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TAWANA RESOURCES NL - High Grade Itabrite Mineralisation Intersected at Gofolo Main Prospect

Release Date: 20/11/2013 11:20:00      Code(s): TAW       PDF(s):  
High Grade Itabrite Mineralisation Intersected at Gofolo Main Prospect

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”)


    High-Grade Itabirite Mineralisation Intersected at
                 Gofolo Main Prospect
-   Resource drilling at Gofolo Main prospect, part of Mofe Creek Project, confirms
    significant intersections of High-Grade, coarse itabirite mineralisation from
-   Gofolo Main strike continuity extended by an additional 125% from 0.8Km to
    1.8Km, whilst mineralisation width has increased by an additional 50m in the
    central portion of prospect
-   Significant drilling intersections reported including:
    --      18m @ 48.8% Fe from 2m
    --      46m @ 40.4% Fe from surface
    --      50m @ 31% Fe from surface
    --      Gofolo Main prospect only represents a strike length of 1.8Km from a
            prospective strike length of 65Kms for the Mofe Creek Project
-   Excellent geological continuity observed between previous and newly drilled
-   Resource drilling underway at high-priority Zaway prospect and metallurgical
    diamond drilling to commence shortly
-   Potential high-grade friable itabirite intersected at Gofolo NE and significant
    widths observed at Zaway; assays pending
-   ?Scoping Study to be completed by mid-2014

Tawana Resources NL (ASX: TAW) (the Company or Tawana) is pleased to
announce that it has received very encouraging initial results from the ongoing
resource evaluation drill programme currently underway at its 100% owned Mofe
Creek Iron Ore Project in Liberia, West Africa.

Managing Director, Len Kolff, said, “Initial assay results from the Gofolo Main
prospect continue to confirm high-grade mineralisation potential with significant
widths and grade intersected along strike from previous reconnaissance drilling”.

“The successful drilling campaign at Gofolo Main greatly extends the potential
 mineable resource footprint at this prospect, and with similar mineralisation observed
 to previous holes, the effective production of a +60% Fe product via simple crushing
 and gravity separation should be confirmed in the upcoming metallurgical

“Metallurgical and quality control diamond drilling will commence shortly at the
Zaway and Gofolo Main prospects to meet the Scoping Study timeline, followed by
final RC resource drilling at Koehnko to complete the resource drill programme”.

Initial assay results have been received for the first batch of RC samples submitted
to the SGS laboratory in Liberia, from the RC resource drilling completed at the
Gofolo Main prospect. Remaining results for the additional holes completed at
Gofolo Main are pending. A total of 2,257m for 33 RC resource drill holes have
been completed at Gofolo Main, completing the RC component of the resource
evaluation programme on that prospect. Significant intersections include:

Hole_ID        Depth Depth_to Interval         Fe%     SiO2% Al203%   P %     S%      TiO2% LOi
               _From                                                                        1000
GMRC009        0        18          18         30.80  25.51  17.82  0.043   0.106     0.62  11.39
CMRC013        0        46          46         40.42  29.86  5.36   0.047   0.050     0.17  6.46
Inc.GMRC013 2           20          18         48.76  15.69  4.42   0.070   0.083     0.15  9.59
GMRC015        0        26          26         34.74  42.32  4.58   0.016   0.027     0.19  3.57
GMRC017        0        34          34         26.50  37.61  13.69  0.032   0.068     0.46  9.32
GMRC017        54       74          20         31.84  46.99  2.05   0.052   0.057     0.14  0.66
GMRC025        0        50          50         31.01  37.03  10.41  0.023   0.036     0.32  7.20
   Table 1 | Significant intersections from   initial RC resource drilling assay results
   over Gofolo Main prospect

