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TAWANA RESOURCES NL - High-Priority Soil Anomalies Defined and Significant Trenching Results

Release Date: 30/10/2012 10:09:00      Code(s): TAW       PDF(s):  
High-Priority Soil Anomalies Defined and Significant Trenching Results

(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”)

High-Priority Soil Anomalies Defined and Significant Trenching Results


-   Five high-priority +50ppb up to 1 g/t Au soil anomalies defined within broader low level
    anomalous gold trends
-   Residual soil anomalies between 1km to 1.8km long with average widths of 200m to 500m

-   Anomalies occur within three previously reported lower level +30ppb north-east striking
    gold trends
-   25 km along strike from 3.8 Moz Dugbe 1 (AIM: HUM)
-   Trench intersections of 12m at 2.3g/t including 4m at 6.25g/t Au over high priority soil
    anomaly; strike extensions to be tested

-   Emerging gold province in West Africa
-   Hand auger and infill soil sampling planned to define drill targets for 2013 drilling

Tawana Resources NL (ASX: TAW, the ‘Company’) is pleased to announce it has further defined and refined
high-tenor +50ppb up to 1g/t Au soil anomalies over its Sinoe Project in South-East Liberia in addition to
trench intersections of 12m at 2.3g/t including 4m at 6.25g/t Au over now apparent lower priority soil

Tawana Resource NL, Managing director, Len Kolff said “These 200x50m infill results have much better
defined the stronger anomalous zones within the previously reported +30ppb gold anomalous trends. Five
high-priority +50ppb soil anomalies with consecutive results in some instances over 100ppb and up to 1g/t Au
have been defined; each over 1 to 2km strike length and up to 500m wide.”

“The geological interpretation supports the soil anomalies and gold trends providing further confidence in
the results. Initial trenching results of 12m at 2.3g/t including 4m at 6.25g/t over the southern anomaly
although narrow are encouraging and in light of the recent infill soils were sighted over lower priority

“The Dugbe Shear continues to shape up into a major new gold province in the West African gold story; it is
exciting to be part of this emerging province” he said.

Soil Anomalies
Infill soil results have been received over the Sinoe Gold Project area. Approximately 2700 infill soil samples
were collected on a 400x50m and 200x50m grid within the higher priority soil anomalous areas defined
during the first phase 800x100m sampling programme. To date a total of 5420 soil samples have been
collected over the Sinoe license area.

Infill soil sampling has defined five high priority +50ppb residual soil anomalies with individual soils of up to
1g/t Au and consecutive lines of results over 100ppb. Highest priority anomalies range from 1km up to 1.8km
in length and between 200m to 500m widths. All anomalies occur within large footprint, lower tenor +30ppb
envelopes or ‘Gold trends’ defined over the 800x100m grid announced in March 2012. Fourteen additional
medium priority and 7 additional low priority soil anomalies have been defined within the gold trends.

Soil anomalies were ranked on the basis of scale, intensity and continuity of the anomalism, geological fit
and were filtered for any false anomalies likely associated with alluvial settings.

[Sinoe Project results overview; gridded infill soil sampling results (inverse distance squared; 480m search
radius) showing strong north-easterly trend and trenching results to date; 25km distance to 1.8Moz Dugbe
and 2.05Moz Tuzon (HUM:AIM) – this image has been removed for SENS purposes]

[Gridded soil sampling geochemistry (inverse distance squared, 100m cell size and 480m search radius) with
sample locations and high priority residual soil anomalies defined (+50ppb in red) and medium priority in
green) – this image has been removed for SENS purposes]

Trench Results

Trench results were received for initial trenching over the southern +30ppb gold trend defined during phase
one soil sampling. Trenching was designed to test for broad mineralised zones coincident with a large +30ppb
anomaly defined by 800x100m soil sampling. Mineralised trench intervals returned were:

     -   12m at 2.3g/t including 4m at 6.25g/t Au in Trench 1
     -   22.1m at 0.24g/t including 2.1m at 4.9g/t Au in Trench 1
     -   24m at 0.4g/t including 8m at 0.87g/t Au in Trench 2B
     -   16m at 0.24g/t Au in Trench 2B

                                                              Interval   Sample    Au
 Trench ID   UTM_E      UTM_N           From (m)   To (m)         (m)    ID        ppm    Intersection
 PNTR001      524661    562671.3        257.7      261.7             4   STS1081   0.51
 PNTR001      524661    562667.3        261.7      265.7             4   STS1082   6.25
 PNTR001      524661    562663.3        265.7      269.7             4   STS1083   0.15    12m @ 2.3g/t incl. 4m
 PNTR001      524661    562257.25       673.2      674.3           1.1   STS1234   0.37     @ 6.25g/t Au (0.1g/t
 PNTR001      524661    562255.45       674.3      676.8           2.5   STS1235   0.34         Au cut-off)
 PNTR001      524661    562253.65       676.8      677.9           1.2   STS1236   0.04
 PNTR001      524661    562252.6        677.9      678.9             1   STS1237   0.51
 PNTR001      524661    562251.55       678.9      680             1.2   STS1238   0.51
 PNTR001      524661    562249          680        684               4 STS1093 0.14
 PNTR001      524661    562245          684        688               4 STS1094 0.21         22.1m @ 0.24g/t Au
 PNTR001      524661    562241          688        692               4 STS1095 0.16         incl. 2.1m @ 0.49g/t
                                                                                          Au (0.1g/t cut-off)
 PNTR001      524661    562237.35      692        695.3          3.3   STS1096   0.25
 PNTR002B    528860     565838         0          4                4   STS1322   0.785
 PNTR002B    528860     565834         4          8                4   STS1323   0.95
 PNTR002B    528860     565830         8          12               4   STS1324   0.13
                                                                                         24m @ 0.4g/t incl. 8m
 PNTR002B    528860     565826         12         16               4   STS1325   0.35
                                                                                         @ 0.87g/t Au (0.1 g/t
 PNTR002B    528860     565822         16         20               4   STS1326   0.1           cut-off)
 PNTR002B    528860     565818         20         24               4   STS1327   0.13
 PNTR002B    528860     565658         180        184              4   STS1369   0.26
 PNTR002B    528860     565654         184        188              4   STS1370   0.345
 PNTR002B    528860     565650         188        192              4   STS1371   0.13     16m @ 0.24g/t Au
 PNTR002B 528860        565646          192       196              4   STS1372   0.22      (0.1g/t cut-off)
Mineralised intersections in trenching.

