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TAWANA RESOURCES NL - Drilling Results Confirm High Grade DSO Mineralisation

Release Date: 18/02/2016 11:02:00      Code(s): TAW       PDF(s):  
Drilling Results Confirm High Grade DSO Mineralisation

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
(“Tawana” or “the Company”)



DRILLING RESULTS CONFIRM HIGH GRADE DSO MINERALISATION

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

Highlights
- Results received from the diamond drill program, consisting of a six holes for
   376.5m, have confirmed the presence of high grade Direct Shipping Ore (DSO)
   style mineralisation and high grade friable iron formation from the newly
   discovered Goehn Prospect.
- Excellent results from XRF analysis included:
   o GSEDD04; 14m @ 61.1% Fe from 28m
   o GSEDD01; 11m @ 60.2% Fe from 1m
   o GSED03; 28m @ 51.5% Fe from 1m
       including 4m @ 63.3% Fe from 1m
   o GSED05; 22m @ 54.5% Fe from surface
       including 12m @ 62.1% Fe from 3m

-   Drilling results and rock chip samples have identified a DSO zone over 500m of
    strike, a width of 100m and an average thickness of 15m.

-   Striking similarities between lithologies and mineralisation styles intersected at
    Goehn and typical Bomi Hills cross sections.

-   These results in conjunction with the MOU port services agreement with
    Wisco/CAD1 (refer ASX Announcement on 18 May 2015) support the potential
    for a low cost DSO mining operation.
-   The Company is considering a range of potential options to unlock value for
    shareholders, including joint venture or outright sale options.

Tawana Resources NL (“Tawana” or the “Company”) is pleased to announce that
diamond drilling has confirmed the presence of high grade DSO hematite
mineralisation, with iron grades up to 66% Fe, located a short trucking distance to
the operating port of Freeport, Monrovia.

Six diamond drill holes (376.5m) were drilled over the north east section of the
Goehn Prospect where there was a concentration of high grade
Magnetite/Hematite mineralisation mapped and samples reported an average
grade of 66% Fe (Refer to ASX Announcement of 8 July 2015)2.

Six diamond holes were drilled across two lines 200m apart on nominal 50m drill
spacing. The program was designed to test at depth the identified DSO and high
grade friable iron formation from previous field work. The program was successful
as all the holes intersected either DSO or high grade friable iron formation or a
combination of both, see Figure 3.

The core was processed on site with assays taken every meter by a hand held XRF
machine with appropriate QAQC procedures followed. Table 2 lists all significant
assay results from the six drilled holes.

Hole ID      Hole Type        East      North       RL          Dip      Azimuth       Hole depth
                                                                                          (m)
GSEDD01       NQ core      269,303     755,744      107          ?50          330          40
GSEDD02       NQ core      269,337     755,694      96           ?50          330          66
GSEDD03       NQ core      269,431     755,856      93           ?50          305         53.4
GSEDD03A      NQ core      269,431     755,847      92           ?60          305         77.4
GSEDD04       NQ core      269,397     755,879      110          ?50          305         68.4
GSEDD05       NQ core      269,361     755,910      112          ?50          125         71.3
 Co-ordinate system: UTM WGS84 Zone 29N

 Table 2. Significant assay results
 Hole ID      Depth     Depth    Intersection    Fe %     Si %         Al %     P%         S%
              From       To          (m)
               (m)       (m) 
                         