 Previous high-grade friable itabirite samples collected from the first RC
 reconnaissance drilling program undertaken at the Gofolo Main prospect in
 January/February this year (with in-situ head grades ranging from 30% to 57% Fe),
 demonstrated that a +60% Fe product with low contaminant levels (i.e. silica,
 alumina phosphorous and sulphur) and a mass recovery of 27% to 57% could be
 achieved with minimal crushing, screening and simple gravity separation
 beneficiation. (Refer ASX release 25 June 2013)

 With the extension of the Gofolo Main mineral deposit and the presence of
 additional high-grade friable mineralisation with grades of 40-48% Fe in-situ, it is
 envisaged that the minable footprint will be significantly extended and the
 mineralisation will potentially upgrade to a high quality +60% Fe product. The
 intent of the pending metallurgical testwork program with Australian Laboratory
 Services (ALS) in Australia is outlined further in this release, and is designed to
 ascertain the optimal crushing and screening parameters whilst defining the
 minimal beneficiation requirements to produce a +60% Fe product.

 All the Gofolo Main RC samples were submitted to SGS Laboratories in Liberia and
 assayed on 2m intervals. A field duplicate, certified standard and blank was
 inserted every 50th sample. All samples were dried and crushed to 75% passing
 2mm, 1.5kg split by a riffle splitter and pulverised to 85% passing 75?m through a
ring and puck pulveriser with a 200g split sent for assay of major and minor
elements by X-Ray Florescent (XRF) fusion and Loss on Ignition (LOI) by Thermo
Gravimetric Analysis (TGA). The batch passed internal and external Quality
Assurance (QA) and Quality Control (QC) procedures.

Additional results received from the extension drilling at the Gofolo Main target
have confirmed the presence of extended mineralisation at the prospect. Strike
has been extended by an additional 1km to the east, whilst the surface width of
the mineralisation has increased the prospect’s mineable potential by an
additional 50m within the central-west portion of the prospect. Good geological
continuity was observed between the original and the newly drilled holes.

In addition to the Gofolo Main drilling completed, a total of 492m for 9 holes of
Exploration RC drilling has been completed at Gofolo North-East (NE) and 1,649m
for 22 holes at the Zaway prospect, where RC resource estimation drilling remains

Initial observations at Gofolo NE confirm mineralisation strike extensions from
Gofolo Main over a potential 1km strike and open along strike. Iron grades and
mineralisation width confirmation are pending on receipt of assays.

Initial observations at Zaway confirm significant mineralised widths and strike
continuity of potential high-grade friable itabirite with assays pending.

During the forthcoming week, the multi-purpose drill rig will change over from RC
to diamond drilling (HQ) to complete a 1,000m to 1,600m diamond HQ coring
programme for metallurgical test-work samples and quality control diamond ‘twin’
holes of the recently completed RC drilling. Once completed, the rig will convert
back to RC to complete the resource drilling programme at the Koehnko prospect
and finalise the planned drill programme during January 2014.

Concurrently, the development of a comprehensive metallurgical test-work
program with ALS – Iron Ore Technical Centre in Perth, Western Australia is
progressing well. The test work program is designed to optimise the processing
parameters required to beneficiate the medium and high-grade friable itabirite ore
to produce the optimal quality iron ore product at the most viable particle sizing
and Fe grade, with the minimal amount of plant and equipment.

The program is structured to confirm the design criteria necessary for the Mofe
Creek Scoping Study, including a preliminary plant design for the early start-up
options being scoped, and the longer-term, larger-scale processing facility. Initial
laboratory testwork is scheduled to commence in mid to late January 2014,
pending completion of the diamond drilling and Australian customs and quarantine
clearances. The Scoping Study is forecast to be completed mid-2014.

Tawana recently announced the appointment of Tenova – Mining and Minerals
Group (“Tenova”), to manage the Project deliverables for the Mofe Creek Scoping
Study (refer ASX release 07 November 2013). The Company looks forward to
announcing in the forthcoming weeks the supplementary appointments of the
major sub-consultant groups and specialists required to perform the specific study
tasks associated with resource modeling, mine planning, transport                              and
infrastructure optionality and environmental, community and social studies.