[Trench locations and mineralised intervals relative to soil sampling and residual soil anomalies – Image has
been removed for SENS purposes]

Geological Setting & Discussion of Results

The geology of the Sinoe 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 composed
of coarsely crystalline quartz, feldspar, mica, accessory minerals and visible sulphide. Biotite and garnet-
biotite schists with cross-cutting north-east striking pegmatite dykes and sills mapped in the trenches
confirm geological and structural settings. Highest grade gold mineralised intervals in trenching appear to be
associated with pegmatitic zones.

[The following images have been removed for SENS purposes - Left: Sample ID STS1082 (4m @ 6.25g/t) –
pegmatitic dykes and quartz-goethite veining. Right: Sample ID STS1323 (4m @ 0.95g/t) –biotite-garnet
schists with little to no quartz-goethite veining.]

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 strong north-easterly striking gold anomalous zones are interpreted to be
associated with north-east splays off the major Dugbe shear. A similar structural trend is noted at the Dugbe
(1.8Moz) and Tuzon (2.05Moz) projects 25km to the east. The splays appear bound to the north by a sub
parallel structure to the Dugbe shear, and both structures appear to wrap around a large, 35km by 14km
circular feature underlying the known resources and Sinoe project areas.

The circular feature has a coincident magnetics low and radiometrics high geophysical anomaly which in
conjunction with the widespread presence of pegmatites is interpreted to represent an underlying intrusive
body of likely granitic affinity. The geological setting and field observations is interpreted to suggest a
possible intrusion related gold (IRG) genetic model which alludes to tonnage and in some instances grade

[The following image has been removed for SENS purposes - Structural-genetic model showing bounding
Dugbe Shear and Northern structure, cross-cutting N-E splays, interpreted underlying intrusive and advanced
projects; soil geochemistry on regional TMI aeromagnetics background image.]

Infill soil sampling has clearly defined high priority, high tenor soil anomalies within much broader, lower
tenor gold anomalous trends announced previously. All high priority anomalies occur within the broader
north-east striking gold trends, clearly defining a strong north-easterly structural trend.
Trenching was designed to test for broad mineralised intervals associated with the +30ppb gold trends
defined during Phase 1 soils. Although results have failed to define large mineralised widths, they have
however intersected higher grade intervals over narrower widths within the southern anomaly which remains
open along strike to the east. Trenching clearly proves gold is present in the system and that several high
priority soil anomalies are yet to be tested.

[The following image has been 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.

Sampling and Assay Methodology

Soil samples were collected on a nominal 400x50m and 200x50m 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

Trench samples were collected by channel sampling to geological intervals to a maximum interval length of
4m. Lithology, alteration, weathering, veining, structure and mineralisation were logged to geological

All samples were submitted to SGS Laboratory in Monrovia for sample preparation and gold analysis. All
samples were crushed to a nominal 2mm by jaw crusher then pulverised to a nominal 85% passing 75µm and
a 200g scoop sub-sample taken for analysis. Laboratory preparation equipment was flushed using barren
material between each sample run. Soil sample gold analysis was by Aqua Regia digest and Solvent
Extraction AAS finish (DL 0.002 ppm). Trench sample gold analysis was by Fire Assay of a 50g sample and AAS
finish (DL 0.01ppm).

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

Next Steps and Timing

Trench intersections will be followed up with hand auger drilling along strike to confirm strike extent prior
to drill testing.
High priority soil anomalies defined in the central and northern gold trends will be in-filled to 200x50m soil
sampling where necessary. Hand auger drilling will test +100ppb soil anomalies to define primary gold
sources prior to drill testing.

Field work is expected to commence during first quarter 2013 after completion of drilling at the Mofe Creek
iron ore project or earlier pending access and personnel. Pending hand auger results, drilling is planned to
commence during the first half 2013.

Permitting and Option Agreement

Tawana and its JV partner are still awaiting license renewal for the 2012-2013 period from the Ministry of
Lands, Mines and Energy. Renewal is expected to be granted soon following a country wide review of tenure
by the Ministry. In the meantime the option period to acquire the Sinoe license outright has been extended
by both parties to the end of the year.

Location and Access

Access to the Sinoe Gold Project is via sealed and laterite road from Monrovia through Buchanan and
Greenville, and takes up to 12 hours by road during the dry season assuming no blockages.

There is an operational port, airstrip and hospital in Greenville and roads around the project area are in
good condition due to the active logging companies.

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 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:

 Tawana Resources (ASX: TAW)                 MAGNUS Investor Relations + Corporate Communication

 Lennard Kolff van Oosterwijk                John Gardner / Dudley White
 Office: +61 424942589                       Tel: +61 8 9212 0101 / + 61 2 8999 1010

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.

30 October 2012


PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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