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TAWANA RESOURCES NL - High Priority Exploration Targets Delineated at Mofe Creek

Release Date: 29/04/2014 10:30:00      Code(s): TAW       PDF(s):  
High Priority Exploration Targets Delineated at Mofe Creek

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-Priority Exploration Targets Delineated at Mofe Creek

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

    -   Multiple iron formation targets delineated by ongoing field programmes near Zaway and
        Koehnko main deposits
    -   Zaway North-West deposit has an approximate 4km combined strike length with an average
        head-grade of 31% Fe – as determined from combined rock chip laboratory and hand-held
        XRF analysis, representing one of Tawana’s new high-priority targets
    -   Two additional targets at Koehnko East and Koehnko South with an approximate 3km
        combined strike length at an average Fe head-grade of 36% Fe, as determined from
        combined rock chip laboratory and hand-held XRF analysis have been confirmed as future
        high priority targets
    -   Only 8km of a potential 65km prospective strike drilled to date; potential exists to significantly
        increase the current resource as a consequence of these potential target extension(s)(refer
        ASX announcement 31 March 2014)
    -   All new exploration targets constituted coarse grained and friable itabirite in outcrops, with
        similar visual characteristics to the Zaway and Koehnko main deposits, as incorporated in the
        Maiden Resource estimate (refer ASX announcement 31 March, 2014)
    -   Field work continuing at the newly explored Gofolo North-East area; results and analyses
        pending
    -   Metallurgical test work on Gofolo Main and Zaway Main maiden resource estimate core
        samples are well advanced; results forecast for release in May

Tawana Resources NL (ASX: TAW) (“Tawana” or “the Company”) is very pleased to announce
results of its ongoing exploration programmes at its 100% owned Mofe Creek Iron Ore Project located
in Grand Cape Mount County, Republic of Liberia, West Africa (“Mofe Creek” or “Mofe Creek Project”
or (“the Project”).

“Low cost field work utilising our in-house team and handheld XRF has allowed the Company to
continue value-add exploration on newly explored satellite targets adjacent to the maiden resource
estimate deposits” Len Kolff, Managing Director of Tawana Resources said.

“Mapping combined with handheld XRF assays have delineated approximately 7 km of additional
potential itabirite strike length with an average in-situ head grade of 31-36% Fe, over multiple targets
adjacent to the Zaway and Koehnko Main deposits” he said.

“Proximity of the newly delineated exploration targets to the existing deposits provides potential to
significantly increase the current resource in future drilling programmes” he said.

“Field teams will continue to delineate and refine exploration targets adjacent to and beyond the
Gofolo Main deposit over the coming weeks” he concluded.
Exploration targets delineated at Zaway and Koehnko:

New Zaway Targets

Ongoing field work has delineated and refined several high priority satellite exploration targets within
1 to 2 km distance of the Zaway and Koehnko Main - maiden resource estimation footprints.

Field work including mapping, structural measurements and rock-chip sampling by handheld XRF
(total of 516 samples analysed to date), in addition to historical rock chip and auger results (refer ASX
announcement 29 May 2013) have been used to delineate and refine highly prospective iron
formation targets within the broader magnetic and topographic trends previously defined.

A total of 4km combined strike length over 9 discrete anomalies has been defined at the Zaway
prospect area, including 2km of discontinuous iron mineralisation along the 3.3km long Zaway North-
West target ridge. Average iron grades in combined handheld XRF (33 samples analysed) and
historic rock chip laboratory assays (11 samples assayed) for the exploration targets defined vary
between 21-57% Fe and are characterised by discrete coarse-grained itabirite outcrops; very similar
to mineralisation intersected in drilling at the Zaway Main deposit (refer ASX announcement 3
February 2014).

New Koehnko Targets

At the newly explored Koehnko targets, mineralisation is typically finer grained than Zaway targets,
with finite and limited outcrops. A total of 3km combined strike length over 5 exploration targets has
been delineated utilising handheld XRF (11 samples analysed) and previously announced hand auger
results (12 samples assayed; refer ASX announcement 29 May 2013) along the eastern and southern
topographic and magnetic target zones. Average in-situ iron head-grades for the exploration targets
vary between 21-49% Fe, from the combined results.

