| Fri 29 Apr 2011, 17:20 | | TAW - Tawana Resources NL - Field Exploration Programs Underway Extensive |
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TAW
TAW
TAW - Tawana Resources NL - Field Exploration Programs Underway Extensive
Gold Workings Confirmed and High Priority Targets Defined
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")
Field Exploration Programs Underway Extensive Gold Workings Confirmed and
High Priority Targets Defined
HIGHLIGHTS
- Extensive artisanal gold workings confirmed on both licenses
- Nimba license alluvial workings occur in numerous streams draining high
priority target defining a 30km long ridge
- Lofa license alluvial workings occur within a river draining a
greenstone belt within an adjacent license with similar settings and
reported extensive artisanal gold workings defining a high priority
16km long ridge target within the Lofa license
- Field work underway prior to onset of wet season; three teams
mobilised, field offices secured, communities and stakeholders engaged
and supportive of field programmes; 140 stream sediment samples
collected to date
- First pass soil traverses planned over high priority targets and to be
executed prior to onset of the wet season
- The Company continues to evaluate a number of potential project
acquisition and farm-in opportunities in Liberia in its own right and
is also working closely with Gryphon on other highly prospective West
African opportunities
The Directors of Tawana Resources NL (ASX: TAW) are pleased to announce that
field exploration programs on the Nimba and Lofa licenses have commenced.
The Company has moved quickly to initiate field programs by recruiting and
mobilising three field teams in conjunction with SEMS Exploration Services
Ltd. Two exploration offices have been secured within the field areas and
local communities and stakeholders engaged and informed on our planned
activities.
The Lofa Licence covers 596km2 and is along strike from the 1.52Moz New
Liberty gold deposit and the Nimba Licence covers 995km2 and is adjacent to
the 5.0Moz Ity gold mine. Both licences host highly prospective Archean
greenstone belts that have had no modern day exploration and have confirmed
artisanal workings.
The Company was unsuccessful in securing three of the five potential
applications submitted and feedback on the remaining two applications is
pending. The Nimba North application (478km2) is an extension of the
geological features favourable to the Nimba license, hosts reported
artisanal gold workings and provides operational synergies with Nimba. The
Vaiidi Mountain application (986km2) hosts a significant package of folded
and sheared greenstone and banded iron formations prospective for gold with
reported artisanal gold workings.
Nimba License
Field work has progressed well since commencing end March 2011. Access
roads, tracks and paths have been mapped, approximately 100 stream sediment
samples collected and artisanal gold workings located and sampled within
areas of current field activity.
Numerous artisanal alluvial gold workings have been located and confirmed
within streams draining a coincident topographic high, aeromagnetic high
anomaly and favourable greenstone lithological and structural setting in the
south of the Nimba license. This area defines a 30km strike length ridge and
represents a high priority target for immediate follow up with wide spaced
soil traverses and geological mapping.
The Nimba license area is considered highly prospective for significant gold
mineralisation:
i. Proximity to the Cestos Shear; a major scale crustal structure which
hosts the Ity Gold Mine (5Moz) and converges with the Syama-Morila gold
hosting shear structure
ii. Proximity to the Ity Gold Mine (5Moz)
iii. Structurally complex zone at contact between Archean Craton to the west
and Birimian belt to the east with inferred in-folding of Birimian aged
rocks into Archean Craton and emplacement of Palaeoproterozoic
granitoids into the folded rock package along major structures of the
Cestos Shear
Lofa License
Field work has progressed well since commencing during the first week of
April 2011. All access roads, tracks and paths have been mapped,
approximately 30 stream sediment samples collected and reports of artisanal
gold workings confirmed in the south west of the license along the Kpo
Range.
Artisanal alluvial gold mining was located in the south of the Lofa license
along a large river draining Shankil Resources Inc property within the
central part of Tawana`s license. Sand and gravel dug by hand from the river
bed by divers was screened, washed and panned on the river bank producing
fine to medium grained gold. Reported hard rock mining of a gold bearing
narrow quartz vein in Shankil`s property and cut by the same river is the
likely source of this gold; further confirmed by the medium to fine grained
nature of the gold recovered.
Similar greenstone and banded iron formation units that host this
mineralisation occur along strike and slightly offset in the south-west of
the Lofa license. This is also the area of reported gold workings further
enhancing the target area.
Work Plan
The south-west portion of the Lofa license will be targeted next with
community and stakeholder liaison of the adjoining District a priority
followed by ongoing stream sediment sampling and location of artisanal gold
workings. Pending the results of the occurrence, distribution and continuity
of artisanal gold workings, follow-up wide spaced soil traverses will be
planned and executed prior to the onset of the wet season in June 2011.
Other
The Company continues to evaluate a number of potential project acquisitions
and farm-in opportunities in Liberia in its own right and is also working
closely with Gryphon on other highly prospective West African opportunities.
The Company is currently reviewing potential acquisitions in Liberia and
undertaking geological due diligence on the opportunities including site
visits.
The Company attended and presented at the first Liberian Mineral and Energy
Conference (LIMEP) held between 11-13th April 2011 in Monrovia. The
conference was well attended with over 300 delegates from a broad spectrum
of mining, exploration and service provider industries active in Liberia.
About Liberia
Liberia is a democratic country run by Her Excellency President Ellen
Johnson-Sirleaf; Africa`s first elected female head of state in 2005. The
country is hugely prospective and hosts several world class iron ore
deposits but yet is completely underexplored for gold and non-ferrous
metals. Liberia has a modern and transparent mining code and the government
is supportive of foreign investment especially in the exploration and mining
industry to help unlock the value of its potential mineral wealth. Tawana
will be one of the first ASX listed junior companies into Liberia following
in the footsteps of mining majors BHPBilliton, Arcelor-Mittal and Severstal.
Liberia is located in West Africa dominantly within the Archean aged Kenema
Man Domain and lesser Birimian sediments to the east. There are a large
number of world class mineral deposits located in the Archean and Birimian
rock types throughout West Africa including Obuasi (40Moz+) and Tasiast
(18Moz+). West Africa is one of the fastest growing mineral provinces in the
world and Liberia currently hosts several world class iron ore deposits and
is underexplored for gold.
For further information, please contact:
Lennard Kolff van Oosterwijk
Chief Executive Officer
Competent Persons Statements
The information in this report in so far that it relates to Liberian Project
Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by Lennard Kolff van Oosterwijk, who is a Member of the
Australian Institute of Geoscientists included in a list promulgated by the
ASX from time to time. Lennard Kolff van Oosterwijk is a full-time employee
of the company and has sufficient experience which is relevant to the style
of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined
in the 2004 Edition of the `Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves`. Lennard Kolff van Oosterwijk
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
29 April 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 29/04/2011 17:20:01 Produced by the JSE SENS Department.
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