occur between and sub-parallel to the primary anomalies. All soil anomalies strike roughly north-east, in a similar orientation to the Dugbe 1.8 Moz and recently announced Tuzon 2.05 Moz maiden resource (AIM: HUM). The north-easterly strike direction is evident on regional government geophysical data sets and major river drainage orientations and is interpreted to represent north-easterly striking secondary shears off the major Dugbe Shear. The geology of the Sinoe North area is characterised by a package of gently dipping biotite and garnet-biotite schists, intruded by cm to >10m scale pegmatite dykes and sills, mafics and late granitic intrusives. The pegmatite sills appear to be intimately associated with areas of enhanced gold anomalism and are characterised by gently dipping sills of coarsely crystalline quartz, feldspar, mica, accessory minerals and visible sulphide. Regional strike is east west dipping gently at around 25 to 30 degrees to the north and swings to the north-east above the Dugbe Shear. The shallow dip combined with the apparent association between enhanced gold anomalism and greater abundance of mapped pegmatite sills enhances the potential of a low strip ratio, high-tonnage per vertical meter system. (Artisanal alluvial workings encountered within the project area and medium grained gold produced by the local miners - image removed for SENS purposes) The streams and headwaters draining the anomalous areas are characterised by intensive artisanal alluvial and eluvial mining activity. Fine to medium grained gold won by the artisanals was observed as well as reports of nugget gold within the strongest defined soil anomalies to date. (Overview of Sinoe soil anomalies and project location relative to other advanced projects in the area. Reported +30 ppb soil anomalies highlighted in dashed white and other advanced projects in red polygons. Gridded soil geochemistry by inverse distance squared and NE trending search ellipsoid; image overlay on SRTM grey scale image - image removed for SENS purposes) (Detail of Sinoe north area soil geochemistry and anomalies defined - image removed for SENS purposes) Sampling and Assay Methodology Soil samples were collected on a nominal 800 x 100m grid. Lines were cut and surveyed using hand held GPS. Approximately 1.5kg of B horizon soil was collected below the surface vegetation and humus layer; generally around the 30cm depth profile. Sample sites that occurred within close proximity to transported stream sediments were moved to the nearest available site to avoid sampling stream sediment and target in-situ weathered soil horizons. Ground conditions, regolith profile, soil composition and slope direction were recorded at each sample site and the location surveyed using hand held GPS. Alternating field duplicates and certified standards at various analytical levels were inserted every 25th sample for QA/QC purposes. All samples were submitted to SGS Laboratory in Monrovia for sample preparation and gold analysis. The entire sample was crushed to a nominal 2mm by jaw crusher then pulverised to a nominal 85% passing 75Picam and a 200g scoop sub-sample taken for analysis. Laboratory preparation equipment was flushed using barren material between each sample run. Gold analysis was by Aqua Regia digest and Solvent Extraction AAS finish (DL 0.002 ppm). Results received to date have passed internal QA/QC procedures and are within reporting error limits (+/-95% CL) of certified standards and duplicates inserted by the Company providing confidence in the reported results. Next Steps and Timing Infill 200 x 50m soil sampling has been completed on the Southern anomaly and samples submitted to the laboratory. Sampling teams have now relocated to the Northern anomaly and commenced infill sampling. Trenching has commenced along highest tenor gold intervals from the existing soil grid on the Southern anomaly. Geological wall mapping and rock chip channel sampling of an initial 400m of trenching has been completed and samples submitted to the laboratory. Infill soil sampling and trenching is expected to be completed in April 2012. Pending review of results, drilling is planned to commence during the second calendar quarter 2012. (Trenching, mapping and sampling currently underway on the Southern anomaly. Quartz veining with limonite and goethite staining occurring within metre scale pegmatite vein swarms - image removed for SENS purposes) Nimba & Lofa Projects Update Initial 400 x 50m soil sampling has been completed on the Nimba Gold Project and samples submitted to the laboratory in Monrovia for analysis. Soil sampling was targeted over a coincident BLEG, air magnetics and topographic high with peripheral artisanal gold workings. Sampling teams have now moved to commence soil sampling over the Lofa Gold Project BLEG anomaly. Pending initial results infill soil sampling and trenching will be planned. Location and Access (Sinoe license location relative to other Tawana projects and regional road network- image removed for SENS purposes) Access to the Sinoe Gold Project is via sealed and laterite road from Monrovia and takes up to 12 hours by road during the wet season. There is an operational airstrip and hospital in Greenville and roads around the project area are in good condition due to the active logging companies. Access to the Nimba and Lofa projects is via sealed and laterite road from Monrovia and takes up to 8 hours by road during the wet season.
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 and recently re-elected for a second term in November 2011. The country is hugely prospective and hosts several world class iron ore deposits but yet is 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 is one of the first ASX listed junior companies into Liberia following in the footsteps of mining majors BHPBilliton, 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 (+40 Moz) and Tasiast (+18 Moz). 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 Managing Director 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 appear 12 March 2012 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 12/03/2012 10:10:01 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.

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