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TAWANA RESOURCES NL - New High Grade Mineralisation Discovery Enhanced DSO Prospectivity

Release Date: 07/05/2015 10:00:00      Code(s): TAW       PDF(s):  
New High Grade Mineralisation Discovery Enhanced DSO Prospectivity

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 High-Grade Mineralisation Discovery Enhanced DSO
Prospectivity

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

Tawana Resources NL (the ‘Company’) is very pleased to announce the discovery of new
high-grade mineralisation at the Company’s recently acquired, 100% owned MEL1223/14
Mofe Creek South licence. This “Zaway South” prospect, incorporates grades of up to 61.6%
Fe - Direct Shipping Ore (DSO) mineralisation, in addition to coarse-grained, friable
itabirite mineralisation over a strike of greater than 4.5km.

The new high-grade mineralisation of potential DSO grade and quality has been defined
over a 900m x 250m area, enhancing the prospectivity for further DSO discoveries.
Mineralisation remains open to the east and is coincident with a 2km-long hill, where
strong potential remains for additional itabirite mineralisation to be defined.

Additionally, greater than 4.5km of combined strike length of coarse-grained itabirite has
been delineated within the adjacent mineralised zones within this area (Refer Figure 4).
These discoveries within the newly acquired licence area, collectively represent just one
of four high-priority target areas defined within the overall Mofe Creek southern licence
area. The itabirite mineralisation defined, has similar geological characteristics to the
61.9Mt at 33%Fe maiden resource estimate at the flagship Gofolo Main and Zaway deposits
located on adjoining Licence MEL 12029 (refer ASX release 31st March 2014) and are within
a 3km trucking distance of the latter deposit.

Executive Chairman and Chief Executive Officer Mr Wayne Richards said “To define DSO
grade mineralisation at surface within our new tenement, is a very encouraging result for
the Company. This represents an exciting development opportunity and enhances the
potential for further DSO discoveries within the tenement. This likewise vindicates the
exploration rationale for a potential Bomi Hills analogue, which historically produced in
excess of 50Mt of DSO from a mine geographically located within 35km of our Mofe Creek
Project area.”

Mr Richards added, “The potential to add value to the Project and expand the Project’s
current resource at a low incremental cost is extremely compelling.”
Tawana is advancing its exploration programme within the new tenement (MEL 1223/14) in
support of the Company’s current corporate strategy of completing low-cost, value-
accretive exploration work with its in-house exploration and geological teams.
In other recent Company developments, negotiations associated with the advancement of
the Mineral Development Agreement culminated with a presentation by Tawana to the
                                                                                             1
Inter Ministerial Concessional Committee on 9th April 2015 (Refer ASX release 14th April
2015).

Likewise, the community stakeholder meetings and environmental baseline reviews for the
submission of an ESIA Terms of Reference document and Scoping Report (refer ASX release
21st April 2015) confirms the Company’s proactive approach to advancing the Mofe Creek
project.

MEL1223/14 - Zaway South Target & DSO Fe Grades

Tawana’s in-country exploration teams have continued their low-cost mapping and rock-
chip sampling program over MEL 1223/14 to define and quantify potential additional
resource tonnage targets.

Since announcing the new mineralisation discovered directly south of the Gofolo mining
hub (refer ASX announcement 8th April 2015), field teams have rapidly progressed and
completed mapping over the Zaway South target.

Mapping teams continue to assess remaining exploration targets within the new licence
area with the aim of prioritising drill targets with the highest potential to increase the
current resource.

Detailed mapping over the central Zaway South target has defined multiple target areas
including DSO mineralisation associated with surface enriched ferruginous carapace and a
combined >4.5km strike length of itabirite iron formation

A large 0.9 x 0.25km area (refer red hatched area in Figure 4) of surface enriched
mineralisation including DSO grade material up to 61.6% Fe and averaging 49.2% Fe in 20
hand-held XRF samples has been delineated in the eastern margin of the Zaway South
prospect. Mineralisation remains open to the east with potential to further expand the
surface mineralized zone.

These results are highly encouraging and provide additional support in the prospectivity
and potential for a DSO discovery; similar to that mined historically at the Bomi Hills Mine.
Bomi Hills produced in excess of 50Mt of DSO during the 1950’s-70’s and is located 35km
along strike from the project area (refer ASX release 3 December 2012).

In addition to the DSO mineralisation discovered, a combined strike length of >4.5km of
itabirite style mineralisation at average 27.5% Fe in 30 hand-held XRF rock-chip samples
has been delineated within the Zaway South prospect. The style of mineralisation observed
is similar to the known resource footprints with coarse grained itabirite at low contaminant
levels occurring in outcrop along coincident magnetic and topographic highs.

All targets within the Zaway South prospect fall within a 3km trucking distance of the
Zaway Main resource footprint and within 2km of the proposed transport infrastructure
corridors. The target areas have significant potential to add additional resource tonnes to
the project, in addition to enhanced DSO prospectivity.

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Field mapping teams are continuing exploratory work along the remaining targets towards
the east of the Zaway South deposits, 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 advance 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 & Chief Executive Officer
Ph: +61 8 9489 2600

07 May 02015

Sponsor:
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

Forward Looking Statement

This announcement may contain or refer to previously reported 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 only and should not be unduly 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 or referred to in this announcement 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 or referred to in
this announcement. 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 or referred to in this announcement or for
any errors, omissions or misstatements or for any loss, howsoever arising, from this announcement.