Scoping Study Update

Both metallurgical laboratory and site-based field work is progessing well and within schedule for the
completion of the Mofe Creek Scoping Study. All major consultant groups have advanced their
respective disciplines, and the principles deliverables for the Scoping Study have been defined. The
Study will scope, design and cost the implementation of a two-stage development program, with the
proposed first stage being designed for the production of 1 to 2 Million tonnes per annum (Mtpa) of
final product whilst the second stage (Stage 2) will consider the production of 5 to 10 Mtpa.

Earth Systems in conjunction with EarthCons have completed the high-level Scoping Study
environmental and social overview and are currently scoping the requirements in support of the
Environmental and Social Impact Assessment (ESIA) Application and baseline monitoring data for the
pending Pre-Feasability Study.

Coffey Mining of Perth is currently reviewing geotechnical and hydrological mine design criteria, and
the mine and tailing storage facility design in support of the Scoping Study.

ALS Iron Ore Technical Centre of Perth is finalising the metallurgical test work and characterisation
studies on 10 diamond core composites from the Gofolo and Zaway Main deposits. Test work has
included physical and chemical characterisation, and wet and dry beneficiation test work. Final results
are expected over the coming weeks.

Prestedge Retief Dresner Wijnberg (PRDW) Pty Ltd of South Africa, have completed a desktop
review of barging and transhipment options in support of the Stage 2 – 5 to 10Mtpa production
scenario, whilst Tenova Bateman is well advanced in the plant/site layouts, general arrangements
and major equipment selection associated with the processing and engineering design of both
production stages.

About Tawana (ASX & JSE: TAW)

Tawana Resources NL 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 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
                                     2
Creek Project, which covers 285km 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 in the 62-68% Fe grade range, for which there is consistent global demand,
attracting significant price premiums.

The Company has concluded its maiden resource drilling program and is well advanced in the
completion of 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 to 2 Mtpa, as well as a longer-term
project capable of producing 5 to 10 Mtpa of premium iron ore product.

For further information please contact:
Len Kolff
Managing Director
Tel: +61 7 3510 2115

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

29 April 2014
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd


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. Information relating to auger results over the Koehnko target was
prepared and first disclosed under JORC Code 2004. It has not been updated since to comply with
the JORC Code 2012 on the basis that the information has not materially changed since it was last
reported.

Forward Looking Statement

This report may contain certain forward looking statements and projections regarding estimated,
resources and reserves; planned production and operating costs profiles; planned capital
requirements; and planned strategies and corporate objectives. Such forward looking
statements/projections are estimates for discussion purposes only and should not be relied upon.
They are not guarantees of future performance and involve known and unknown risks, uncertainties
and other factors many of which are beyond the control of Tawana Resources NL. The forward
looking statements/projections are inherently uncertain and may therefore differ materially from
results ultimately achieved.

Tawana Resources NL does not make any representations and provides no warranties concerning
the accuracy of the projections, and disclaims any obligation to update or revise any forward looking
statements/projects based on new information, future events or otherwise except to the extent
required by applicable laws. While the information contained in this report has been prepared in good
faith, neither TAW or any of its directors, officers, agents, employees or advisors give any
representation or warranty, express or implied, as to the fairness, accuracy, completeness or
correctness of the information, opinions and conclusions contained in this presentation. Accordingly,
to the maximum extent permitted by law, none of TAW, its directors, employees or agents, advisers,
nor any other person accepts any liability whether direct or indirect, express or limited, contractual,
tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the information or for
any of the opinions contained in this presentation or for any errors, omissions or misstatements or for
any loss, howsoever arising, from the use of this presentation.


The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code
requirements for the reporting of Mineral Resources: (CPs: LK Len Kolff; IM Iain Macfarlane)

SECTION 1 SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections).




                                                                                                                Competent
Criteria      JORC Code Explanation                                           Commentary
                                                                                                                 Person


