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TAWANA RESOURCES NL - New Mineralisation Discovery

Release Date: 08/04/2015 09:45:00      Code(s): TAW       PDF(s):  
New Mineralisation Discovery

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
(“the Company” or “Tawana”)

New Mineralisation Discovery - Extending Potential Resource Targets for the Mofe Creek


Tawana Resources NL (the Company) is very pleased to announce the discovery of new
mineralisation as part of its ongoing exploration strategy over the Company’s recently
acquired, 100% owned MEL1223/14 Mofe Creek South licence.

New friable itabirite mineralisation has been defined in outcrops over a combined
1.4km strike length and at an average grade of 32.4% Fe. The mineralisation is within a
3km trucking distance of the Gofolo Main resource and is within immediate proximity
to the planned road infrastructure corridor.

The mineralisation represents one of four additional high-priority target areas defined
within the Mofe Creek South licence, which has similar geological characteristics to the
61.9Mt at 33% Fe maiden resource estimate, defined in 2014 (refer ASX release 31st
March 2014)1.

Executive Chairman and Chief Executive Officer Mr Wayne Richards said “To define
additional high-quality mineralisation within such close proximity to the Gofolo Main
resource and adjacent to our potential first mining hub to be developed, is a fantastic
result for the Company. This represents the first of a series of exciting new exploration
targets which have the potential to add significant resource tonnes to the Project, and
which are within short conveying or trucking distance to the proposed Gofolo-Zaway
mining hubs”. Mr Richards added, “The potential to add value to the Project at a low
incremental cost, coupled with very low stripping ratios and forecast low OPEX costs is
very compelling.”

The Company has recently redeployed its full Liberian exploration contingent into the
field to assess new targets to expand the resource footprint of the Project, and to
confirm the potential quantum of mineralisation that may be present within the new
targets. Mapping teams will rapidly assess the remaining exploration targets within the
licence area, with the aim of prioritising drill targets.

Tawana continues its strategy of advancing its envisaged high margin, high-grade ore
project, via such low-cost, value-accretive exploration work carried out by its in-house
team. This strategy, in conjunction with the consistent progress of activities currently
underway which include: advancing negotiations on the Mofe Creek Mineral
Development Agreement; progressing the Project’s Environmental and Social Impact
Assessment activities; and negotiations for infrastructure and transport solutions with
other third party developers/operators, distinguishes Tawana from other global iron
ore companies during this period of low commodity pricing.

MEL1223/14 Exploration Success
Three exploration teams have commenced a two-month mapping and rock-chip
sampling program over MEL 1223/14 to define and quantify potential additional
resource tonnage targets for the Mofe Creek Project.

All coincident topographic and magnetic anomaly highs are within a very short
tramming, conveying or trucking distance of the planned Gofolo - Zaway production
hub and are in close proximity to the proposed transport corridor to the coastal port
location as shown in Figure 1 below.

The reconnaissance and value-enhancing exploratory work has been effectively coordinated
using our in-house Liberian exploration team, in conjunction with our hand-held XRF
machine for chemical analysis.

Mapping teams are rapidly assessing some of the potential exploration targets within
the license area with the aim of prioritising drill targets with the highest potential to
add significant tonnages to our global exploration target of 500 Mt (Refer ASX release
18th March 2013).2

Detailed mapping over the westernmost target has defined 1.4km combined strike
length at an average of 32.4% Fe with low contaminant levels from 19 surface rock chip
samples using handheld XRF (refer Figure 4 below).

The style of mineralisation and tenor observed is similar to the known resource
footprints with friable, coarse grained itabirite at low contaminant levels occurring in
outcrop along coincident magnetic and topographic highs.

Field mapping teams are continuing work along remaining targets towards the east and
ongoing results will be reported as they become available.

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 85km from the country’s capital city and major port, Monrovia.

Tawana is committed to advancing the development of its 100% owned Mofe Creek
Project, which covers 475km2 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 +64-68% Fe grade, via simple,
low capital intensity beneficiation.

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

For further information, contact:
Wayne Richards
Executive Chairman
Ph: +61 8 9489 2600

08 April 2015

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

    For more information on the Resource estimate, refer to ASX announcement dated 31 March 2014. Tawana Resources is not aware of any
    new information or data that materially affects the information included in the said announcement.

    Total Exploration target Size       Potential range         Potential Avg. Grade        Potential Contaminants
    Friable Itabirite                   90-230 Mt               40-45% Fe                   31%SiO2, 5%Al2O3, 0,05P,4%LOI
    Mixed Friable itabirite/            270-440 Mt              25-35%Fe                    40%SiO2, 11% Al2O3, 0.04%P, 7%LOI,
    Amphibolite                                                                             0,2%TiO2
    GLOBAL                              >500Mt*

* This information 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. The potential quantity and grade of the
Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if
further exploration will results in the estimate of a Mineral Resource.
The potential quantity and grade of an exploration target is conceptual in nature. There has been insufficient exploration to determine a
mineral resources and there is no certainty that further exploration work will result in the determination of mineral resources. Refer ASX
announcement of 18 March 2013 for further details.

