JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed iron-ore company Tawana Resources on Wednesday announced the discovery of new mineralisation as part of its ongoing exploration strategy over its recently acquired, 100%-owned MEL1223/14 Mofe Creek South licence, in Liberia.
New friable itabirite mineralisation had been defined in outcrops over a combined 1.4 km strike length and at an average grade of 32.4% iron (Fe).
The mineralisation was within a 3 km trucking distance of the company’s Gofolo Main Koehnko resource, as well as within immediate proximity to the planned road infrastructure corridor.
The mineralisation represented one of four additional high-priority target areas defined within the Mofe Creek South licence, which had similar geological characteristics to the 61.9-million-tonne maiden resource estimate, at 33% Fe, which Tawana defined in March 2014.
Tawana executive chairperson and CEO Wayne Richards said that, to define additional high-quality mineralisation within such close proximity to the Gofolo Main resource and adjacent to the company’s potential first mining hub to be developed, was a “fantastic result” for the company.
“This represents the first of a series of exciting new exploration targets which have the potential to add significant resource tonnes to the project, and which are within short conveying or trucking distance to the proposed Gofolo–Zaway mining hubs,” he added.
Richards further said the potential to add value to the project at a low incremental cost, coupled with very low stripping ratios and forecast low operational expenditure costs was “very compelling.”
The company had also recently redeployed its full Liberian exploration contingent into the field to assess new targets to expand the resource footprint of the project, and to confirm the potential quantum of mineralisation that may be present within the new targets.
Mapping teams would “rapidly” assess the remaining exploration targets within the licence area, with the aim of prioritising drill targets.