TAW - Tawana Resources NL - Soil Anomalies Defined at Sinoe Gold Project Release Date: 06/02/2012 09:04:01 Code(s): TAW
TAW - Tawana Resources NL - Soil Anomalies Defined at Sinoe Gold Project
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Stock Exchange Limited: TAW
("Tawana" or "the Company")
Eight Kilometre and Six Kilometre Long Soil Anomalies Defined at Sinoe Gold
Project, Liberia, West Africa
- Two significant +30 ppb soil anomalies defined with up to 1 g/t gold in
soils on a broad reconnaissance grid
- Southern anomaly 8 km long by 400 - 1400m wide and Northern anomaly 5.8
km long by 400 - 1000m 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)
- Northern anomaly open to the west and additional anomalies defined
- Strong potential for additional targets in the southern licence half
- Emerging gold province in West Africa
- Aggressive infill soil sampling and trenching underway
- Results expected and drilling likely to occur in second quarter 2012
Tawana Resources NL (ASX: TAW, the `Company`) is pleased to announce it has
identified several high priority soil anomalies from its maiden geological
exploration program on the company`s Sinoe project in Liberia, West Africa.
Tawana Resource NL, Managing director, Len Kolff said "This is a great result
for the Sinoe Gold Project; large, coherent gold in soil anomalies have been
identified in our maiden sampling programme that are open in multiple
directions and that we expect to grow significantly in size with further
sampling programs underway", further adding "infill 200 x 50m soil sampling
and trenching is underway to fast track target generation for drilling
potentially in second quarter 2012."
"The Dugbe Shear is shaping up to become a major new gold province in the
West African gold story; it is exciting to be part of this emerging province"
Sinoe Soil Anomalies
Preliminary results have been received for the maiden soil sampling completed
at the Sinoe Gold Project on a 800 x 100m soil sampling grid. Of the total
3300 soil samples collected between September to December 2011, approximately
2000 results have been received. Remaining results are expected imminently to
further define known soil anomalies within the north and test southern
extensions in the south of the license area.
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. The northern +30
ppb soil anomaly is approximately 5.8 km long and between 400m to 1 km wide
and remains open to the south-west. Pending results will infill this area and
possibly increase the anomaly strike length.
Additional smaller soil anomalies occur between and sub-parallel to the
primary anomalies. All soil anomalies strike 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.
(Image removed for SENS purposes:Artisanal alluvial workings encountered
within the project area and medium grained gold produced by the local miners)
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.
(Image removed for SENS purposes: 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 removed for SENS purposes: Detail of Sinoe north area soil
geochemistry and anomalies defined.)
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 commenced within the Sinoe north project
area. Trenching along highest tenor gold intervals from existing soil
sampling has commenced on the southern anomaly. 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
(Image removed for SENS purposes:Trenching currently underway on the Southern
anomaly at Sinoe)
Location and Access
(Map removed for SENS purposes: Sinoe license location relative to other
Tawana projects and regional road network)
The Sinoe mineral exploration license was acquired under the Global Mineral
Investments joint venture announced in August 2011.
The Sinoe Licence covers 400 km2 and is 25 km along strike from the 1.8 Moz
Dugbe gold deposit and 40 km along strike from the Bukon Jedeh gold project.
Access is via sealed and laterite road from Monrovia and takes approximately
11 hours to reach the Sinoe Project area. 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.
Sinoe Option Agreement
The Company and Global Mineral Investments LLC (`GMI`), a private Liberian
company signed a binding Heads of Agreement for an option to purchase
outright the mineral exploration licence over the Sinoe Project held by GMI.
Under the terms of the agreement the Company has the option to purchase
outright the mineral exploration licence after meeting the following terms
1. US$10,000 Option payment to secure exclusivity - PAID
2. US$40,000 Execution payment on successful due diligence - PAID
3. US$50,000 Execution payment within 6 months of the commencement of
exploration or announcing to market a significant exploration
target - PAID
The Company is to fund exploration during the first year after which it has
the right to purchase the licence outright or walk away unencumbered. Should
the Company choose to purchase the licence outright it does so at the
1. US$350,000 payment and 6 million shares in the Company
2. US$1 million payment at announcement of 1 Moz JORC compliant
3. Additional US$1 million payments for each additional 500 Koz JORC
compliant resource announced to market up to a maximum JORC
compliant resource of 2.5 Moz
4. US$5 million payment at pouring first gold from a mining operation
within the licence area.
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 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 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
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
06 February 2012
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 06/02/2012 09:04:01 Supplied by www.sharenet.co.za
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