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.

Competent Persons Statement

The information in this report that relates to Exploration Results and Resources is based on information compiled by Len Kolff, who is a member
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’. Len Kolff
consents to the inclusion of the matters in this report based on his information in the form and context in which it appears.
The information in this Report relating to the Mofe Creek Resource Estimate and Scoping Study are extracted from the 31 March 2014 Maiden
Resource and 3 July 2014 Scoping Study announcements. The Company is not aware of any new information or data that materially affects the
information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's
findings are presented have not been materially modified from the original market announcements.
       APPENDIX 1
       The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code requirements for the reporting of Mineral Resources: (CP:
       LK Len Kolff)

       SECTION 1 SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections).
Criteria        JORC Code Explanation                                                                     Commentary
Sampling        -   Nature and quality of sampling (eg cut channels, random chips, or specific            -      Rock chip samples were collected in the field from outcrop,                     LK
techniques          specialised industry standard measurement tools appropriate to the                           sub-crop and boulder floatmaterial.
                    minerals under investigation, such as down hole gamma sondes, or ?                           Rock chip samples were analysed by handheld XRF.
                    handheld XRF instruments, etc). These examples should not be taken as
                    limiting the broad meaning of sampling.
                -   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 hammer, rotary air blast,         -       No drilling results are reported as part of this submission.                    LK
techniques          auger, Bangka, sonic, 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 sample    -   Method of recording and assessing core and chip sample recoveries and                 -       No drilling results are reported as part of this submission.                    LK
recovery            results assessed.
                -   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 geologically and geotechnically               -       Rock chip samples were geologically logged for lithology,                       LK
                    logged to a level of detail to support appropriate Mineral Resource                           hardness, grain size, fabric and where possible dip/dip 
                    estimation, mining studies and metallurgical studies.                                         direction 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.

Criteria           JORC Code Explanation                                                                  Commentary
Sub-sampling    -   If core, whether cut or sawn and whether quarter, half or all core taken.             -      All rock chip samples were dried prior to analysis at room temperature              LK
techniques and  -   If non-core, whether riffled, tube sampled, rotary split, etc and whether             -      Blanks and certified reference materials were inserted every 10th sample.
sample              sampled wet or dry.                                                                   -      No sub sampling techniques were carried out on the original rock chip sample.
preparation     -   For all sample types, the nature, quality and appropriateness of the sample  
                    preparation technique.
                -   Quality control procedures adopted for all sub-sampling stages to
                    maximise representivity of 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 and laboratory                -     Assaying was by handheld XRF instrument Olympus Delta Premium GeoChem (Mining         LK
assay data and      procedures used and whether the technique is considered partial or total.                   Plus) Analyzer using geochem mode.
laboratory      -   For geophysical tools, spectrometers, handheld XRF instruments, etc, the              -     Reading time was 1 second per reading with a total of 4 readings per sample.
tests               parameters used in determining the analysis including instrument make                 -     The instrument automatically calculated an average grade from the readings per sample.
                    and model, reading times, calibrations factors applied and their                      -     The instrument automatically calibrates on a daily basis.
                    derivation, etc.                                                                      -     Blanks and certified reference material standards were inserted every 10 th sample and
                -   Nature of quality control procedures adopted (eg standards, blanks,                         acceptable levels of accuracy and precision have been established.
                    duplicates, external laboratory checks) and whether acceptable levels of              
                    accuracy (ie lack of bias) and precision have been established.

Verification    -   The verification of significant intersections by either independent or                -     It was noted that handheld XRF results reported were consistently lower when           LK
of sampling and     alternative company personnel.                                                              compared with laboratory analysis reported previously.
assaying        -   The use of twinned holes.                                                             -     No twinned holes are reported as part of this submission.
                -   Documentation of primary data, data entry procedures, data verification,              -     All mapping data is collected manually in the field and entered subsequently into excel
                    data storage (physical and electronic) protocols.                                           spreadsheet mapping and rock chip database.
                -   Discuss any adjustment to assay data.                                                 -     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 of     -   Accuracy and quality of surveys used to locate drillholes (collar and                 -     All sampling points have been surveyed using handheld GPS instrument on WGS 84 UTM      LK
data points         down-hole surveys), trenches, mine workings and other locations used in                     zone 29N grid system.
                    Mineral Resource estimation.                                                          -     No topographic control is reported as part of this submission.
                -   Specification of the grid system used.
                -   Quality and adequacy of topographic control.