Sampling    -  Nature and quality of sampling (eg cut channels,              Rock chip samples were                   LK
techniques     random chips, or specific specialised industry                collected in the field from
               minerals under investigation, such as down hole               boulder float material.
               gamma sondes, or handheld XRF instruments,                    Whole rock chip samples
               etc). These examples should not be taken as                   were analysed by 
               limiting the broad meaning of sampling.                       handheld XRF
            -  Include reference to measures taken to ensure
               sample representivity and the appropriate
               calibration of any measurement tools or systems
               used.
            -  Aspects of the determination of mineralisation
               that are Material to the Public Report.
            -  In cases where ‘industry standard’ work has
               been done this would be relatively simple (eg
              ‘reverse circulation drilling was used to obtain
               1m samples from which 3kg was pulverised to
               produce a 30g charge for fire assay’). In other
               cases more explanation may be required, such
               as where there is coarse gold that has inherent
               sampling problems. Unusual commodities or
               mineralisation types (eg submarine nodules)
               may warrant disclosure of detailed information.
Drilling    -  Drill type (eg core, reverse circulation, open-hole           -  No drilling results are reported as         LK
techniques     hammer, rotary air blast, auger, Bangka, sonic,                  part of this submission.
               etc) and details (eg core diameter, triple or
               standard tube, depth of diamond tails, face-
               sampling bit or other type, whether core is
               oriented and if so, by what method, etc).
Drill       -  Method of recording and assessing core and                    -  No drilling results are reported as          LK
sample         chip sample recoveries and results assessed.                     part of this submission.
recovery    -  Measures taken to maximise sample recovery
               and ensure representative nature of the
               samples.
            -  Whether a relationship exists between sample
              recovery and grade and whether sample bias
               may have occurred due to preferential loss/gain
               of fine/coarse material.
Logging     -  Whether core and chip samples have been                       -  All rock chip samples were                   LK
               geologically and geotechnically logged to a level                geologically logged for lithology,
               of detail to support appropriate Mineral                         hardness, grain size, fabric and
               Resource estimation, mining studies and                          where possible dip/dip direction
               metallurgical studies.                                           for structural interpretation.
            -  Whether logging is qualitative or quantitative in
               nature. Core (or costean, channel, etc)
               photography.
            -  The total length and percentage of the relevant
               intersections logged.
Sub-        -  If core, whether cut or sawn and whether                      -  All rock chip samples were dried             LK
sampling       quarter, half or all core taken.                                 prior to analysis at room
techniques  -  If non-core, whether riffled, tube sampled, rotary               temperature
and            split, etc and whether sampled wet or dry.                    -  Blanks and certified reference
sample pre  -  For all sample types, the nature, quality and                    materials were inserted every 10th
paration       appropriateness of the sample preparation technique.             sample.                                      
                                                                             -  No sub sampling techniques
            -  Quality control procedures adopted for all sub-                  were carried out on the original
               sampling stages to maximise representivity of                    rock chip sample.
               samples.
            -  Measures taken to ensure that the sampling is
               representative of the in situ material collected,
               including for instance results for field
               duplicate/second-half sampling.
            -  Whether sample sizes are appropriate to the
               grain size of the material being sampled.

Quality of  -  The nature, quality and appropriateness of the               -   Assaying was by handheld XRF                       LK
assay          assaying and laboratory procedures used and                      instrument Olympus Delta
data and       whether the technique is considered partial or                   Premium GeoChem (Mining
laboratory     total.                                                           Plus) Analyzer using geochem
tests       -  For geophysical tools, spectrometers, handheld                   mode.
               XRF instruments, etc, the parameters used in                 -   Reading time was 1 second per
               determining the analysis including instrument                    reading with a total of 4 readings
               make and model, reading times, calibrations                      per sample.
               factors applied and their derivation, etc.                   -   The instrument automatically
            -  Nature of quality control procedures adopted (eg                 calculated an average grade
               standards, blanks, duplicates, external laboratory               from the readings per sample.
               checks) and whether acceptable levels of                     -   The instrument automatically
               accuracy (ie lack of bias) and precision have                    calibrates on a daily basis.
               been established.                                            -   Blanks and certified reference
                                                                                material standards were inserted
                                                                                every 10th sample and
                                                                                acceptable levels of accuracy
                                                                                and precision have been
                                                                                restablished.

Verificatio -  The verification of significant intersections by             -   It was noted that handheld XRF              LK
n of           either independent or alternative company                        results reported were
sampling       personnel.                                                       consistently lower when
and         -  The use of twinned holes.                                        compared with laboratory
assaying    -  Documentation of primary data, data entry                        analysis reported previously.
               procedures, data verification, data storage                      The difference was less
               (physical and electronic) protocols.                             pronounced over the Koehnko
            -  Discuss any adjustment to assay data.                            satellite prospects which are
                                                                                typically finer grained than the
                                                                                Zaway prospects; however, this
                                                                                may also be a factor of fewer
                                                                                sampling points.
                                                                           -    No twinned holes are reported
                                                                                as part of this submission.
                                                                           -    All mapping data is collected
                                                                                manually in the field and entered
                                                                                subsequently into excel
                                                                                spreadsheet mapping and rock
                                                                                chip database.
                                                                           -    All handheld XRF data is
                                                                                collected in the field office and
                                                                                downloaded from the instrument
                                                                                to excel spreadsheet.
                                                                           -    No adjustments have been
                                                                                made to the assay data.
                                                              
