Wrap Text
Excellent Infill Drilling Results Received
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
PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES. PLEASE REFER TO TAWANA WEBSITE FOR THE
COMPLETE ANNOUNCEMENT.
Excellent Infill Drilling Results Received
Tawana Resources NL (ASX: TAW) (‘the Company’ or ‘Tawana’) is very pleased to announce infill and extensional drilling results received over
the Gofolo and Zaway Main deposits at its 100% owned Mofe Creek Iron Ore Project in Liberia, West Africa.
Selected significant intersections at a 20% Fe cut-off with a maximum of 2m internal dilution include:
GMDD013 72.7m @ 39.6% Fe from surface
GMDD015 29.3m @ 39.6% Fe from surface
GMDD012 45.8m @ 34% Fe from 14.3m; and
37.7m @ 32.4% Fe from 80.3m
ZDD006 20m @ 38.7% Fe from 131.5m
ZDD009 7.6m @ 45.4% Fe from 23m
“Results are extremely pleasing as they provide confidence in mineralisation continuity across the deposits as well as potential additional
resource tonnes due to thicker mineralised widths intersected on expanded sections,” Managing Director Len Kolff said.
“Drilling completed to date will have the potential for converting more of the material from the Inferred to Indicated category in certain areas;
adding greater confidence in the Resource Model,” he added.
“Greater widths intersected in certain holes will allow for potential additional resource tonnes, particularly at the Gofolo Main deposit,” he
concluded.
The Company is progressing with engineering designs and associated studies for the processing plant, road corridor and port facility. The ESIA
baseline studies are being advanced along with the community consultation programs, as a deliverable for the Notice of Intent (refer ASX
release 26 August 2014). The Company has engaged port, harbour and transhipment companies to provide design and cost inputs into the
Pre-Feasibility Study (‘PFS’), as well as potential contract mining groups.
The design and approval of the proposed pilot mining, ore and processing plant to test the ore lithologies, confirm mineability, and materials
handling characteristics is being progressed. A Mineral Development Agreement is being correlated with relevant stakeholders to secure the
necessary approvals, infrastructure corridors and port leases.
All assays have been received for 1,114.6m of drilling (including re-drills) of a 7,500m planned programme. The complete drilling programme
was designed to increase the current resource from 61.9Mt (refer ASX Release 31 March 2014) to a targeted 100Mt to 120Mt for the Pre-
Feasibility Study. Drilling was suspended in August 2014 due to the Ebola virus situation.
Drilling was completed using two Atlas Copco CS1000 rigs in PQ and HQ diamond core.
Drilling results received confirm mineralisation continuity between drill sections and down dip; potentially converting
mineralisation on relevant sections from Inferred to Indicated resources. On certain sections, drilling results have increased
mineralised width when compared to the current resource model. This is significant as it may result in an increased resource
estimate. All intersections reported at Gofolo Main are listed in Table 1 overleaf.
Prospect Hole From To Interval Fe SiO2 Al2O3 P S Mn LOI 1000
Gofolo Main GMDD012 0.00 3.20 3.20 36.39 27.74 9.93 0.054 0.044 0.05 9.64
Gofolo Main GMDD012 14.30 60.10 45.80 34.00 28.80 9.72 0.046 0.070 0.36 9.18
Gofolo Main GMDD012 80.34 118.00 37.66 32.36 47.66 1.60 0.073 0.040 0.15 BDL
Gofolo Main GMDD013 0.00 72.67 72.67 39.62 27.94 5.41 0.077 0.027 0.10 8.73
Gofolo Main GMDD014 0.00 4.00 4.00 32.17 28.05 12.6 0.020 0.088 0.38 12.03
Gofolo Main GMDD014 29.00 40.00 11.00 31.22 34.79 6.13 0.015 0.063 0.90 11.82
Gofolo Main GMDD014 56.00 59.10 3.10 27.79 49.62 2.50 0.042 0.369 0.72 BDL
Gofolo Main GMDD014 93.50 137.90 44.40 31.76 46.02 1.07 0.068 0.018 0.24 BDL
Gofolo Main GMDD014 143.90 171.90 28.00 33.23 44.85 0.92 0.045 0.026 0.24 BDL
Gofolo Main GMDD015 0.00 29.30 29.30 39.58 32.92 5.67 0.020 0.041 0.01 4.60
Six additional holes were completed at Gofolo Main (including re-drills) prior to suspension of activities (see Figure 3). Drilling
intersected friable and fresh iron formations (itabirite) which conform to the current resource model.
