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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                                              
ISIN: AU000000TAW7                                                              
Share code on the Australian Stock Exchange Limited: TAW                        
ISIN: AU000000TAW7                                                              
("Tawana" or "the Company")                                                     
Eight Kilometre and Six Kilometre Long Soil Anomalies Defined at Sinoe Gold     
Project, Liberia, West Africa                                                   
HIGHLIGHTS                                                                      
-    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         
immediately south                                                           
-    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"   
he said.                                                                        
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)                                                                          
(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     
2012.                                                                           
(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      
and conditions:                                                                 
    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           
following terms:                                                                
1.   US$350,000 payment and 6 million shares in the Company                 
    2.   US$1 million payment at announcement of 1 Moz JORC compliant           
         resource                                                               
    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.                                               
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 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                                                    
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 appears                                            
06 February 2012                                                                
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 06/02/2012 09:04:01 Supplied by www.sharenet.co.za                     
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