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TAWANA RESOURCES NL - New High-Grade Itabirite Discovery at Gofolo North-East Prospect

Release Date: 15/01/2014 10:55:00      Code(s): TAW       PDF(s):  
New High-Grade Itabirite Discovery at Gofolo North-East 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”)

 New High-Grade Itabirite Discovery at Gofolo North- East Prospect



   -   New discovery at Gofolo North-East (NE); significant intersections reported
       confirming and enhancing regional exploration potential

   -   Extensive high-grade (+50% Fe up to 60% Fe) “DSO – potential” zone defined
       at Gofolo main over >1km strike, following completion of RC drilling

   -   Potential DSO quality intersections at Gofolo Main include:
          o 12-20m @ 54.6% Fe in hole GMRC003
          o 12-26m @ 57.5% Fe in hole GMRC006
          o 16-24m @ 53.3% Fe in hole GMRC032

   -   Significant   new infill drilling intersections reported at Gofolo main
           o 34m     @ 40.2% Fe from surface
           o 62m     @ 38.8% Fe from surface, including 18m @ 49.5% Fe from 16m
           o 60m     @ 28.2% Fe from surface

   -   Only 8km of a potential total 65km interpreted prospective strike drilled to

   -   Resource drilling now completed at Zaway prospect; the third potential
       Mofe Creek Project future mine, with assays being received and under

   -   Diamond core metallurgical drilling now completed at Gofolo and underway
       at Zaway prospect; all metallurgical and geotechnical drilling scheduled for
       completion by January-end
   -   Metallurgical testwork program in ALS laboratories in Perth scheduled to
       commence during February

Tawana Resources NL (ASX: TAW) (the Company or Tawana) is pleased to announce it has received very encouraging 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, “Infill resource assay results from the Gofolo Main prospect continues to deliver high-grade friable itabirite mineralisation
intersections from surface with the programme now completed”.

Prospect         Hole_ID      From    To    Interval (m)     Fe     SiO 2 Al2O3      P          S     TiO2 LOI 1000
Gofolo Main   GMRC026            0      8               8   37.01   32.22    7.46   0.034   0.013        0.39       5.83
Gofolo Main   GMRC028            0      6               6   28.07   29.89   16.63   0.024   0.137        0.51      11.25
Gofolo Main   GMRC028           12     28              16   28.59   36.74   11.75   0.037   0.076        0.43       8.17
Gofolo Main   GMRC029            0     24              24   26.87   26.88   20.09   0.026   0.117        0.66      12.47
Gofolo Main   GMRC030            0     18              18   36.09   29.28   10.66   0.023   0.054        0.36       7.05
Gofolo Main   GMRC031            0     34              34   40.20   33.54    3.33   0.039   0.033        0.12       4.97
Gofolo Main   GMRC032            0     62              62   38.79   31.91    5.87   0.075   0.041        0.22       6.27
Gofolo Main   incl. GMRC032     16     34              18   49.50   19.52    3.27    0.15    0.01        0.12       6.81
Gofolo Main   GMRC034            0     60              60   28.17   40.94    9.83   0.048   0.088        0.38       4.91
Gofolo Main   GMRC035            0     20              20   27.66   28.20   17.21   0.031   0.145        0.57      13.96
Gofolo Main   GMRC039            0     10              10   30.24   20.57   19.82   0.022   0.132        0.57      14.18
Gofolo Main   GMRC040            0     42              42   27.86   42.77    9.60   0.034   0.066        0.34       5.69

Table 1 | Significant intersections from remaining RC resource drilling at Gofolo Main prospect

Initial review of Gofolo Main results show a ‘DSO – potential’ high-grade zone developing over a >1km strike along the southern flank of the Gofolo Main hill in
holes GMRC013, GMRC031, GMRC003, GMRC032, GMRC006 moving from west to east. Surface to near-surface friable iron formation intersections vary from 49.5%
Fe to 57.5% Fe over 8m to 20m drill width intersections. Good continuity over current 200m line spacing, high Fe% grade, coarse grained mineralisation and
potential low-stripping ratios suggest this could be the potential start-up mine for the Mofe Creek Project.
Prospect      Hole_ID           From       To           Interval(m)  Fe    SiO2   Al2O3     P           S         TiO2    LOI 1000
Gofolo Main   GMRC003             0        20             20       52.5    9.21    4.74    0.098       0.08       0.18       9.66
Gofolo Main   GMRC006            12        26             14       57.5    6.56    2.2     0.100       0.04       0.05       9.14
Gofolo Main   GMRC013             2        20             18       48.76   15.69   4.42    0.070       0.08       0.15       9.59
Gofolo Main   GMRC031             4        12              8       49.74   19.29   2.73    0.051      0.034       0.08       7.61
Gofolo Main   GMRC032            16        34             18       49.50   19.52   3.27    0.148      0.010       0.12       6.81