Criteria           JORC Code Explanation                                                                Commentary
Data spacing and-   Data spacing for reporting of Exploration Results.                                    -    sampling is defined by the extent of outcrop available.                                LK
distribution?       Whether the data spacing and distribution is sufficient to establish the              -    Sampling distribution is considered sufficient for reporting of exploration results.
                    degree of geological and grade continuity appropriate for the Mineral                 -    No sample compositing has been applied.
                    Resource and Ore Reserve estimation procedure(s) and classifications
                 -  Whether sample compositing has been applied.
Orientation of   -  Whether the orientation of sampling achieves unbiased sampling of                     -    Sampling orientation is dictated by presence of outcrop. Where possible, rock chip     LK
data in relation    possible structures and the extent to which this is known, considering the                 sampling has been conducted perpendicular to regional strike.
to geological       deposit type.                                                                         -    No drilling results are reported as part of this submission.
structure        -  If the relationship between the drilling orientation and the orientation of
                    key mineralised structures is considered to have introduced a sampling
                    bias, this should be assessed and reported if material.
Sample security  -  The measures taken to ensure sample security.                                         -    All rock chips have been securely stored at the project field office.                  LK
Audits or        -  The results of any audits or reviews of sampling techniques and data.                 -    Sampling techniques and data were regularly reviewed by internal company staff.        LK


Criteria        JORC Code Explanation                                                                   Commentary
Mineral         -   Type, reference name/number, location and ownership including                         -    MEL 1223/14 is located within the Grand Cape Mount county of Liberia and               LK
tenement and        agreements or material issues with third parties such as joint                             is 100% held by Tawana Liberia Inc, a wholly owned subsidiary of Tawana
land tenure         ventures, partnerships, overriding royalties, native title interests,                      Resources NL.
status              historical sites, wilderness or national park and environmental                       -    There are no known impediments or material issues related to security of
                    settings.                                                                                  tenure at the time of reporting.
                -   The security of the tenure held at the time of reporting along with
                    any known impediments to obtaining a licence to operate in the
Exploration     -   Acknowledgment and appraisal of exploration by other parties.                         -    The Mofe Creek project is a grassroots discovery with no previous mineral              LK
done by other                                                                                                  exploration or other work completed.
Geology         -   Deposit type, geological setting and style of mineralisation.                         -    The Mofe Creek project is characterised by a series of itabirite hosted iron           LK
                                                                                                               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 understanding of                         -    No drill hole results are reported as part of this submission.                         LK
Information         the exploration results including a tabulation of the following
                    information for all Material drillholes:
                -   easting and northing of the drillhole collar
                -   elevation or RL (Reduced Level – elevation above sea level in
                    metres) of the drillhole collar
                -   dip and azimuth of the hole
Criteria           JORC Code Explanation                                                                Commentary
                -  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 averaging techniques,                     -    Arithmetic averages of iron grade were calculated for all rock chip samples            LK
aggregation        maximum and/or minimum grade truncations (eg cutting of high                               occurring within the interpreted iron formation target footprints.
methods            grades) and cut-off grades are usually Material and should be                         -    No weighted average grades have been reported.
                   stated.                                                                               -    No metal equivalent grades have been reported.
                -  Where aggregate intercepts incorporate short lengths of high
                   grade results and longer lengths of low grade results, the
                   procedure used for such aggregation should be stated and some
                   typical examples of such aggregations should be shown in detail.
                -  The assumptions used for any reporting of metal equivalent
                   values should be clearly stated.
Relationship    -  These relationships are particularly important in the reporting of                    -    No drill hole results are reported as part of this submission.                         LK
between            Exploration Results.                                                                  -    True width of mineralisation is not known.
mineralisation  -  If the geometry of the mineralisation with respect to the drillhole
widths and         angle is known, its nature should be reported.
intercept       -  If it is not known and only the down hole lengths are reported,
lengths            there should be a clear statement to this effect (eg ‘down hole
                   length, true width not known’).
Diagrams        -  Appropriate maps and sections (with scales) and tabulations of                        -    All relevant plan maps have been included in the body of the                           LK
                   intercepts should be included for any significant discovery being                          announcement.
                   reported 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 Exploration Results is not                       -    Where surface rock chip samples are reported, the total number of samples              LK
reporting          practicable, representative reporting of both low and high grades                          collected, the average and a range of assay results have been reported.
                   and/or widths should be practiced to avoid misleading reporting
                   of Exploration Results.
Other           -  Other exploration data, if meaningful and material, should be                         -    All relevant regional and prospect scale geological observations and                   LK
substantive        reported including (but not limited to): geological observations;                          geophysical survey results are included in relevant announcements
exploration data   geophysical survey results; geochemical survey results; bulk                               accordingly.
                   samples – size and method of treatment; metallurgical test
                   results; bulk density, groundwater, geotechnical and rock
                   characteristics; potential deleterious or contaminating

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

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