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TAWANA RESOURCES NL - Tawana exercises Cowan Lithium Project Option

Release Date: 06/03/2017 10:00:00      Code(s): TAW       PDF(s):  
Tawana exercises Cowan Lithium Project Option

Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Securities Exchange Limited: TAW
(“the Company” or “Tawana”)


All graphics have been removed for SENS purposes. Please refer to Tawana’s website

Tawana Resources NL (“Tawana” or the “Company”) is pleased to announce it has exercised its
option to acquire 100% of four tenements which are all highly prospective for lithium.


        Cowan Project The Cowan Project comprises three tenements totalling 159km2 . The
        tenements are adjacent and surrounded by the Bald Hill Mine (Tawana earning 50%), which
        the Company is expected to commence lithium production in 2017. The Cowan Project
        contains a large number of LCT pegmatites some of which are proven to contain significant

Yallari Project

        The fourth tenement is a 41.2km2 application which forms part of the Company’s Yallari
        project located 6km west of the Mt Marion lithium mine (75km NW of the Cowan Project).
        The tenement contains numerous pegmatites in the same host-rock sequence as Mt Marion
        and located close to the Depot Hill granodiorite. No exploration for lithium has been
        undertaken to date, however the project is considered highly prospective.

Managing Director Mark Calderwood stated: “Although we are currently focussed on drilling out a
maiden lithium resource/reserve at the Bald Hill Mine in preparation for mining, the neighbouring
Cowan Lithium Project includes a significant portion of the same large rare metal pegmatite belt
with targets for future resource drilling. Over time I expect the pegmatite belt to prove one of the
most important producers of lithium and tantalum in Western Australia.

The Yallari Project is an excellent grass roots project located between the Mt Marion lithium mine
and the old Londonderry feldspar/lithium mine. Numerous pegmatites have been mapped in the
same host sequence as Mt Marion and Londonderry.”

Cowan Project

The Cowan Project comprises three granted exploration licences totalling 159km2 located 55km
southeast of Kambalda.

The Cowan Project covers about 10km strike of the 15-25km long Mt Belches-Bald Hill pegmatite
belt that hosts the Bald Hill Mine and numerous other LCT pegmatites. The Project also covers a
significant portion of the Claypan Dam- Madoonia pegmatite belt that extends for at least 22km
(refer to ASX announcement on 11 July 2016 for further details).
From September to December the Company undertook scout drilling on several target areas. A total
of 189 wide spaced RC holes were completed for 14,419m. Results from the Mt Belches prospect
indicated widespread pegmatites containing spodumene, tantalum and tin over an area 1.9km by
0.8km and is open in all directions (refer ASX announcement on 31 January 2017 for full results). The
pegmatites appear to show increasing fraction towards the north where increasing soil cover has
prevented mapping.

Yallari Project

The Yallari Project comprises one granted exploration licence and one exploration licence application
totalling 110km2 located 5-15km west of the Mt Marion lithium mine. Numerous pegmatites have
been mapped by nickel and base metal explorers however there is no records of rare element
content of the pegmatites. In addition, the proximity to the Mt Marion and Londonderry lithium
bearing pegmatite fields is encouraging. The exploration licence application E15/1401 totalling 41.2
km2 forms part of the package of four tenements is particularly prospective due to its close
proximity to the Depot Hill granodiorite, the likely source of the Mt Marion pegmatites. The
application area covers part of a timber reserve and consent will be required from the Department
of Parks and Wildlife, prior to granting.

The vendors of the Cowan lithium tenements have been notified that Tawana has exercised the
option and they can now elect to receive $2 million in cash or shares (or a combination). The
company will make an announcement when it has been notified.

About Tawana (ASX & JSE: TAW)

Tawana Resources NL, is focussed on becoming a spodumene producer in 2017 with its high-quality
lithium projects in Western Australia and Namibia. Tawana’s principal projects are the Bald Hill
Lithium and Tantalum Mine (earning a 50% interest) and the surrounding and adjacent Cowan
Lithium Project. The projects have numerous high quality spodumenerich pegmatites, some of which
have been historically mined and processed for tantalum at the existing Bald Hill processing facility.
The Company also owns rights to the giant Uis pegmatite tailings stockpile in Namibia, estimated to
be 20 million tonnes. Drilling has been completed confirming the presence of lithium. Metallurgical
test work to confirm acceptable recoverable grades has commenced and if favourable, there is
potential for a low capex/opex operation. The Company also owns the Mofe Creek Iron Ore Project
in coastal Liberia. The deposits are characterised by exceptionally coarse grained, high-grade free-
dig, itabirite that have the potential to deliver a premium, low cost product. The Company is
completing a Mineral Development Agreement (“MDA”) with the Government of Liberia and is
considering initially collaborating with owners of the under-utilized port of Monrovia or others with
a desire to develop a low capital cost DSO operation.

6 March 2017


PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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