Table 2 | High-grade intersections along >1km strike and 200m line spacing at Gofolo Main prospect

Results were received for a 9 hole 492m exploration programme leading to a new discovery at the Gofolo NE prospect along strike from Gofolo Main. Significant drill
intersections were reported of similar coarse recrystallized friable itabirite at Gofolo NE with similar potential low stripping ratios as at Gofolo Main.

Prospect      Hole_ID           From    To     Interval(m)   Fe    SiO2   Al 2O3   P      S       TiO2   LOI 1000
Gofolo NE     GNERC001           16     28        12        34.15  35.99   7.02   0.127  0.070    0.23     7.00
Gofolo NE     GNERC006           18     32        14        34.02  37.02   7.78   0.063  0.051    0.43     4.60
Gofolo NE     GNERC009           14     26        12        32.75  44.14   4.78   0.027  0.015    0.14     3.83

Table 3 | Significant intersections from RC exploration drilling at Gofolo NE prospect

Confirmation of friable itabirite intersections and the new discovery of Gofolo NE
enhances and confirms regional exploration potential within the license and
project areas. To date only an 8km strike length of a total 60km prospective strike
has been drill tested providing significant potential upside for ongoing exploration.
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 75µm 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.
Scoping Study RC resource drilling has now been completed at the Gofolo Main and
Zaway projects for a total of 5,622m in 71 holes. RC exploration drilling has been
completed at the Gofolo NE prospect for a total of 492m in 9 holes.

Metallurgical and quality control HQ diamond core drilling has been completed at
Gofolo Main for a total of 781m in 11 holes and is currently underway at Zaway. On
completion of diamond drilling at Zaway, the rig will convert back to RC and
complete the resource drilling programme at the Koehnko prospect and finalise the
planned drill programme during January 2014.

Initial HQ core observations are highly encouraging with exceptionally coarse iron
formation textures evident, highlighting the potential for the design and
implementation of a low-cost crushing and processing flowsheet for the production
of a +60% Fe, premium-grade final product.

Previous high-grade friable itabirite samples collected from the first RC
reconnaissance drilling program undertaken at the Gofolo Main prospect in
January/February last 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)

A comprehensive diamond drill core follow-up metallurgical test-work program
with ALS – Iron Ore Technical Centre in Perth, Western Australia has been
designed. The test work program is designed to optimise the processing
parameters required to beneficiate the medium and high-grade friable itabirite
mineralisation present at the Mofe Creek prospects 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.
Approximately 2,500-3,000kg of full HQ drill core will be sent to ALS on completion
of the diamond programme. Initial laboratory testwork is scheduled to commence
during February 2014, pending completion of the diamond drilling and Australian
customs and quarantine clearances. The metallurgical development programme for
the Scoping Study is forecast to be completed mid-April 2014.

Additional metallurgical test-work utilising existing RC drill chip samples already in
Perth is currently underway at ALS Perth. The test-work is designed to assess the
potential product grade and mass recovery at a 1mm crush, for the Gofolo Main
and Koehnko prospects in addition to the 3.35mm crush test-work previously
reported (Refer ASX release 25 June 2013). Results are expected over the coming

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 completing 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 ore 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 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.

15 January 2014

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

Appendix 1 regarding intersections from Gofolo Main RC resource drilling to date
(non-inclusive previous reported drilling intersections), Gofolo NE RC exploration
drilling and Zaway RC resource drilling to date has been removed for SENS