Location     -  Accuracy and quality of surveys used to locate             -    All sampling points have been                    LK
of data         drillholes (collar and down-hole surveys),                      surveyed using handheld GPS
points          trenches, mine workings and other locations                     instrument on WGS 84 UTM
                used in Mineral Resource estimation.                            zone 29N grid system.
             -  Specification of the grid system used.                     -    No topographic control is
             -  Quality and adequacy of topographic control.                    reported as part of this
                                                                                submission.

Criteria     JORC Code Explanation                                         Commentary                                   Competent
                                                                                                                       Person
Data         -  Data spacing for reporting of Exploration Results.         -    sampling is defined by the extent         LK
spacing      -  Whether the data spacing and distribution is                    of outcrop available.
and             sufficient to establish the degree of geological           -    Sampling         distribution     is
distribution    and grade continuity appropriate for the Mineral                considered sufficient for reporting
                Resource and Ore Reserve estimation                             of exploration results.
                procedure(s) and classifications applied.                  -    No sample compositing has been
             -  Whether sample compositing has been applied.                    applied.

Orientation  -  Whether the orientation of sampling achieves               -    Sampling orientation is dictated          LK
of data         unbiased sampling of possible structures and the                by presence of outcrop. Where
in relation     extent to which this is known, considering the                  possible, rock chip sampling has
to              deposit type.                                                   been conducted perpendicular to
geological   -  If the relationship between the drilling orientation            regional strike.
structure       and the orientation of key mineralised structures          -    No drilling results are reported
                is considered to have introduced a sampling                     as part of this submission.
                bias, this should be assessed and reported if
                material.

Sample       -  The measures taken to ensure sample security.              -    All generated pulps have been                  LK
security                                                                        securely stored at the project field
                                                                                office.
Audits or    -  The results of any audits or reviews of sampling           -    Sampling techniques and data                   LK
reviews         techniques and data.                                            were regularly reviewed by
                                                                                internal company staff.

Mineral      -  Type, reference name/number, location and                  -    MEL12029 is located within the            LK
tenement        ownership including agreements or material                      Grand Cape Mount and Bomi
and land        issues with third parties such as joint ventures,               counties of Liberia and is 100%
tenure          partnerships, overriding royalties, native title                held by Tawana Liberia Inc, a
                interests, historical sites, wilderness or national             wholly owned subsidiary of
                park and environmental settings.                                Tawana Resources NL.
             -  The security of the tenure held at the time of             -    There     are      no     known
                reporting along with any known impediments to                   impediments or material issues
                obtaining a licence to operate in the area.                     related to security of tenure at
                                                                                the time of reporting.
Explorati    -  Acknowledgment and appraisal of exploration                -    The Mofe Creek project is a                LK
on done         by other parties.                                               grassroots discovery with no
by other     -  Deposit type, geological setting and style of                   previous mineral exploration or
parties         mineralisation.                                                 other work completed.

