Wrap Text
New Discovery
Significant Friable Itabirite and DSO Intersected at 100% Owned Mofe Creek Project
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”)
COMPANY HIGHLIGHTS
• New West African Gold and Iron Frontier
• Experienced Board and Management
• Alliance with Gryphon Minerals
Mofe Creek Iron Ore Project, Liberia
• High grade +40 to +60% Fe, 65 km strike
• 20km to coast, adjacent to rail alignment to port (65km)
• 25km along strike from +50 Mt historic Bomi Hills DSO mine
Sinoe Gold Project, Liberia
• Highly prospective Birimian gold structures on Dugbe shear
• Along strike from 3.8Moz Dugbe gold project
Rakana JV (6.7%), South Africa
• Meletse Iron Ore and Avontuur Manganese JV managed by Aquila Resource
New Discovery
Significant Friable Itabirite and DSO Intersected at 100% Owned Mofe Creek Project, Liberia, West Africa
- Maiden drill programme completed
- DSO and near DSO grades intersected
- Two targets drilled – covering only 3km of 65km strike
- Significant intersections at the Gofolo target include:
* 40m at 50% Fe with low contaminants from surface, including 14m at 58% Fe from 12m down hole
* 40m at 46% Fe with low contaminants from surface
* 57m at 33.6% Fe with low contaminants from 70m down hole
- Significant intersections at the Koehnko target include:
* 34m at 42.8% Fe with low contaminants from surface, including 8m at 53.5% Fe from 12m down hole
* 10m at 43% Fe with low contaminants from surface
* 38m at 37.7% Fe with low contaminants from surface
- Significant potential upside for blind, high-grade DSO magnetite in similar settings to +50Mt DSO Bomi Hills mine
- Low infrastructure cost – only 20km from Liberian coast
- Potential low mining and processing cost – soft friable ore upgradable to +60% sinter feed as per Bomi Hills#
- Final drill results expected within the week – exploration target sizes to be calculated and announced mid-March
Tawana Resources NL (ASX: TAW) is pleased to announce results of its maiden 2,500m reverse circulation (RC) drill programme completed at the
Company’s 100% owned Mofe Creek project in Liberia, West Africa.
‘We believe Mofe Creek represents a new discovery with intersections in excess of 40m of friable itabirite with low contaminants from surface including
DSO intersections. This clearly demonstrates the potential of the Mofe Creek discovery’ said Managing Director Len Kolff, ‘We are very pleased and
encouraged with the results of our maiden drill programme; especially as they represent only 3km strike length of a total 65km prospective strike within
the project area’ he added.
Drilling Results
A total of 2,418m of a planned 2,500m programme was drilled with 834m for 7 holes at the Gofolo Main target and 1,584m for 15 holes at the Koehnko
target. Drilling was completed using a track mounted reverse circulation (RC) rig with 4 ½? RC drill rods and a face sampling hammer.
The following significant mineralised intersections are reported with a full listing of results in the appendix:
Hole ID FROM To Intersection Lithology Fe% SiO2% Al2O3% P% Lol% TiO2% S% Mn%
m
GMRC001 0 56 56 ITS 37.9 36.6 4 0.06 3.96
GMRC003 0 40 40 ITS 46 24 3 0.07 5.75
GMRC004 0 40 40 ITS/AMPH 30.3 30.7 11.3 0.02 10 0.28 0.28 0.8
GMRC004 70 127 57 ITH/AMPH 33.6 44.6 1.1 0.06 BD 0.22
GMRC005 0 32 32 ITS/AMPH 34.3 25 12.5 0.03 11 0.46
GMRC005 46 70 24 ITH/AMPH 35.4 42.8 0.95 0.04 BD
GMRC006 0 40 40 ITS 49.9 19.3 2.6 0.06 6.14
GMRC006 12 26 14 ITS 57.5 6.7 2 0.09 8.8
KRC002 0 34 34 ITS/AMPH 38 36.3 5.8 0.04 3.16
KRC003 0 10 10 ITS/AMPH 43 28.8 6.2 0.03 3.5
KRC004 0 24 24 ITS/AMPH 35.7 32.8 10 0.04 5 0.24
KRC006 0 38 38 ITS/AMPH 33.6 41 5.9 0.03 3.5 0.14
KRC012 0 34 34 ITS/AMPH 42.8 27.8 6.3 0.04 3.6
KRC012 12 20 8 ITS 53.5 17.7 3.1 0.02 2.7
Significant drill intersections (ITS= Friable Itabirite, ITH= Hard Itabirite, AMPH= Amphibolite).
