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TAWANA RESOURCES NL - Amendment to announcement regarding the Metallurgical Results Confirm a 68 Percent Fe PremiumGrade Product

Release Date: 22/01/2014 11:27:00      Code(s): TAW       PDF(s):  
Amendment to announcement regarding the Metallurgical Results Confirm a 68 Percent Fe PremiumGrade Product

  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”)

Amendment to the announcement regarding the Metallurgical Results Confirm a 68% Fe
Premium Grade Product

Clarification of JORC Code

Tawana Resources NL (ASX: TAW) wishes to clarify that announcement of 21 January 2014 was
prepared under the 2012 JORC Code.

The announcement is reissued and attached with an amended competent persons sign-off for

Further information

Len Kolff
Managing Director


   -   Follow-up metallurgical testwork on R/C samples from the Mofe Creek
       Project (at a -1mm crush sizing) have achieved a 63% to 68% Fe -
       premium quality product at 58% to 68% mass recovery
   -   Exceptionally low SiO2 (<2.0%) and Al2O3 (<1.0%) levels achieved in the
       final product at a +3.6 Specific Gravity
   -   Samples were from the initial reverse circulation (RC) drilling at Gofolo Main
       and Koehnko prospects and representative of ‘high-grade’ friable itabirite
       mineralisation at the Project
   -   Diamond Core samples from Gofolo Main and Zaway deposits scheduled to
       commence detailed metallurgical testing in February
   -   Testwork was conducted by ALS Perth utilising Heavy Liquid Separation
       (HLS) to replicate a potential gravity / spirals processing plant design

Tawana Resources NL (ASX: TAW) (the Company or Tawana) is very pleased to
announce the results of follow-up metallurgical testwork on previous RC samples
from its 100% owned Mofe Creek Iron Ore Project in Liberia, West Africa.

Managing Director, Len Kolff, said, “The testwork demonstrates that with a coarse
crush to 1mm, it is possible to generate +63% to 68% Fe product grades at 58% to
68% mass recovery with low contaminants for a potential premium quality
product at Gofolo Main and Koehnko”.

“Results are extremely encouraging given the exceptionally high grade Fe
product produced and the superior mass recoveries achieved. With no fine
grinding required, the potential exists for a very simplistic gravity beneficiation
circuit to generate a premium quality product at potentially very low capital

“The coarse grained, hematitic and friable characteristics of the mineralisation
provide very favourable properties for iron upgrade, as demonstrated by the
results of the testwork”.

“Initial R/C and diamond drill core observations at Zaway suggest a similar
material type and lithology to Gofolo Main and Koehnko; providing additional
confidence for further resource extensions and a potential simple early start-up
process design capable of generating a premium grade Fe product”.

Metallurgical Testwork Results:
Metallurgical testwork was conducted by ALS Metallurgy – Iron Ore Technical
Centre of Perth, on two RC drill composites from the first phase drill programme.
Composite 2 and Composite 5 are representative samples from drilling completed
at Gofolo Main and Koehnko within ‘high-grade’ friable itabirite that were part of
the first phase metallurgical testwork programme reported in 2013. (Refer ASX
release of 25th June 2013).

The principal objective of the testwork was to explore beneficiation options by
‘assay, by size’ fractioning and heavy liquid separation (HLS) at a 1mm crush size.
First phase metallurgical testwork reported in June 2013 was completed at a
coarse 3.35mm crush to define the ‘minimum’ amount of work required to
generate a +60% Fe product. This testwork was designed to assess what potential
product grades could be achieved at a 1mm crush (i.e. no particulate grinding). In-
situ R/C head grades for both composites are shown below.

Composite                Fe%                     SiO2%                    Al2O3%
Comp 2                   50.4                    19.49                    1.87
Comp 5                   36.5                    38.16                    6.07

Table 1 | Composite head grades for Comp 2 (Gofolo Main) and Comp 5 (Koehnko)

A representative portion of the crushed -1.0mm material was de-slimed at
0.045mm and the -1.0 +0.045mm fraction was submitted for HLS at various specific
gravities to test for the amenability to beneficiate by gravity process.
The HLS results indicated excellent upgradability for both composites with Fe
grades continuing to increase up to 63.2% and 67.7% Fe respectively, as the
specific gravity increased to 3.6, whilst the levels of contaminants decreased to a
level of approximately <2.0% SiO2 and <1.0% Al2O3.

Composite       SG (µm)      Mass          Feed Mass    Fe%             SiO2%       Al2O3%
                             Recovery      Recovery
                              %                %
Comp 2          +3.6         67.6            50.3       63.2             1.9          0.92
Comp 5          +3.6         57.5            40.7       67.7             2.0          0.64

Table 2 | Mass recovery and product grade of the -1.0+0.045mm using heavy liquid separation

The sizing results indicated that the coarser particles at the Gofolo Main prospect
tend to have high Fe grades for Composite 2, whilst the mid-sized particles tend to
contain even higher Fe grades for Composite 5 at the Koehnko prospect. This is
confirmed in field observations where the Koehnko prospect is characterised by
finer grained mineralisation in outcrop as compared to coarser grained
mineralisation at the Gofolo Main prospect. Field observations from Zaway show
mineralisation very similar to Gofolo Main. Full summary sizing and HLS results for
both composites are included in the appendices.