A total of 5 additional holes (including re-drills) were completed at Zaway Main (see figure 6). All intersections at a 20% Fe cut-
off and a maximum 2m of internal dilution are listed in Table 2 overleaf.
Prospect Hole From To Interval Fe SiO2 Al2O3 P S Mn LOI 1000
Zaway ZDD006 131.50 151.50 20.00 38.65 42.61 0.87 0.045 0.007 0.03 BDL
Zaway ZDD007 95.30 104.40 9.10 38.39 42.79 0.84 0.059 0.010 0.04 BDL
Zaway ZDD007 113.40 127.80 14.40 37.56 43.55 1.54 0.040 0.012 0.02 BDL
Zaway ZDD007 130.50 138.50 8.00 38.49 42.88 0.99 0.050 0.013 0.03 BDL
Zaway ZDD008 96.70 110.30 13.60 32.98 42.55 4.22 0.067 0.123 0.10 BDL
Zaway ZDD009 23.00 30.60 7.60 45.42 30.51 1.97 0.016 0.014 0.05 2.43
Zaway ZDD009 41.30 50.60 9.30 31.49 49.88 2.56 0.023 0.004 0.03 BDL
Drilling intersected both friable and fresh iron formation (likely itabirite) interlayered with metasediments and quartzites. Drilling results have
confirmed the current resource model, and on all sections drilled; extended mineralisation depth, resulting in the potential for a resource
upgrade.
About Tawana (ASX & JSE: TAW)
Tawana Resources NL is an iron ore focused ASX and JSE-listed Company with its principal project in Liberia, West Africa. Tawana’s 100%-
owned Mofe Creek Project is a new discovery in the heart of Liberia’s historic iron ore district, located 20km from the coast and 80km from the
country’s capital city and major port, Monrovia.
Tawana is committed to becoming a mid-tier iron ore producer through the development of the Mofe Creek Project, which covers 471km2 of
highly prospective tenements in Grand Cape Mount County. The Project hosts high-grade friable itabirite mineralisation, which can be easily
upgraded to a premium quality iron ore product of +64-68% Fe grade, via simple, low capital intensity beneficiation.
The Company has recently concluded its successful and financially robust Scoping Study on the Mofe Creek Project. The Scoping Study
considered an early start-up, low capital cost project with a production rate of up to 2.5 million tonnes per annum.
For further information please contact:
Len Kolff
Managing Director
Tel +61 8 9287 4344
Detailed information on all aspects of Tawana’s projects can be found on the Company’s website www.tawana.com.au.
Cautionary Statement
Full details of the Scoping Study referred to in this announcement were initially released to the ASX in an announcement dated 3 July 2014,
and should be read in conjunction with this announcement. All material assumptions underpinning the Scoping Study, production targets and
forecast financial information derived from the production targets as well as any cautionary statements and disclosures as required under the
ASX Listing Rules and 2012 JORC Code are set out in the announcement dated 3 July 2014 and continue to apply and have not materially
changed.
The Scoping Study referred to in this announcement is preliminary in nature as its conclusions are drawn on inferred (74%) and indicated
mineral resources (26%). The Scoping Study is based on lower-level technical and economic assessments, and are insufficient to support
estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions
of the Scoping Study will be realised.
There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work
will result in the determination of indicated mineral resources or that the production target itself will be realised. There is also no certainty that
the forecast financial information derived from the production targets will be realised.
Competent Persons Statement
The information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Len Kolff and Iain
Macfarlane, who are members of the Australian Institute of Geoscientists. Len Kolff 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Iain Macfarlane is a full-time employee of Coffey Mining Pty Ltd 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’
Len Kolff and Iain Macfarlane consent to the inclusion in the report of the matters based on his information in the form and context in which it
appears.