[Gofolo Main target drill hole locations and intersections on topography have been removed for SENS purposes.]
[Images of Gofolo Main Section 1 and Gofolo Main Section 2 have been for SENS purposes.]
[Koehnko target drill hole locations and intersections on topography have been removed for SENS purposes.]
[Images of Koehnko Section 1 and Koehnko Section 2 have been for SENS purposes.]
All holes were logged on 1m intervals and assayed at 2m intervals. Field duplicates and certified standards were inserted every 50th sample. All samples
were dried and matt rolled to 3.35mm with a 200g split retained for Davis Tube Recovery (DTR) testwork and a second split sent for assay of major and
minor elements by XRF fusion. All batches passed internal and external QAQC.
Discussion
All drill holes intersected variable widths of friable itabirite or friable intermixed itabirite and amphibolite from surface passing downwards into a mixed
sequence of granodiorites and amphibolites that are variably garnetiferous before passing into basement gneiss.
Higher-grade mineralisation appears to be associated with a folded 35-45m thick upper itabirite unit occurring within a mixed sequence of itabirites and
amphibolites. Where folded and at surface, mineralisation is characterised by coarse-grained magnetite and quartz (hole GMRC006, 0-40m and KRC012,
0-34m) and attains greater thicknesses due to folding. At depth where the itabirite is not folded or weathered it is characterised by extremely high
magnetic susceptibility readings averaging 2,000 SI units and up to 7,000 SI units.
Lower-grade mineralisation appears to be associated with a mixed sequence of itabirite and amphibolite; where weathered at surface it is characterised
by elevated Al2O3 (hole GMRC004, 0-40m and GMRC005, 0-32m).
DSO and near DSO grades intersected in holes GMRC006 and KRC012 respectively are interpreted to be associated with more massive crystalline
magnetite occurring at fold closures within the upper itabirite sequence. Similar structural and lithological settings are recorded at Bomi Hills where heat
from rising gneissic fronts is also considered to be a control. Target areas with the right lithological, structural and potential heat sources below have
been defined within the Mofe Creek project area. The potential for blind DSO magnetite discovery in the project area is considered to be high.
Although no metallurgical test work has been completed at this stage, it is thought that the higher-grade mineralisation is likely to be easily upgradeable
to a high-grade sinter feed through rolls crushing and combination of gravity and magnetic separation; very similar to the spiral concentrators and
magnetic separators used to produce +65% Fe sinter feed at the historic Bomi Hills mine#.
Project Targets
The recent drilling programme has provided a better understanding of the controls on mineralisation allowing for key target areas hosting high-grade
itabirite type material to be defined. They occur as a cluster within the central area of the license area; within 8km of each other and within 20km of the
coast. To date only 3km of the total 65km interpreted strike of prospective iron formation has been drill tested.
[High priority target areas defined from mapping, magnetics and topography signature: Gofolo Main, Gofolo NE, Zaway, Gofolo West and Koehnko targets
over grey scale topography image has been removed for SENS purposes.]
Highly Prospective District Geology
[Historic ‘Western Cluster’ iron ore province and associated deposits and infrastructure over regional aeromagnetics image has been removed for SENS
purposes.]
The Mofe Creek Project is located within one of Liberia’s historic premier iron ore mining districts. The project is 10km along strike from the abandoned
Bomi Hills mine (>50Mt DSO @ 65% Fe plus SF), 80km along strike from the historic Bong Mine (>275Mt @ 38% Fe), 45km from the Mano River mine
(100Mt @ 52% Fe) and 20km from the Bea Mountain resource (>100Mt @ 45% Fe).