GSEDD001          1      12           11         60.2     1.8          6.3      0.03       BDL
                 20      36           16         45.0     4.4          5.7      0.03       BDL
GSEDD002          3      14           11         50.9     2.1          4.7      0.01       BDL
                 27      45           18         44.9     5.2          5.2      0.02       0.08
                 51      66           15         44.5     3.2          1.6      0.02       BDL
GSEDD003          1      29           28         51.5     1.1          1.4      BDL        BDL
 including        1       5           4          63.3     0.6          0.8      BDL        BDL
GSEDD003A     Surface    11           11         52.9     1.7          2.2      BDL        BDL
 including        1       5           4          60.9     1.4          1.7      BDL        BDL
GSEDD004          2      20           18         51.2     1.3          1.9      BDL        BDL
 including        4       9           5          59.0     0.8          1.3      BDL        BDL
                 28      42           14         61.1     0.9          1.3      BDL        BDL
                 49      62           13         51.7     1.0          0.7      BDL        BDL
GSEDD005      Surface    22           22         54.5     1.6          2.0      BDL        BDL
including         3      15           12         62.1     1.4          1.8      BDL        BDL
                 26      35           9          52.1     1.9          3.1      BDL        BDL
 including       31      34           3          62.1     1.8          3.2      BDL        BDL
                 41      48           7          55.0     2.0          2.3      BDL        BDL
 including       45      48           3          63.6     1.8          2.1      BDL        BDL
                 50      66           16         49.8     1.2          1.4      BDL        BDL
Note: All results reported using a handheld XRF machine and are considered semi -
quantative in nature.
BDL = Below detection limit.


Bomi Hills Analogue and Significance of Drilling Program
Initial geological observations from drilling at the Goehn Prospect highlights the
similarities in lithology and mineralisation setting as reported at the Bomi Hills
mine.

The Goehn Prospect is along strike from the abandoned Bomi Hills iron ore mine
which was in production from 1951 to 1977. Historic production at Bomi Hills is
poorly documented; however estimated historic production by the Government of
Liberia is 50Mt of high-grade DSO lump magnetite in addition to high-grade
beneficiated sinter feed concentrate. DSO magnetite averaged 64.5% Fe, 4.5% SiO 2,
1.5% Al2O3 and 0.13% P, of which 53% formed lump material (average 11-37mm)
and 47% formed fines (<11mm). Friable iron formation was beneficiated through
Humphrey Spirals and a magnetic separator to produce sinter feed concentrate
averaging 64% Fe, 6% SiO 2 and 0.04-0.05% P (Gruss, 1973).

The genesis of the Bomi Hills magnetite deposit is not clearly understood,
however, general consensus is that it is hypogene and represents an itabirite that
has come into direct contact with rising gneissic fronts causing enrichment to
coarse massive magnetite by metamorphic differentiation (Gruss, 1973). Magnetite
mineralisation is in direct contact with gneissic basement and is partially blind.

The Bomi Hills cross section at figure 4 has striking similarities between the
lithologies intersected at Goehn (Refer Figure 3).

Drilling at Goehn has intersected a similar package of friable iron formation
transitioning into hard iron formation from surface, through mafic schist and into
footwall gneiss basement. DSO has been intersected within and directly below the
mafic schists over variable widths and to a current average of 15m.

Potential DSO Start Up
The DSO mineralisation defined within the Goehn Prospect falls within 6km of the
bitumen road between the Mofe Creek Project area and the operational port of
Monrovia; only 85km away (Refer Figure 5). This new discovery represents a
strategic opportunity to structure an early-start-up operation with minimal capital
intensity, using the existing highway and a working port within Monrovia. The
mineralisation is readily accessible and presents from surface.

The Goehn Prospect also supports the opportunity for a potential early start-up,
lowcapital intensity mining and trucking operation within the initial years of
production and project life cycle. Due to the hematite DSO style mineralisation
discovered, a beneficiation process may not be required at start-up and will only
be introduced as the mineralisation transitions from DSO into friable itabirite
mineralization. This mining methodology ensures the delayed capital requirements
of a processing facility and allows the wet plant to be potentially funded from
cashflow and/or strategic debt, once the Company is operational and generating
an income.

This potential development is further enhanced by the infrastructure sharing MoU
executed between the Company and WISCO-CAD; the owner-operator of the
Monrovia port iron ore handling facilities (refer ASX announcement of 18 May
2015).

About Tawana (ASX & JSE: TAW)

Tawana Resources NL is an ASX and JSE-listed Company with its principal project in
Liberia, West Africa. Tawana’s 100% owned Mofe Creek Iron ore Project lies 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 realising value from the Mofe Creek project, which covers
475km2 of highly prospective tenements in Grand Cape Mount County, with all
options open to consideration including potential joint venture or royalty positions
with third parties. The Project hosts DSO and high-grade friable itabirite
mineralisation which can be upgraded to a superior quality iron ore product in the
64-68% Fe grade range.