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.
                                                                                                                                         3
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                       Competent
                                                                                             Person
Sampling          -   Nature and quality of sampling (eg       -   Rock chip samples         LK
techniques            cut channels, random chips, or               were collected in the
                      specific specialised industry                field from outcrop,
                      standard measurement tools                   sub-crop and boulder
                      appropriate to the minerals under            float material.
                      investigation, such as down hole         -   Rock chip samples
                      gamma sondes, or handheld XRF                were analysed by
                      instruments, etc). These examples            handheld XRF.
                      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                                                       -   No drilling results are   LK
techniques        -   Drill type (eg core, reverse                 reported as part of
                      circulation, open-hole hammer,               this submission.
                      rotary air blast, 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        -   No drilling results are   LK
recovery              core and chip sample recoveries              reported as part of
                      and results assessed.                        this submission.
                  -   Measures taken to maximise
                      sample recovery and ensure
                      representative nature of the
                      samples.
                                                                                                      4
                  -   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         -   Rock chip samples            LK
                      have been geologically and                were geologically
                      geotechnically logged to a level of       logged for lithology,
                      detail to support appropriate             hardness, grain size,
                      Mineral Resource estimation,              fabric and where
                      mining studies and metallurgical          possible dip/dip
                      studies.                                  direction for structural
                  -   Whether logging is qualitative or         interpretation.
                      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      -   All rock chip samples        LK
sampling              whether quarter, half or all core         were dried prior to
techniques            taken.                                    analysis at room
and sample        -   If non-core, whether riffled, tube        temperature
preparation           sampled, rotary split, etc and        -   Blanks and certified
                      whether sampled wet or dry.               reference materials
                  -   For all sample types, the nature,         were inserted every
                      quality and appropriateness of the        10th sample.
                      sample preparation technique.         -   No sub sampling
                  -   Quality control procedures                techniques were
                      adopted for all sub-sampling              carried out on the
                      stages to maximise representivity         original rock chip
                      of samples.                               sample.
                  -   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               -   Assaying was by              LK
assay data            appropriateness of the assaying           handheld XRF
and                   and laboratory procedures used            instrument Olympus
laboratory            and whether the technique is              Delta Premium
tests                 considered partial or total.              GeoChem (Mining
                  -   For geophysical tools,                    Plus) Analyzer using
                      spectrometers, handheld XRF               geochem mode.
                      instruments, etc, the parameters      -   Reading time was 1
                      used in determining the analysis          second per reading
                      including instrument make and             with a total of 4
                      model, reading times,                     readings per sample.
                      calibrations factors applied and      -   The instrument
                      their derivation, etc.                    automatically
                  -   Nature of quality control                 calculated an average
                      procedures adopted (eg                    grade from the
                      standards, blanks, duplicates,            readings per sample.
                      external laboratory checks) and       -   The instrument

                                                                                            5
                      whether acceptable                        automatically
                                                                calibrates on a daily
                                                                basis.
                                                           -    Blanks and certified
                                                                reference material
                                                                standards were
                                                                inserted every 10th
                                                                sample and
                                                                acceptable levels of
                                                                accuracy and
                                                                precision have been
                                                                established.
Verification       -   The verification of significant     -    It was noted that             LK
of sampling            intersections by either                  handheld XRF results
and assaying           independent or alternative               reported were
                       company personnel.                       consistently lower
                   -   The use of twinned holes.                when compared with
                   -   Documentation of primary data,           laboratory analysis
                       data entry procedures, data              reported previously.
                       verification, data storage (physical -   No twinned holes are
                       and electronic) protocols.               reported as part of
                   -   Discuss any adjustment to assay          this submission.
                       data.                                -   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 of        -   Accuracy and quality of surveys      -   All sampling points           LK
data points            used to locate drillholes (collar        have been surveyed
                       and down-hole surveys), trenches,        using handheld GPS
                       mine workings and other locations        instrument on WGS 84
                       used in Mineral Resource                 UTM zone 29N grid
                       estimation.                              system.
                   -   Specification of the grid system     -   No topographic control
                       used.                                    is reported as part of
                   -   Quality and adequacy of                  this submission.
                       topographic control.

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

                                                                                              
Orientation        -   Whether the orientation of           -   Sampling orientation is       LK
of data in             sampling achieves unbiased               dictated by presence
relation to            sampling of possible structures          of outcrop. Where
geological             and the extent to which this is          possible, rock chip
structure              known, considering the deposit           sampling has been
                       type.                                    conducted
                   -   If the relationship between the          perpendicular to
                       drilling orientation and the             regional strike.
                       orientation of key mineralised       -   No drilling results are
                       structures is considered to have         reported as part of
                       introduced a sampling bias, this         this submission.
                       should be assessed and reported if
                       material.
Sample             -   The measures taken to ensure         -   All rock chips have           LK
security               sample security.                         been securely stored
                                                                at the project field
                                                                office.
Audits or          -   The results of any audits or         -   Sampling techniques           LK
reviews                reviews of sampling techniques           and data were
                       and data.                                regularly reviewed by
                                                                internal company
                                                                staff.




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