TAWANA RESOURCES NL - Exciting New Drill Targets DefinedRelease Date: 29/07/2014 09:20:00 Code(s): TAW PDF(s):
Exciting New Drill Targets Defined
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Stock Exchange Limited: TAW
EXCITING NEW DRILL TARGETS DEFINED
PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS PURPOSES.
PLEASE REFER TO TAWANA WEBSITE FOR THE COMPLETE ANNOUNCEMENT
- Exceptional, coarse-grained, friable itabirite outcropping discovered at Zaway North-
West during road access and drill pad preparation
- Potential for high grade itabirite mineralisation to be confirmed at new drill targets
- Additional resource increase to be targeted at Gofolo West, Zaway North-West and
Koehnko South exploration targets
- Pre-Feasibility Study (“PFS”) diamond drilling programme has commenced at Gofolo
Main and Zaway Main deposits
- A 7,500m, 80 hole exclusive diamond core programme utilising two track mounted rigs
has been scheduled
- Planned three-month drilling programme with scheduled completion in October 2014
- A total of 665m (6 holes) of diamond core drilling has been completed to date
Tawana Resources NL (ASX: TAW) (‘the Company’ or ‘Tawana’) is very pleased to
announce the commencement of PFS drilling at its 100% owned Mofe Creek Iron Project in
Liberia, West Africa.
Managing Director, Len Kolff, said, “The strike and width of the coarse, friable itabirite
outcropping observed at the Zaway North-West target, confirms the potential for the deposit
to be a significant development opportunity in the future."
“The diamond coring programme will provide improved geological understanding across both
the current resource footprints and new exploration targets, flexibility for future metallurgical
sampling programmes, as well as reduced operational risk associated with future mine
design and planning”, Mr Kolff said.
Exciting New Exploration Targets
Ongoing field work and the recent opening of drill access tracks and drill pads has defined
exciting new exploration targets for the current drill programme at Gofolo West, Zaway
North-West and Koehnko South. All exploration targets follow the Company’s strategy of
qualifying the potential tonnages associated with the three operational “hubs” centered
around the Gofolo, Zaway and Koehnko mineralisation deposits.
The Zaway North-West target is defined by a coincident 3.5km long ridge with an
aeromagnetic anomaly and outcropping coarse, friable itabirite mineralisation similar to
Gofolo and Zaway Main deposits. The target occurs approximately 750m north of Zaway
Main and is characterised by similiar itabirite outcrops along the ridge.
Drill rig access is currently under construction at Koehnko South; with outcrop width and
strike yet to be confirmed in road cuttings and drill pad preparation.
Diamond Drilling Programme
Since announcing the results of the positive Scoping Study (refer ASX release 3rd July
2014), the Company has expeditiously engaged experienced drilling contractors to
commence drilling for the Pre-Feasibility Study (“PFS”). The 7,500m HQ diamond core
drilling programme consists of approximately 80 drill holes from 50m up to 180m deep and
across both existing resource footprints and new exploration targets. The drill programme is
targeting an overall resource increase from the current 61.9Mt Maiden Resource Estimate
across the Gofolo, Zaway and Koehnko mineralisation “hubs”.
Exploration drilling will focus on the Gofolo West, Zaway North-West and Koehnko South
targets where exciting new targets have been defined through ongoing field mapping and
the opening-up of drill access roads and pads.
Drilling is expected to be completed during October 2014 utilising two track-mounted Atlas
Copco CS1000 rigs on double shift. Drilling is being completed by an experienced Liberian
based contractor with several years of diamond coring, iron ore and seasonal drilling
experience in Country, and elsewhere throughout West Africa.
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 20 km from the coast and 80 km from the country’s capital city and major
Tawana is committed to becoming a mid-tier iron ore producer through the development of
the Mofe Creek Project, which covers 285 km2 of highly prospective tenements in Grand
Cape Mount County. The Project host’s high-grade friable itabirite mineralisation which can
be easily upgraded to a premium quality iron ore product of +64- 68 % Fe grade, via simple,
low capital intensity beneficiation.
The Company has recently concluded its successful and financially robust Scoping Study on
the Mofe Creek Project. The Scoping Study considered an early start-up, low capital cost
project with a production rate of up to 2.5 million tonnes per annum (Mtpa).
For further information please Len Kolff
contact: Wayne Richards Managing Director
Executive Chairman Tel: +61 7 3510 2115
Tel +61 8 9287 4344 Mob: +61 424 942 589
Detailed information on all aspects of Tawana’s projects can be found on the Company’s
29 July 2014
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Full details of the Scoping Study referred to in this announcement were initially released to
the ASX in an announcement dated 3 July 2014, and should be read in conjunction with this
announcement. All material assumptions underpinning the Scoping Study, production targets
and forecast financial information derived from the production targets as well as any
cautionary statements and disclosures as required under the ASX Listing Rules and 2012
JORC Code are set out in the announcement dated 3 July 2014 and continue to apply and
have not materially changed.
The Scoping Study referred to in this announcement is preliminary in nature as its
conclusions are drawn on inferred (74%) and indicated mineral resources (26%). The
Scoping Study is based on lower-level technical and economic assessments, and are
insufficient to support estimation of Ore Reserves or to provide assurance of an economic
development case at this stage, or to provide certainty that the conclusions of the Scoping
Study will be realised.
There is a low level of geological confidence associated with inferred mineral resources and
there is no certainty that further exploration work will result in the determination of indicated
mineral resources or that the production target itself will be realised. There is also no
certainty that the forecast financial information derived from the production targets will be
Competent Persons Statement
The information in this report that relates to Mineral Resources or Ore Reserves is based on
information compiled by Len Kolff and Iain Macfarlane, who are members of the Australian
Institute of Geoscientists. Len Kolff 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’. Iain Macfarlane is a full-time employee of Coffey
Mining Pty Ltd 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’ Len Kolff and Iain
Macfarlane consent 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
This announcement contains certain forward looking statements. These forward-looking
statements are not historical facts but rather are based on the Company’s current
expectations, estimates and projections about the industry in which Tawana Resources NL
operates, and beliefs and assumptions regarding the Company’s future performance. Words
such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” “potential”
and similar expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject to known and unknown
risks, uncertainties and other factors, some of which are beyond the control of the Company,
are difficult to predict and could cause actual results to differ materially from those expressed
or forecasted in the forward-looking statements. Tawana Resources NL cautions
shareholders and prospective shareholders not to place undue reliance on these forward-
looking statements, which reflect the view of Tawana Resources NL only as of the date of
this presentation. The forward-looking statements made in this release relate only to events
as of the date on which the statements are made. Tawana Resources NL will not undertake
any obligation to release publicly any revisions or updates to these forward-looking
statements to reflect events, circumstances or unanticipated events occurring after the date
of this presentation except as required by law or by any appropriate regulatory authority.
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