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TAWANA RESOURCES NL - Further High-Grade Iron Ore discovered at the Zaway Prospect Mofe Creek Iron Ore Project, Liberia

Release Date: 15/07/2013 09:46:00      Code(s): TAW       PDF(s):  
Further High-Grade Iron Ore discovered at the Zaway Prospect Mofe Creek Iron Ore Project, Liberia

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”)

FURTHER HIGH-GRADE IRON ORE DISCOVERED AT THE ZAWAY
PROSPECT MOFE CREEK IRON ORE PROJECT, LIBERIA

(PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES. PLEASE REFER
TO TAWANA’S WEBSITE FOR THE COMPLETE ANNOUNCEMENT)

Highlights

    -    High-grade +45% Fe mineralisation recently discovered in outcrops at
         new Zaway prospect
    -    Exceptionally coarse grained itabirite outcrops over the first combined
         +1km of a potential >4.5km strike
    -    Boulder float of +65% Fe DSO magnetite discovered at base of
         Outcrops
    -    Coarse grained itabirite, DSO float and footwall geological setting
         has all the hallmarks for blind DSO mineralisation
    -    Potential for blind DSO in geological settings similar to the historic
         50Mt Bomi Hills mine located only 20km along strike
    -    Zaway prospect sits within 8km of Gofolo and 10km of Koehnko
         prospects and within 20km of the coast
    -    Recent preliminary assessment outcomes indicated potential
         operating costs could range between FOB US$30-35/t (1)

Tawana Resources NL (ASX:TAW) is pleased to announced the discovery of additional high-
grade outcropping coarse grained itabirite mineralization and DSO float at the new Zaway
Prospect.

 This latest discovery follows the Company’s recent Preliminary Assessment (1)
and metallurgical (2) announcements which indicated the itabirite mineralization has
excellent weight recoveries of between 44%-57% and concentrates into a high quality,
60%+ Fe product from a simple coarse crush and gravity processing circuit. These
characteristics clearly highlight the potential for the Mofe Creek Iron Ore Project to be a
high grade, low cost, iron ore producer.

Tawana Resources Managing Director, Len Kolff said “the occurrence of DSO magnetite
boulder float and exceptionally coarse grained; up to 2cm particle size itabirite at Zaway
adds further encouragement to the potential discovery of blind DSO similar to that mined
at the historic Bomi Hills mine 20km along strike”

He added “This latest new discovery of high grade iron ore demonstrates why we consider
the Mofe Creek Iron Ore Project, at only 20km from the coast, is an exciting new iron ore
discovery in Liberia, West Africa”
(1) Refer to ASX Announcement 2nd July 2013
(2) Refer to ASX Announcement 25th June 2013
Zaway Prospect – New High-Grade Outcropping Mineralisation Discovered

This latest discovery of additional high-grade outcropping itabirite mineralisation and DSO
magnetite float is at the Zaway prospect, which is located between the Gofolo and
Koehnko prospects, within the Company’s 100% owned Mofe Creek iron ore project in
Liberia, West
Africa.
Zaway represents a high priority target with outcropping high-grade itabirite with DSO
boulder float and the potential for blind magnetite DSO along the footwall contact.

Itabirite outcrops over a combined 1km strike have been mapped and sampled at the main
Zaway prospect with grades ranging between 44% to 62% Fe and low contaminants. On the
main target, outcrops dip steeply to the south and occur along both flanks of a 1.35km x
280m hill. Additional itabirite outcrops have been mapped along low ridges to the west
and north of the main Zaway prospect hill over a combined strike length of >4.5km.

Outcrops are characterised by coarse grained itabirite with 1cm to 50cm scale magnetite
accumulations. In some areas the itabirite is extremely coarse grained averaging >1cm
grain size. DSO magnetite boulders up to 1m in scale have been mapped down slope from
the itabirite outcrops.