Geology
                                                                           -    The Mofe Creek project is                  LK
                                                                                characterised by a series of
                                                                                itabirite hosted iron ore deposits
                                                                                of likely        Archean        or
                                                                                Palaeproterozoic           age        as
                                                                                possible strike continuations of
                                                                                the historic Bomi Hills and Bong
                                                                                Range mines.
                                                                           -    Mineralisation is hosted within
                                                                                banded iron formations (BIFs)
                                                                                that have undergone regional
                                                                                metamorphism                        and
                                                                                recrystallization to itabirite and
                                                                                likely additional recrystallization
                                                                                to coarse grained, coarsely
                                                                                banded magnetite-hematite
                                                                                itabirite as seen today. A
                                                                                minimum of one and up to three
                                                                                major itabirite    bands       are
                                                                                recognised stratigraphically of
                                                                                both silicate and oxide iron
                                                                                formation facies and
                                                                                interbedded with metasediments
                                                                                (variably garnet overprinted), Fe
                                                                                rich mafics and quartzites.
                                                                                Collectively the iron units and
                                                                                interbedded metasediments can
                                                                                be considered a ‘greenstone’
                                                                                belt that unconformably overlies
                                                                                granite/gneiss basement.
                                                                           -    The sequence has been folded
                                                                                and faulted through at least two
                                                                                major phases of deformation
                                                                                causing recrystallization,
                                                                                increase in average grain size
                                                                                and potential enrichment of the
                                                                                itabirite units.
                                                                           -    The sequence has then been
                                                                                subject to intense tropical
                                                                                weathering causing oxidation of
                                                                                magnetite to hematite, and
                                                                                variable hydration to goethite
                                                                                and limonite within the upper 30-
                                                                                60m thick weathering profile.
                                                                           -    Some minor faults are
                                                                                recognised in the Gofolo Main
                                                                                prospect but are not considered
                                                                                to have a major influence on the
                                                                                currently established resource;
                                                                                they will be incorporated into
                                                                                resource modelling when further
                                                                                infill drilling has become
                                                                                available.
Drillhole    -  A summary of all information material to the               -    All relevant information material              LK
Informatiom     understanding of the exploration results including              to the understanding   of  exploration 
                a tabulation of the following infrmation for all                results has been included within the  
                Material drillholes:                                            body of the announcement or as
                -  easting and northing of the drillhole collar                 appendices.
                -  elevation or RL (Reduced Level – elevation              -    No information has been excluded.
                   above sea level in metres) of the drillhole                 
                   collar                                                       
                -  dip and azimuth of the hole
                -  down hole length and interception depth
                -  hole length
             -  If the exclusion of this information is justified on
                the basis that the information is not Material and
                this exclusion does not detract from the
                understanding of the report, the Competent
                Person should clearly explain why this is the
                case.

Data         -  In reporting Exploration Results, weighting                -    Arithmetic averages of iron                    LK
aggregati       averaging       techniques,    maximum        and/or            grade were calculated for all
on              minimum grade truncations (eg cutting of high                   rock chip samples occurring
methods         grades) and cut-off grades are usually Material                 within the interpreted iron
                and should be stated.                                           formation target footprints.
             -  Where aggregate intercepts incorporate short               -    No weighted average grades
                lengths of high grade results and longer lengths                have been reported.
                of low grade results, the procedure used for               -    No metal equivalent grades
                such aggregation should be stated and some                      have been reported.
                typical examples of such aggregations should
                be shown in detail.
             -  The assumptions used for any reporting of metal
                equivalent values should be clearly stated.

Relations    -  These relationships are particularly important in          -    No drill hole results are reported            LK
hip             the reporting of Exploration Results.                           as part of this submission.
between      -  If the geometry of the mineralisation with                 -    True width of mineralisation is
minerali        respect to the drillhole angle is known, its nature             not known.
sation          should be reported.
widths and   -  If it is not known and only the down hole lengths
intercept       are reported, there should be a clear statement
lengths         to this effect (eg ‘down hole length, true width
                not known’).

Diagrams     -  Appropriate maps and sections (with scales)                -    All relevant plan maps have                   LK
                and tabulations of intercepts should be included                been included in the body of the
                for any significant discovery being reported                    announcement.
                These should include, but not be limited to a
                plan view of drillhole collar locations and
                appropriate sectional views.

Balanced     -  Where comprehensive reporting of all                        -   Where surface rock chip                       LK
reporting       Exploration Results is not practicable,                         samples are reported, the total
                representative reporting of both low and high                   number of samples collected,
                grades and/or widths should be practiced to                     the average and a range of
                avoid misleading reporting of Exploration                       assay results have been reported.
                Results. 
                                                                           
Other        -  Other exploration data, if meaningful and                   -   All relevant regional and                     LK
substantive     material, should be reported including (but not                 prospect scale geological
exploration     limited to): geological observations; geophysical               observations and geophysical
data            survey results; geochemical survey results; bulk                survey results are included in
                samples – size and method of treatment;                         relevant announcements accordingly.
                metallurgical test results; bulk density,              
                groundwater, geotechnical and rock
                characteristics;  potential deleterious or
                contaminating substances.

Further      -  The nature and scale of planned further work                -   Ongoing mapping and rock chip                  LK
work            (eg tests for lateral extensions or depth                       sampling along additional target
                extensions or large-scale step-out drilling).                   footprints will continue.
             -  Diagrams clearly highlighting the areas of                  -   Exploration drilling will be
                possible extensions, including the main                         planned along defined
                geological interpretations and future drilling                  exploration targets post
                areas, provided this information is not                         completion of access tracks and
                commercially sensitive.                                         assessment of geology exposed
                                                                                in road cuttings resulting from
                                                                                this work.

Date: 29/04/2014 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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