Infrastructure and Access
The Project is approximately 20km from the coast and the most likely development scenario would see construction of a haul-road for trucking of
product to the coast and transhipment via barge to deeper water for on shipment. Other possible infrastructure solutions exist; road or rail to the deep
water port of Monrovia; a 100km long sealed road exists from the central licence area to the city of Monrovia. In addition to this a decommissioned
standard-gauge iron ore railway alignment+ exists from the Bomi Hills mine to the port of Monrovia; 20km east from the easternmost magnetic anomaly.
Rail distance from Mofe Creek to the port of Monrovia is 65km.
[Map of License area relative to historic Bomi mine, coast, rail corridor, roads and port of Monrovia, has been removed for SENS purposes.]
Ongoing Work Plan
Hand auger drilling has re-commenced to prioritise exploration targets for drilling in areas of poor outcrop. Existing drill samples will be defined and
composited for DTR metallurgical test work with results expected during second half 2013.
Work is underway to assess exploration target size potential and will be reported by mid-March.
A 10,000m RC and diamond resource programme is being planned for Gofolo and Koehnko. An additional 5,000m RC exploration programme is being
planned for other regional targets. Drilling is expected to commence during Q2 2013 with a JORC compliant resource defined and high-level Desktop PFS
by end 2013.
For further information please contact:
Tawana Resources (ASX: TAW) MAGNUS Investor Relations + Corporate Communication
Lennard Kolff van Oosterwijk
Office: +61 424942589 John Gardner / Dudley White
Tel: +61 8 9212 0101 / + 61 2 8999 1010
12 March 2013
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
FAST FACTS
Issued Shares: 876m
Market Cap: $18m
Cash (Q4 2012): $1.6m
ASX CODE: TAW
CORPORATE DIRECTORY
David Frances Len Kolff
Executive Chairman Managing Director
Julian Babarczy Matthew Bowles
Non-Executive Director Non-Executive Director
Winton Willesee /Aaron Finlay
Joint Company Secretary
CONTACT DETAILS
Principal & Registered Office:
Suite 25, 145 Stirling Highway
Nedlands, Western Australia
Email: admin@tawana.com.au
Website: www.tawana.com.au
Phone: +61 8 9389 3140
Facsimile: +61 8 9389 3199
Reference: Gruss, H, 1973. Itabirite iron ores of the Liberia and Guyana Shields. In: Genesis of Precambrian iron and manganese deposits; Proc. Kiev.
Symp. 1970 (Earth Sciences 9).
#Results of metallurgical test work are pending and any reference to processing is purely speculative at this stage.
+Footnote: the railway alignment falls under the Western Cluster project currently joint ventured with Sesa Goa; India’s largest producer and exporter of
iron ore in the private sector.
The information in this report that relates to 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.
Maiden RC Drill intersections; Mofe Creek Project, Liberia