Due to the lack of outcrop on top of the hill, pitting has commenced to determine the
geology in-between the iron outcrops and the potential width extent of the mineralisation
discovered.

Discussion

The extremely coarse grained nature of the itabirite and presence of metre scale
magnetite boulder float down slope of the outcrops is extremely encouraging and confirms
the prospectivity of the Mofe Creek discovery.

The structures mapped to date could be interpreted to represent a south dipping
synformal fold structure with coarser and higher grade iron formation occurring along the
footwall contact. This is the same structural and lithological setting hosting the historic
Bomi Hills mine 35km along strike to the east, which produced 50Mt of DSO through the
early 60’s to late 70’s.

Although smaller scale then the Bomi Hills pit (roughly 750x500m), Zaway represents a
high priority target with outcropping high-grade itabirite with DSO boulder float and the
potential for blind magnetite DSO along the footwall contact.
ll the same ‘smoke’ has been observed at Mofe Creek and still confirms the potential
for potential blind DSO discovery at the project.

Zaway occurs in-between the Gofolo and Koehnko drilled prospects with a combined high-
grade itabirite exploration target of 95Mt (refer to ASX announcement 2nd July 2013) and is
within 20km of the coast.

Mofe Creek Global Exploration Target >500Mt

A global exploration target size potential of between 360Mt to 670Mt of friable
mineralisation has been estimated for the Mofe Creek project area. This estimate includes
both friable itabirite and friable intermixed itabirite/amphibolite mineralisation. The
estimate does not include hard itabirite below base of oxidation, potential blind DSO or
additional mineralisation associated with targets which have not had sufficient field work
to date to justify inclusion.

The 95Mt (62-126Mt range) exploration target includes friable itabirite from the Gofolo
and Koehnko Prospects (including Koehnko South) and forms part of the total 90Mt - 230Mt
friable itabirite exploration target, within the >500Mt Global Exploration Target. The 62-
126Mt range is defined by a lower 33% and upper 66% conversion rate of friable itabirite to
friable mixed itabirite/amphibolite, where 95Mt represents the midpoint at a 50:50
conversion rate and consistent with previous exploration target size potential
announcements.

Refer to ASX Announcement 18 March 2013 for further details.

About Mofe Creek Iron Ore Project

The Mofe Creek Iron Ore Project is located within one of Liberia’s historic premier iron ore
mining districts. The project is 10km along strike from the abandoned Bomi Hills mine
(>50Mt DSO @ 65% Fe), 80km along strike from the historic Bong Mine (>275Mt @ 38% Fe),
45km from Mano River mine (100Mt @ 52% Fe) and 20km from Bea Mountain resource
(>100Mt @ 45% Fe).

The Project is exceptionally well located being approximately 20km from the coast for
potential haul-road trucking or conveyor of product to the coast and transhipment via
barge to deeper water for on-shipment. Other possible infrastructure solutions exist; road
or rail to the deep water port of Monrovia via a 85km sealed road from the central licence
area or a 65km decommissioned standard-gauge iron ore railway alignment from the Bomi
Hills mine to the port of Monrovia; 17km east from the easternmost magnetic anomaly.

Detailed information on all aspects of Tawana’s projects can be found on the Company’s
website www.tawana.com.au. For further information please contact:

Lennard Kolff van Oosterwijk, Managing Director
Tel: +61 7 35102115, Mob: +61 424942589

Competent Persons Statement

The information in this report that relates to 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.

Forward Looking Statement

Statements regarding plans with respect to the Company’s mineral properties, including statements, assumptions and targets
relating to the Preliminary Assessment are forward looking statements. There can be no assurance that the Company’s plans for
development of its mineral properties will proceed as currently expected, nor in accordance with the Preliminary Assessment. There
can also be no assurance that the Company will be able to confirm the presence of a mineral deposit, that any mineralisation will
prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties, either in
accordance with the Preliminary Assessment or otherwise.

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd


15 July 2013

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