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TAWANA RESOURCES NL - New Mineralisation Targets Discovered

Release Date: 06/08/2015 09:06:00      Code(s): TAW       PDF(s):  
New Mineralisation Targets Discovered

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


             New Mineralisation Targets Discovered

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

Tawana Resources NL (‘Tawana’ or ‘the Company’) is excited to announce the
recent discovery of new and additional iron ore mineralisation identified
from outcropping iron formations at both the Koehnko North East (NE) and
Koehnko East (E) prospects within Tawana’s 100% owned Mofe Creek project
(the Project) in Liberia.

The Koehnko NE and Koehnko E prospects are both located within 5kms of the
Koehnko hub’s maiden inferred resource of 16.2 Mt at 31% Fe (refer ASX
release 31st March 2014)1. The mineralisation has been mapped as
predominantly friable itabirite with some higher grade hematite capping,
mostly recorded on the flanks of the hills. From initial field observations, both
prospects have the potential to significantly grow the Koehnko resource
estimate and the overall Project resource base of 61.9Mt at 33% Fe 1. The
Koehnko NE deposit is inferably the largest potential outcropping iron ore
formation discovered to date, across the Company’s 100%-owned Mofe Creek
licences.

The combined strike of mapped surface iron mineralisation is 1.35km with an
average grade of 35% Fe determined from rock chip samples analyzed by hand
held XRF. These two prospects represent the first areas explored since the
resumption of field based exploration. This low cost form of exploration
continues to generate and firm up exploration targets to aid in prioritising
future drilling programs targeting additional resource tonnage.

Executive Chairman and Chief Executive Officer Mr Wayne Richards said “These
exciting results, along with the Company’s recent Direct Shipping Ore (DSO)
discoveries, are extremely encouraging and further strengthen the exploration
rationale for a potential Bomi Hills analogue within our two 100%-owned
tenements”.

Koehnko North East (NE) Prospect

The Koehnko NE prospect is currently defined by outcropping iron formations mapped
over a surface expression with an approximate strike length of 850m at an average
width of 80m. From rock chip samples taken from the outcropping itabirite, which also
is the largest outcropping iron formation observed in the Project to date, and analyzed
by hand-held XRF the assays ranged in grade from 22.3% to 57.3% Fe with an average
grade of 35% Fe, 1.35% AL, 0.057% P, and 0.11% S.

Koehnko East (E) Prospect

The Koehnko E prospect is located 15km along strike from the historical Bomi Hill Iron
Mine, which produced in excess of 50Mt of DSO during the 1950’s-70’s, and is
interpreted to be a possible western extension of the iron formation.
The Koehnko E prospect consists of iron mineralisation mapped over a high hill with a
strike length of 500m at an average width of 30m. The rock chip samples collected
from the defined iron mineralisation footprint ranged in grade from 26.7% to 50.9% Fe
with an average grade of 35.8% Fe with acceptable impurity levels of 1.92% Al, 0.05% P,
and 0.05% S.

Within the 10km window of the Koehnko E prospect to the eastern boundary of
Tawana’s MEL12029 licence intermittent magnetic anomalies interpreted to be
extensions to the Koehnko East prospect are currently being mapped and sampled by
Tawana’s field crew.

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 project 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


06 August 2015

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 Shane Tomlinson, who is a
member of the Australian Institute of Geoscientists. Shane Tomlinson 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’. Shane Tomlinson 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.

Notes
1
 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 effects the information included in the said announcement.
      
 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:
       ST = Shane Tomlinson)

       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, random chips, or specific        -     Rock chip samples were collected in the field from outcrop, sub-crop and boulder float      ST
techniques             specialised industry standard measurement tools appropriate to the                      material.
                       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.                                ST
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.                                ST
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, hardness, grain size, fabric      ST
                       logged to a level of detail to support appropriate Mineral Resource                     and where possible dip/dip direction for structural interpretation.
                       estimation, mining studies and metallurgical studies.
                   -   Whether logging is qualitative or quantitative in nature. Core (or costean,
                       channel, etc) photography.
                   -   The total length and percentage of the relevant intersections logged.
                                                                                                                                                                                                     Competent
Criteria           JORC Code Explanation                                                                 Commentary
                                                                                                                                                                                                        Person
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                      ST
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 assay   -   The nature, quality and appropriateness of the assaying and laboratory             -    Assaying was by handheld XRF instrument Olympus Delta Premium GeoChem (Mining                ST
data and               procedures used and whether the technique is considered partial or total.               Plus) Analyzer using geochem mode.
laboratory tests   -   For geophysical tools, spectrometers, handheld XRF instruments, etc, the           -    Reading time was 1 second per reading with a total of 4 readings per sample.
                       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 of    -   The verification of significant intersections by either independent or             -    It was noted that handheld XRF results reported were consistently lower when                 ST
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 data   -   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           ST
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       -   Data spacing for reporting of Exploration Results.                                 -    sampling is defined by the extent of outcrop available.                                      ST
and 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
                       applied.
                   -   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           ST
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.                        ST
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.              ST
reviews 
SECTION 2 REPORTING OF EXPLORATION RESULTS (CRITERIA LISTED IN THE PRECEDING SECTION ALSO APPLY TO THIS SECTION).


                                                                                                                                                                                                     Competent
Criteria        JORC Code Explanation                                                       Commentary
                                                                                                                                                                                                      Person
Mineral            -   Type, reference name/number, location and ownership including                      -    MEL 1223/14 is located within the Grand Cape Mount county of Liberia and                     ST
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
                       area.
Exploration        -   Acknowledgment and appraisal of exploration by other parties.                      -    The Mofe Creek project is a grassroots discovery with no previous mineral                    ST
done by other                                                                                                  exploration or other work completed.
parties
Geology            -   Deposit type, geological setting and style of mineralisation.                      -    The Mofe Creek project is characterised by a series of itabirite hosted iron                 ST
                                                                                                               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.                              ST
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
                                                                                                                                                                                                    Competent
Criteria           JORC Code Explanation                                                                   Commentary
                                                                                                                                                                                                    Person
                   -   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                 ST
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 stated.               -   No weighted average grades have been reported.
                   -   Where aggregate intercepts incorporate short lengths of high                        -   No metal equivalent grades have been reported.
                       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.                              ST
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                                ST
                       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                   ST
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                        ST
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
                       substances.
Further work       -   The nature and scale of planned further work (eg tests for lateral                  -   Ongoing mapping and rock chip sampling along additional target footprints                   ST
                       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 in road
                       areas, provided this information is not commercially sensitive.                         cuttings resulting from this work.

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