About Tawana (ASX & JSE: TAW)
Tawana Resources NL (“Tawana” or “the Company”) is an iron ore focused ASX and
JSE-listed Company with its principal project in Liberia, West Africa. Tawana’s
100% owned Mofe Creek Project (“the Project”) is a new discovery in the heart of
Liberia’s historic iron ore district, located 20km from the coast and 80km from the
country’s capital city and major port, Monrovia.

Tawana is committed to becoming a mid-tier iron ore producer through the
development of the Mofe Creek Project, which covers 285km2 of highly prospective
tenements in Grand Cape Mount County. The Project hosts high-grade friable
itabirite mineralisation which can be easily upgraded to a superior quality iron ore
product of +60% Fe, for which there is consistent global demand.

The Company is currently undertaking its maiden resource drilling program and
recently commenced its Scoping Study on the Mofe Creek Project. The Scoping
Study will consider both an early start-up, low capital cost project with a
production rate of 1-2 million tonnes per annum (Mtpa), as well as a longer-term
project capable of producing 5-10 Mtpa of iron ore product. Additionally, Tawana
has a joint venture agreement with Konblo Bumi Inc for the adjoining tenement
covering 624km2, for which Tawana has 100% of the iron ore mineral rights.

About Liberia
Liberia is a democratic West African country with a modern and transparent mining
code and a government proactively engaged with the mining industry to help
unlock the value of its potential mineral wealth. Her Excellency President Ellen
Johnson Sirleaf was Africa’s first elected female head of state in 2005 and was re-
elected in November 2011 for a second term. The country is hugely prospective for
minerals exploration and production, hosting several world-class iron ore deposits.
Liberia has historically been the largest exporter of iron ore in Africa and was the
5th largest iron producer globally during the 1960’s to 1980’s.

For further information please contact:
Lennard Kolff van Oosterwijk
Managing Director
Tel: +61 7 35102115
Mob: +61 424942589
Detailed information on all aspects of Tawana’s projects can be found on the
Company’s website www.tawana.com.au.

Competent Persons Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore eserves
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.

APPENDIX 1: All intersections received from Gofolo Main from current drilling to
date (non-inclusive reconnaissance drilling intersections).
     Hole_ID   Depth    Depth_To   Interval     Fe    SiO2    Al2O2      P       S   TiO2   LOI1000
    GMRC009         0         18        18    30.80   25.51   17.82   0.043   0.11   0.62     11.39
    GMRC010         0         16        16    25.96   30.96   18.29   0.039   0.12   0.60     12.05
    GMRC011         0         24        24    27.29   29.03   17.92   0.029   0.11   0.69     11.85
    GMRC012         0         18        18    28.64   28.00   17.96   0.045   0.08   0.63     10.26
    GMRC013         0         46        46    40.42   29.86    5.36   0.047   0.05   0.17      6.46
Inc.GMRC013         2         20        18    48.76   15.69    4.42   0.070   0.08   0.15      9.59
    GMRC015         0         26        26    34.74   42.32    4.58   0.016   0.03   0.19      3.57
    GMRC016         0         40        40    25.40   42.81   11.54   0.022   0.07   0.51      7.49
Inc.GMRC016         0         28        28    26.93   42.33   10.68   0.017   0.07   0.43      7.66
    GMRC017         0         34        34    26.50   97.61   13.69   0.032   0.07   0.46      9.32
Inc.GMRC017         0         18        18    30.24   29.10   15.37   0.016   0.07   0.56     11.08
    GMRC017        54         74        20    31.84   46.99    2.05   0.052   0.06   0.14      0.66
    GMRC020         0         26        26    26.74   39.57   13.40   0.046   0.07   0.51      8.68
     GMRC21         0         18        18    26.36   33.88   16.38   0.027   0.10   0.54     10.93
    GMRC022         0         20        20    26.21   33.31   17.13   0.033   0.07   0.70     11.11

20 November 2013

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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