Michael Naylor
Executive Director
Tel +61 8 9489 2600

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

18 February 2016
Sponsor: PricewaterhouseCoopers Corporate Finance (Pty) Ltd

ASX RELEASE: 18/02/2016
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, M ineral Resources and Ore
Reserves’. Shane Tomlinson consents to the inclusion of the matters in this r eport based on his information in
the form and context in which it appears.

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 performan ce 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 representatio n 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, emplo yees 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.

Notes

1    Disclaimer:

     (i)     the M OU represents a non binding intention of the parties to negotiate a formal cooperation
             agreement in good faith. The parties a re yet to agree on any definitive operational, commercial
             and/or legal terms (including tonnage capacity or delivery schedules) for the cooperation
             agreement;
     (ii)    he obligation to negotiate in good faith comes to an end on the earlier of execution of a
             definitive cooperation agreement or 31 December 2015; and
     (iii)   there is no certainty or assurance that parties will reach a final agreement on the terms of the
             cooperation agreement.
     (iv)     Refer to ASX announcement on 18 M ay 2015 for further information.

2:Tawana is not aware of any new information or data that materially affects the information included in the
said announcement.

APPENDIX 1

JORC 2012 Table 1 assessment

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria     JORC Code Explanation                             Commentary
Sampling     -  Nature and quality of sampling (eg cut         - Diamond drill (DD)
techniques      channels,random chips, or specific               core was sampled at
                specialised industry standard                    one metre intervals.
                measurement tools appropriate to the           - Drill core samples
                minerals under investigation, such as            were analysed by
                down hole gamma sondes, or handheld              handheld XRF using
                XRF instruments, etc). These examples            continuous reading
                should not be taken as limiting the broad        mode over the entire
                meaning of sampling.                             length of sample.
             -  Include reference to measures taken to           The average is than
                ensure sample representivity and the             recorded for the
                appropriate calibration of any                   sample length. This is
                measurement tools or systems used.               carried out four times
             -  Aspects of the determination of                  with the average of
                mineralisation that are Material to the          the runs recorded as
                Public Report.                                   the final average.
             -  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,       - NQ core was
techniques      open-hole hammer, rotary air blast,               collected from a
                auger, Bangka, sonic, etc) and details (eg        portable diamond
                core diameter, triple or standard tube,           drill machine.
                depth of diamond tails, face-sampling bit
                or other type, whether core is oriented
                and if so, by what method, etc).
Drill        -  Method of recording and assessing core          - The sample recovery
sample          and chip sample recoveries and results            and physical state
recovery        assessed.                                         were recorded.
             -  Measures taken to maximise sample                 Sample recovery of
                recovery and ensure representative                the diamond core is
                 nature of the samples.                           recorded on core
             -  Whether a relationship exists between             blocks after each run
                sample recovery and grade and whether             and recorded in the
                sample bias may have occurred due to              logging.
                preferential loss/gain of fine/coarse           - Sample recovery
                material.                                         varied from poor to
                                                                  100% due to the
                                                                  weathered nature of
                                                                  the material. Across
                                                                  the entire six holes
                                                                  drilled recovery
                                                                  averaged 75%.
Logging      -   Whether core and chip samples have been        - All diamond core
                 geologically and geotechnically logged to        were geologically
                 a level of detail to support appropriate         logged in the field by
                 Mineral Resource estimation, mining              qualified geologists.
                 studies and metallurgical studies.               Lithological and
             -   Whether logging is qualitative or                mineralogical data is
                 quantitative in nature. Core (or costean,        recorded for all drill
                 channel, etc) photography.                       holes using a coding
             -   The total length and percentage of the           system developed
                 relevant intersections logged.                   specifically for the
                                                                  Project.
Sub-         -   If core, whether cut or sawn and whether       - All samples were
sampling         quarter, half or all core taken.                 dried prior to analysis
techniques   -   If non-core, whether riffled, tube               at room temperature
and sample       sampled, rotary split, etc and whether         - Blanks and certified
preparation      sampled wet or dry.                              reference materials
             -   For all sample types, the nature, quality        were inserted every
                 and appropriateness of the sample                10th sample.
                 preparation technique.                       -   No sub sampling
             -   Quality control procedures adopted for all       techniques were
                 subsampling stages to maximise                   carried out on the