Discussion of Results:
HLS and sizing results confirmed that a high-grade +62% Fe to 67% Fe ‘premium’
product with low impurities can be produced at a +58% to 68% (de-slimed) mass
recovery rate, from 1.0mm crushed material. Material was derived from +37% Fe to
50% Fe head grade, friable itabirite from the Gofolo Main and Koehnko deposits.

Total plant feed mass recoveries for Composites 2 and 5 were between 40% to 50%
when removing material deemed to be ultrafines, i.e. -45µm material. Final mass
recoveries for the Mofe Creek Project will optimally occur within the range of 40%
to 68% (of the processing plant feed) due to the inferred increase in
material/particle coarseness, from diamond core or bulk samples, i.e. in-situ
samples. Note the RC samples contain a higher percentage of ultrafines, as
compared with in-situ material, due to the destructive percussion effect of the RC
hammer during drilling. (Refer ASX release of 25th June 2013).

The results confirm the potential for the design and development of a low capital
intensity process plant with simple gravity beneficiation equipment. Visual drill
core observations at the Zaway prospect suggest similar material is present at this
deposit and should upgrade/beneficiate in a manner similar to the Gofolo Main
deposit samples.

Mineralisation from both composites is representative of the ‘central’ portion of a
typical high-grade friable itabirite profile where the surface crust of weathering
related material has been removed as it has the transitional hematitic to magnetic
itabirite at the base. It typically represents the ‘higher-grade’ portion of the
friable itabirite profile. A representative 1 kg split of material was used for each

Composite Hole_ID   Depth_From Depth_To  Interval  Fe    SiO2  Al2O3   P      S    TiO2  LOI1000
          GMRC001        22      36       14      41.30  34.41  1.91  0.089  0.01  0.033   3.32
  Comp 2  GMRC003        12      26       14      49.88  18.62  1.50  0.090  0.04  0.043   7.28
          GMRC006         8      30       22      54.90  11.50  1.84  0.089  0.04  0.045   8.23
          KRC001         22      28        6      29.59  47.10  7.00  0.016  0.12  0.050   2.57
          KRC002          6      36       30      36.71  39.13  5.08  0.017  0.06  0.045   2.61
          KRC003          2      10        8      42.45  29.38  6.48  0.046  0.12  0.034   3.48
          KRC004          4      24       20      35.35  34.63  9.38  0.045  0.22  0.039   4.52
  Comp 5
          KRC006          8      24       16      40.41  36.69  2.62  0.014  0.05  0.024   1.98
          KRC012          4      34       30      43.09  28.74  5.64  0.017  0.06  0.042   2.92
          KRC014         10      12        2      36.07  37.30  5.99  0.038  0.10  0.030   4.35
          KRC015         22      38       16      28.76  48.60  6.40  0.009  0.05  0.052   3.42

Table 3 | Meterage and RC assays for holes and intervals used to generate composites 2 and 5
(Refer ASX release of 25th June 2013)

Testwork samples for this metallurgical programme were derived from RC drill
chips that are not entirely representative of the in-situ physical rock properties.
The follow-up metallurgical testwork programme scheduled for February, in
support of the Scoping Study Metallurgical Program and Plant Design criteria, will
be performed on full HQ drill core samples. These samples will not have been
artificially pulverised due to the percussion effect of the RC hammer. Hence, the
in-situ samples will be coarser in nature and less material should report to the
ultrafines fractions (as compared with the RC Samples).

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 premium quality iron ore
product of +60% Fe grade, for which there is consistent global demand.

The Company is currently concluding 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
Tawana Resources NL
Tel: +61 7 3510 2115
Mob: +61 424 942 589

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 2012 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.

22 January 2013
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

APPENDIX 1: Process flowsheet and summary metallurgical testwork results has
been removed for Sens purposes

JORC Table;            -   All drilling was conducted by reverse circulation
                           drilling with sampling conducted by riffle splitting to
Sampling                   2-3kg for dispatch to the assay laboratory
techniques and         -   All sampling conducted on a 1m basis and composited
data – Reporting of        to 2m intervals for assay
ResultsDrilling and
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 preparation      -   2-3kg samples as received from Tawana Resources are
                            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
and laboratory              /lithium tetraborate mixture digest and XRF finish for
tests                       major 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              at Gofolo Main and Koehnko
geological structure    -   Drilling has been conducted inclined 50o towards 007
                            UTM at Zaway
                        -   Drilling has been conducted inclined 50o towards 327
                            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 and recrystallised 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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