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Tawana increases Cowan Lithium Project area
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”)
Tawana increases Cowan Lithium Project area
PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES. PLEASE REFER
TO TAWANA WEBSITE FOR THE COMPLETE ANNOUNCEMENT.
Tawana Resources NL (ASX: TAW) (Tawana) is pleased to announce that Mt Belches
Pty Ltd, a 100% owned subsidiary of Tawana, has entered into a binding agreement
with Metalicity Energy Pty Ltd (Metalicity), a 100% subsidiary of Metalicity Limited
(ASX: MCT) to acquire its Lake Cowan Project bordering to the south of Tawana’s
100% owned Cowan Lithium Project and 50% owned Bald Hill Lithium & Tantalum
Project in the Eastern Goldfields, Western Australia.
The Lake Cowan Project comprises two approved Exploration Licences (ELs) totalling
410km2 and one application comprising 152km2.
Tawana considers the acquisition to be highly strategic as the Mt Belches-Bald Hill
pegmatite belt may extend into the tenements.
Purchase consideration for the tenements will be the issue of $50,000 and 769,230
Tawana shares to shareholders of Metalicity, none of whom are related parties of the
Company. The shares will be issued upon the transfer of each tenement.
The addition of the three tenements to Tawana’s Cowan Lithium Project will increase
the total area from 159km2 to 721km2 while the adjoining Bald Hill Project totals
774km2. Together, the Bald Hill and Cowan projects represent 1,495km2.
Managing Director Mark Calderwood said: “Whilst we are currently focussed on
commencing production at the Bald Hill Mine in early 2018, the enlarged Cowan
Lithium Project, which includes a significant portion of the same rare metal pegmatite
belt, offers exciting targets for future exploration drilling.
Exploration to the north of these newly acquired tenements continues to expand the
known limits of rare metal pegmatites southwards.
Over time, I expect the pegmatite belt to prove one of the most important producers
of lithium and tantalum in Western Australia.”
30 October 2017
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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