                 representivity of samples.                       original core 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 appropriateness      -   Assaying was by
assay data       of the assaying and laboratory procedures        handheld XRF
and              used and whether the technique is                instrument Olympus
laboratory       considered partial or total.                     Delta Premium
tests        -   For geophysical tools, spectrometers,            GeoChem (Mining
                 handheld XRF instruments, etc, the               Plus) Analyzer using
                 parameters used in determining the               geochem mode.
                 analysis including instrument make and       -   Continous reading
                 model, reading times, calibrations factors       mode was used over
                 applied and their derivation, etc.               the sample length
             -   Nature of quality control procedures             with a total of
                 adopted (eg standards, blanks, duplicates,       4readings per
                 external laboratory checks) and whether          sample.
                 acceptable levels of accuracy (ie lack of    -   The instrument
                 bias) and precision have been established.       automatically
                                                                  calculated an average
                                                                  grade from the
                                                                  readings per sample.
                                                              -   The instrument
                                                                  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              -   Comparison studies of
of               intersections by either independent or           handheld XRF results
sampling         alternative company personnel.                   reported were
and          -   The use of twinned holes.                        consistently lower
assaying     -   Documentation of primary data, data              when compared with
                 entry procedures, data verification, data        laboratory analysis
                 storage (physical and electronic)                reported previously.
                 protocols.                                   -   No twinned holes are
             -   Discuss any adjustment to assay data.            reported as part of
                                                                  this submission.
                                                              -   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 used to     -   All collar points have
data points       locate drillholes (collar and down-hole          been surveyed using
                  surveys), trenches, mine workings and            handheld GPS
                  other locations used in Mineral Resource         instrument on WGS
                  estimation.                                      84 UTM zone 29N grid
              -   Specification of the grid system used.           system.
              -   Quality and adequacy of topographic          -   No topographic
                  control.                                         control is reported as
                                                                   part of this
                                                                   submission.
Data         -    Data spacing for reporting of Exploration    -   Drill spacing was
spacing           Results.                                         based on two lines
and          -    Whether the data spacing and distribution        200m apart with a
distribution      is sufficient to establish the degree of         nominal spacing of
                  geological and grade continuity                  50m.
                  appropriate for the Mineral Resource and     -   Collar locations were
                  Ore Reserve estimation procedure(s) and          generally selected
                  classifications applied.                         based upon outcrop
              -   Whether sample compositing has been              available and
                  applied.                                         maintaining the
                                                                   preferred drill
                                                                   pattern.
                                                               -   Sampling distribution
                                                                   is considered
                                                                   sufficient for
                                                                   reporting of
                                                                   exploration results.
                                                               -   Sample compositing
                                                                   to 1m has been
                                                                   applied.
Orientation   -   Whether the orientation of sampling          -   Sampling orientation
of                achieves unbiased sampling of possible           is dictated by
data in           structures and the extent to which this is       presence of outcrop.
relation to       known, considering the deposit type.             Where possible, rock
geological    -   If the relationship between the drilling         chip sampling has
structure         orientation and the orientation of key           been conducted
                  mineralised structures is considered to          perpendicular to
                  have introduced a sampling bias, this            regional strike.
                  should be assessed and reported if           -   No drilling results are
                  material.                                        reported as part of
                                                                   this submission.
Sample        -   The measures taken to ensure sample          -   All core have been
security          security.                                        securely stored at the
                                                                   project field office.
Audits or        The results of any audits or reviews of        -  Sampling techniques
reviews           sampling techniques and data.                    and data were
                                                                   regularly reviewed by
                                                                   internal company
                                                                   staff.