Target Hole ID From To Intersection Lithology Fe SiO Al2O3 P Lol TiO2 S Mn MgO MagSu Comments
m % 2 % % % % % % s
%
Gofolo GMRC001 0 56 56 ITS 37.9 36.6 4 0.06 3.96 100 non incl&
Main 16m
dolente
Gofolo GMRC003 0 40 40 ITS 46 24 3 0.07 5.75 30
Main
Gofolo GMRC003 140 148 8 ITH 35.3 44.7 1.4 0.05 BD 2.5 2861
Main
Gofolo GMRC004 0 40 40 ITS/AMPH 30.3 30.7 11.3 0.02 10 0.28 0.28 0.8 1.1 5
Main
Gofolo GMRC004 70 127 57 ITH/AMPH 33.6 44.6 1.1 0.06 BD 0.22 4.4 1530 70-76m
Main avg 35%
Fe, 2400
MS 104-
127m avg
37%
Fe,2600 MS
Gofolo GMRC005 0 32 32 ITS/AMPH 34.3 25 12.5 0.03 11 1.5
Main
Gofolo GMRC005 46 70 24 ITH/AMPH 35.4 42.8 0.95 0.04 BD 3.4 1300
Main
Gofolo GMRC005 100 116 16 ITH 33.9 45.6 1.8 0.06 BD 2.2 2440
Main
Gofolo GMRC006 0 40 40 ITS 49.9 19.3 2.6 0.06 6.14 74
Main
Gofolo GMRC006 12 26 14 ITS 57.5 6.7 2 0.09 8.8 2.4
Main
Gofolo GMRC006 52 58 6 ITH/AMPH 29.2 46.6 4.5 0.05 BD 0.16 3.2 1415
Main
Gofolo GMRC008 no
Main significant
intersectio
ns
Koehnko KRC001 22 38 16 ITS 26.3 50.8 7.57 0.04 2.4 125
Koehnko KRC001 38 58 20 ITH 21.7 56.7 6.9 0.05 0.7 3.8 240
Koehnko KRC001 72 82 10 ITH 25.5 53.5 5 0.05 0.4 4 206
Koehnko KRC002 0 34 34 ITS 38 36.3 5.8 0.04 3.16 55
Koehnko KRC002 76 84 8 ITS/AMPH 26.6 49.1 4.8 0.07 BD 3.7 460
Koehnko KRC003 0 10 10 ITH 43 28.8 6.2 0.03 3.5 55
Koehnko KRC003 30 50 20 ITS 25.5 47.6 9.8 0.07 3.9 0.2 25 inc 4m
dilution
Koehnko KRC003 72 84 12 ITS/AMPH 33.5 46.9 2.2 0.06 BD 685
Koehnko KRC004 0 24 24 ITH 35.7 32.8 10 0.04 5 0.24 44
Koehnko KRC004 28 44 16 ITH 24.3 47.8 11.1 0.05 4.5 46
Koehnko KRC004 76 82 6 ITS 25.2 50 5.3 0.04 0.96 4.4 245
Koehnko KRC004 90 96 6 ITH 32.1 42.9 5.1 0.05 0.78 3 174
Koehnko KRC006 0 38 38 ITS 33.6 41 5.9 0.03 3.5 0.14 107 includes
two amph
intervals 4-
8m & 26-
30m
Koehnko KRC006 74 80 6 ITH 34.4 44.4 2.23 0.06 BD 1455
Koehnko KRC006 104 112 8 ITH 28.6 52 4.1 0.06 BD 2043
Koehnko KRC007 no
significant
intersectio
n
Koehnko KRC008 0 24 24 ITS/AMPH 18.6 53.7 12.7 0.05 5.75 0.17 46 0-4m @
26% Fe
Koehnko KRC009 0 16 16 ITS/AMPH 24.2 41.6 15.2 0.02 7.9 0.37 90 0-2m @
26% Fe
Koehnko KRC010 0 18 18 ITS/AMPH 25.6 35.7 16.9 0.03 10.1 0.43 5
Koehnko KRC010 24 34 8 ITS/AMPH 25.1 51.4 7.25 0.06 4.1 8.8
Koehnko KRC010 38 58 20 ITS/AMPH 20.4 56.8 6.9 0.05 0.2 0.13 3.6 208
Koehnko KRC011 0 12 12 ITS/AMPH 37.7 29.8 8.9 0.03 6 0.3 22
Koehnko KRC012 0 34 34 ITS 42.8 27.8 6.3 0.04 3.6 20 redrill of
KRC006
Koehnko KRC012 12 20 8 ITS 53.5 17.7 3.1 0.02 1.7 23
Koehnko KRC012 82 86 4 ITH 30.5 48 3.6 0.07 BD 584
Koehnko KRC012 110 120 10 ITH 33.7 45.7 2.9 0.05 BD 882
Koehnko KRC013 0 10 10 ITS/AMPH 37 27.7 11 0.02 7.4 0.25 6
Koehnko KRC014 0 16 16 ITS 24.4 41 15 0.02 7.6 0.28 24
Koehnko KRC014 30 40 10 ITS/AMPH 24.7 53 8 0.04 3.6 46
Koehnko KRC015 0 42 42 ITS 27.5 44.2 10.1 0.037 5.3 0.18 33
Date: 12/03/2013 08:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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