TAWANA RESOURCES NL - New Mineralisation Targets DiscoveredRelease 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
Share code on the Australian Stock Exchange Limited: TAW
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
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
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
For further information, contact:
Ph: +61 8 9489 2600
06 August 2015
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.
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.
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).
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, 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
- 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
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.
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 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
- 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-
- Whether sample sizes are appropriate to the grain size of the material being
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
- 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
SECTION 2 REPORTING OF EXPLORATION RESULTS (CRITERIA LISTED IN THE PRECEDING SECTION ALSO APPLY TO THIS SECTION).
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 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
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.
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
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 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
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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