APPENDIX 2: JORC Table; Sampling techniques and data – Reporting of Exploration

Drilling and          -    All drilling was conducted by reverse circulation
Sampling                   drilling with sampling conducted by riffle splitting to 2-
Techniques                 3kg for dispatch to the assay laboratory
                      -    All sampling conducted on a 1m basis and composited
                           to 2m intervals for assay
Drill Sample          -    Moisture content and recovered sample weight were
Recovery                   recorded at time of sample recovery on a 1m basis
                      -    Data used to verify recoveries and sample quality
                      -    No sample recovery or quality issues were encountered
                           during the current drill program likely to impact on the
                           quality of data derived
                      -    Lower RC drill chip recovery was recognised in the top
                           10 to 15m from surface and twinned diamond core
                           holes planned at each prospect to check for any
                           potential sample bias
Logging               -    All drill chips logged on site for lithology and
                           mineralisation. A representative sample of the chips on
                           a 1m basis retained on site.
                      -    All RC chips are photographed for digital storage.
Sub-sampling          -    Assaying and sample preparation conducted at SGS
techniques and             laboratory in Monrovia
sample                -   2-3kg samples as received from Tawana Resources are
preparation               dried and crushed to 75% passing 2mm
                      -   1.5kg riffle split is then pulverised by ring & puck mill
                          to 85% passing 75µm and 200g recovered for analysis
Quality of Assay      -   All assaying conducted by Lithium metaborate /lithium
and laboratory            tetraborate mixture digest and XRF finish for major
tests                     elements and Thermo Gravimetric Analyser (TGA) for
                          loss on ignition
                      -   Blind standards, blanks and field duplicates inserted
                          every 50th sample by Tawana Resources in the field.
                          Acceptable accuracy and precision have been
                          established for all samples reported
                      -   SGS laboratory conducts internal QA/QC on sample
                              o Every 50th sample screened to confirm % passing
                                 2 mm and 75 um
                              o Crusher and pulverizers cleaned with barren
                                 material at the start of every batch
                              o % dust loss determined once per week.
                      -   SGS laboratory conducts QA/QC on sample analysis;
                              o 1 Reagent Blank in 40
                              o 1 Preparation Blank (prep process blank) in 40
                              o 1 Weighed replicate in 40
                              o 1 Preparation Duplicate (resplit) in 40
                              o 1 SRM’s in 40
Verification  of      -   All sampling data is recorded in hardcopy format
sampling and              before data entry on site.
Location of Data      -   Collar surveys conducted by DGPS survey after hole
points                    completion. Down hole surveys conducted at collar and
                          hole bottom and at 5m intervals downhole by Reflex
                          gyroscopic tool
                      -   Drill results reported in UTM 29N
Data Spacing and      -   Drilling conducted on 400 x 60m and 200 x 60m
Distribution              nominal grid for resource drilling at Gofolo Main and
                      -   Drilling conducted on a nominal 400 x 60m grid for
                          exploration drilling at Gofolo NE
Orientation of data   -   Drilling has been conducted inclined 50o towards 024
in relation to            and 007 UTM at Gofolo Main and Zaway respectively
geological            -   Drilling has been conducted inclined 50o towards 327
structure                 UTM at Gofolo NE
                      -   The orientations are essentially perpendicular to the
                          main structural trends at the prospects.
Sample Security       -   All samples are stored in a secure and gated compound
                          at Tawana Resources Camp facility until handover to
                          the independent laboratory in Monrovia
Audits or Reviews     -   Field duplicates are reviewed periodically by Tawana
                          Resources technical staff and confirm the validity of
                          the current sampling practice
Mineral tenement      -   All drilling has been conducted on the Mofe Creek
and land tenure           exploration license MEL-12029.
status                -   Tawana Resources is 100% holder of the Mofe Creek
                          exploration license.
Exploration done by   -   No other parties have conducted exploration on the
other parties             license
Geology               -   Mineralization is associated with moderately to
                          steeply dipping iron formation; likely metamorphosed
                          BIF to itabirite within a package of intermixed
                          itabirite and amphibolite and hanging/footwall
                          basement granite-gneiss. The itabirite is medium to
                          coarse grained with relict banded texture and is
                          friable where weathered from surface to an average
                          depth of 25-45m vertical. In-situ iron grades are
                          increased where weathered to form an enrichment
                          blanket from surface to average 25-45m vertical depth
                          and locally higher iron grades are associated with
                          primary magnetite accumulations.
Data Compositing      -   Data composited using weighted average and a
                          maximum of 4m of consecutive internal dilution
Relationship          -   Drilling has been planned to intersect mineralisation
between                   perpendicular to strike and as near as possible to true
mineralisation            thickness of the lithological units hosting iron
widths and                formation
intercept lengths     -   Intersections through friable mineralisation associated
                          with the weathering profile are typically 25% longer
                          than vertical depth
Balanced reporting    -   All drill intersections have been included in the
                          appendices for received and QA/QC reviewed results
Other substantive     -   For initial exploration drilling conducted, refer to ASX
exploration data          release of 12th March 2013 and subsequent Gofolo Main
                          drilling intersections refer to ASX release of 20th
                          November 2013
Further Work          -   Further work will include diamond core drilling for
                          metallurgical test-work and twinning of RC drilling for

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