Forward Looking Statement
This announcement contains certain forward looking statements. These forward-looking statements are not historical facts but rather are
based on the Company’s current expectations, estimates and projections about the industry in which Tawana Resources NL operates, and
beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”,
“seeks”, “estimates” “potential” and similar expressions are intended to identify forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the
control of the Company, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the
forward-looking statements. Tawana Resources NL cautions shareholders and prospective shareholders not to place undue reliance on these
forward-looking statements, which reflect the view of Tawana Resources NL only as of the date of this presentation. The forward-looking
statements made in this release relate only to events as of the date on which the statements are made. Tawana Resources NL will not
undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or
unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.
Appendix 1 – Hole Location Data
Hole_ Plan_ Hole_depth Core
Prospect HoleID UtmE_29N UtmN_29N Elevation Reg_grid_id Plan_Azim
type dip (m) Size
GMDD012A DD 253286.0 761218.0 79.0 UTM_WGS84 -55 23 98.30 PQ3/HQ
Gofolo
Main
Gofolo
GMDD012 DD 253286.0 761218.0 79.0 UTM_WGS84 -55 23 135.00 PQ3/HQ
Main
Gofolo
GMDD013 DD 253312.0 761278.0 89.0 UTM_WGS84 -55 23 83.50 PQ3/HQ
Main
Gofolo
GMDD014 DD 253074.9 761287.1 67.9 UTM_WGS84 -55 23 179.5 PQ3/HQ
Main
Gofolo
GMDD015 DD 253145.0 761449.4 109.8 UTM_WGS84 -55 23 56.00 PQ3/HQ
Main
Gofolo
GMDD016 DD 253027.0 761452.9 105.4 UTM_WGS84 -55 203 21.5 PQ3/HQ
Main
Zaway
ZDD006 DD 262709.0 761639.1 115.3 UTM_WGS84 -50 0 163.1 PQ3/HQ
Main
Zaway
ZDD007 DD 262295.0 761575.0 113.9 UTM_WGS84 -50 0 148.7 PQ3/HQ
Main
Zaway
ZDD008A DD 262501.9 761684.0 113.4 UTM_WGS85 -50 0 39.8m PQ3/HQ
Main
Zaway
ZDD008 DD 262501.9 761684.0 113.4 UTM_WGS85 -50 0 123.1 PQ3/HQ
Main
Zaway
ZDD009 DD 262815.5 761790.6 107.0 UTM_WGS86 -50 0 66.1 PQ3/HQ
Main
The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code requirements for the reporting of Exploration
Results: (CP: LK - Len Kolff)
Reporting of Exploration Results.
Competent
Criteria JORC Code Explanation Commentary
Person
Mineral - Type, reference name/number, location and - MEL12029 is located within the Grand Cape Mount LK
tenement ownership including agreements or material and Bomi counties of Liberia and is 100% held by
and land issues with third parties such as joint Tawana Liberia Inc, a wholly owned subsidiary of
tenure ventures, partnerships, overriding royalties, Tawana Resources NL.
status native title interests, historical sites, - MEL 1223/14 is located within the Grand Cape
wilderness or national park and Mount county of Liberia and is 100% held by
environmental settings. Tawana Liberia Inc, a wholly owned subsidiary of
- The security of the tenure held at the time of Tawana Resources NL.
reporting along with any known impediments - There are no known impediments or material issues
to obtaining a licence to operate in the area. related to security of tenure at the time of reporting.
Exploration - Acknowledgment and appraisal of - The Mofe Creek project is a grassroots discovery LK
done by exploration by other parties. with no previous mineral exploration or other work
other completed.
parties
Geology - Deposit type, geological setting and style of - The Mofe Creek project is characterised by a series LK
mineralisation. of itabirite hosted iron ore deposits of likely Archean
or Palaeproterozoic age as possible strike
continuations of the historic Bomi Hills and Bong
Range mines.
- Mineralisation is hosted within banded iron
formations (BIFs) that have undergone regional
metamorphism and recrystallization to itabirite and
likely additional recrystallization to coarse grained,
coarsely banded magnetite-hematite itabirite as
seen today. A minimum of one and up to three major
itabirite bands are recognised stratigraphically of
both silicate and oxide iron formation facies and
interbedded with metasediments (variably garnet
overprinted), Fe rich mafics and quartzites.