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,                - MEL 1223/14 is located
tenement         location and ownership including              within the Grand Cape
and land         agreements or material issues with            Mount county of Liberia
tenure           third parties such as joint ventures,         and is 100% held by
status           partnerships, overriding royalties,           Tawana Liberia Inc, a
                 native title interests, historical sites,     wholly owned subsidiary
                 wilderness or national park and               of Tawana Resources NL.
                 environmental settings.                     - There are no known
              -  The security of the tenure held at the        impediments or material
                 time of reporting along with any              issues related to security
                 known impediments to obtaining a              of tenure at the time of
                 licence to operate in the area.               reporting.
Exploration   -  Acknowledgment and appraisal of             - The Mofe Creek project is
done by          exploration by other parties.                 a grassroots discovery
other                                                          with no previous mineral
parties                                                        exploration or other work
                                                               completed.
Geology       -   Deposit type, geological setting and       - The Mofe Creek project is
                  style of mineralisation.                     characterised by a series
                                                               of itabirite hosted iron
                                                               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     -  Reported in body of
Information       to the understanding of the                  announcement
                  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
                   - 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,           -  Length weighted
aggregation        weighting averaging techniques,               arithmetic averages of
methods            maximum and/or minimum grade                  iron grade were
                   truncations (eg cutting of high grades)       calculated for all core
                   and cut-off grades are usually Material       samples occurring within
                   and should be stated.                         the interpreted iron
                   Where aggregate intercepts                    mineralised envelopes.
                   incorporate short lengths of high grade   -   No metal equivalent
                   results and longer lengths of low grade       grades have been
                   results, the procedure used for such          reported.
                   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      -   DSO mineralised envelope
between            important in the reporting of                 is interpreted to have a
mineralisati       Exploration Results.                          strike length of 500m,
on widths      -   If the geometry of the mineralisation         width of 100m and a
and                with respect to the drillhole angle is        thickness of 15m based
intercept          known, its nature should be reported.         on the drilling and
lengths        -   If it is not known and only the down          surface data (mapping
                   hole lengths are reported, there              and rock chip sampling)
                   should be a clear statement to this           and using the
                   effect (eg ‘down hole length, true            aeromagnetic image.
                   width not known’).                        -   Friable iron
                                                                 mineralisation is
                                                                 interpreted to have a
                                                                 strike length of 500m,
                                                                 width of 100m and an
                                                                aggregated thickness of
                                                                30m based on the drilling
                                                                and surface data
                                                                (mapping and rock chip
                                                                sampling) and using the
                                                                aeromagnetic image.
Diagrams      -   Appropriate maps and sections (with       -   All relevant plan maps
                  scales) and tabulations of intercepts         have been included in the
                  should be included for any significant        body of the
                  discovery being reported These should         announcement.
                  include, but not be limited to a plan
                  view of drillhole collar locations and
                  appropriate sectional views.
Balanced      -   Where comprehensive reporting of all      -   Where samples are
reporting         Exploration Results is not practicable,       reported, all material
                  representative reporting of both low          have been reported.
                  and high grades and/or widths should
                  be practiced to avoid misleading
                  reporting of Exploration Results.
Other         -   Other exploration data, if meaningful     -   All relevant regional and
substantive       and material, should be reported              prospect scale geological
exploration       including (but not limited to):               observations and
data              geological observations; geophysical          geophysical survey results
                  survey results; geochemical survey            are included in relevant
                  results; bulk samples – size and              announcements
                  method of treatment; metallurgical            accordingly.
                  test results; bulk density,
                  groundwater, geotechnical and rock
                  characteristics; potential deleterious
                  or contaminating substances.
Further       -   The nature and scale of planned           -   Submit selected samples
work              further work (eg tests for lateral            to a recognised
                  extensions or depth extensions or             laboratory for verification
                  large-scale step-out drilling).               of results.
              -   Diagrams clearly highlighting the areas   -   Ongoing mapping and
                  of possible extensions, including the         rock chip sampling along
                  main geological interpretations and           additional target
                  future drilling areas, provided this          footprints will continue.
                  information is not commercially           -   Exploration drilling will
                  sensitive.                                    be planned along defined
                                                                exploration targets post
                                                                completion of access
                                                                tracks and assessment of
                                                                geology exposed in road
                                                                cuttings resulting from
                                                                this work.

Date: 18/02/2016 11:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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