Collectively the iron units and interbedded
metasediments can be considered a ‘greenstone’
belt that unconformably overlies granite/gneiss
basement.
Competent
Criteria JORC Code Explanation Commentary
Person
- The sequence has been folded and faulted through
at least two major phases of deformation causing
recrystallization, increase in average grain size and
potential enrichment of the itabirite units.
- The sequence has then been subject to intense
tropical weathering causing oxidation of magnetite to
hematite, and variable hydration to goethite and
limonite within the upper 30-60m thick weathering
profile.
- Some minor faults are recognised in the Gofolo Main
prospect but are not considered to have a major
influence on the currently established resource; they
will be incorporated into resource modelling when
further infill drilling has become available.
Drillhole - A summary of all information material to the All relevant information material to the understanding of LK
Information understanding of the exploration results exploration results has been included within the body of the
including a tabulation of the following announcement or as appendices.
information for all Material drillholes: No information has been excluded.
- easting and northing of the drillhole
collar
- elevation or RL (Reduced Level –
elevation above sea level in metres)
of the drillhole collar
- dip and azimuth of the hole
- down hole length and interception
depth
- hole length
- If the exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not detract
from the understanding of the report, the
Competent Person should clearly explain
why this is the case.
Competent
Criteria JORC Code Explanation Commentary
Person
Data - In reporting Exploration Results, weighting - Down hole weighted average iron, deleterious elements LK
aggregation averaging techniques, maximum and/or and LOI grades were calculated using a 20% Fe cut-off
methods minimum grade truncations (eg cutting of high and a maximum 2m of internal dilution.
grades) and cut-off grades are usually Material - Given the style and nature of mineralisation reported,
and should be stated. extreme effects due to volume variance (“nugget effect”)
- Where aggregate intercepts incorporate short are considered low and not significant to the style of
lengths of high grade results and longer lengths mineralisation being reported.
of low grade results, the procedure used for - No metal equivalent grades have been reported.No
such aggregation should be stated and some metal equivalent grades have been reported.
typical examples of such aggregations should be
shown in detail.
- The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship - These relationships are particularly important in - The majority of drilling intercepts are broadly LK
between the reporting of Exploration Results. perpendicular to strike and dip of structures and
mineralisati - If the geometry of the mineralisation with respect mineralised units; drilling results are near-true to true
on widths to the drillhole angle is known, its nature should widths of mineralisation.
and be reported.
intercept - If it is not known and only the down hole lengths
lengths are reported, there should be a clear statement
to this effect (eg ‘down hole length, true width
not known’).
Diagrams - Appropriate maps and sections (with scales) and - All relevant plan maps and typical cross-sections have LK
tabulations of intercepts should be included for been included in the body of the announcement.
any significant discovery being reported These
should include, but not be limited to a plan view
of drillhole collar locations and appropriate
sectional views.
Balanced - Where comprehensive reporting of all - Where exploration drilling results have been reported; LK
reporting Exploration Results is not practicable, all results are reported with no exclusions.
representative reporting of both low and high
grades and/or widths should be practiced to
Competent
Criteria JORC Code Explanation Commentary
Person
avoid misleading reporting of Exploration
Results.
Other - Other exploration data, if meaningful and - All relevant regional and prospect scale geological LK
substantive material, should be reported including (but not observations and geophysical survey results are
exploration limited to): geological observations; geophysical included in relevant announcements accordingly.
data survey results; geochemical survey results; bulk
samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further - The nature and scale of planned further work (eg - Further work has been defined for resource strike LK
work tests for lateral extensions or depth extensions extensions, resource infill drilling to increase levels of
or large-scale step-out drilling). confidence and exploration drilling on additional target
- Diagrams clearly highlighting the areas of footprints.
possible extensions, including the main - Approximately 6,500m of infill and strike extension
geological interpretations and future drilling planned drilling was not drilled due to the suspension of
areas, provided this information is not drilling and will be drilled at a later date.
commercially sensitive. - Additional diamond twinning and infill DD holes will be
completed to increase confidence in geological
interpretations and RC sample representivity to alleviate
poor recovery within the weathered horizon.
- Routine addition of density measurements of all material
types on site will be ongoing.
23 October 2014
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 23/10/2014 09:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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