JOHANNESBURG (miningweekly.com) – Dual-listed iron-ore miner Tawana Resources has identified four additional high-priority target areas at its Mofe Creek project, in Monrovia, Liberia, following the discovery of high-grade direct shipping ore (DSO) hematite mineralisation, averaging 62.8% iron and reaching up to 66% iron.
Located a short trucking distance from the operating port of Freeport, Monrovia, the new zone of DSO hematite mineralisation occurred in the Goehn South East prospect, within a broader 550 m strike length of friable, coarse-grained itabirite, with potential for additional strike extensions.
Itabirite mineralisation of greater than 2.2 km combined strike length, ranging in grade from 26.4% to 52.6% iron, was also delineated, with similar geological characteristics to the 61.9-million tons at 33% iron maiden resource estimate.
“This target represents the highest grade, continuous zone over multiple samples, of DSO hematite mineralisation discovered within the project area to date. It represents a fantastic result for the company and an exciting potential low-cost, early development opportunity,” Tawana CEO and chairperson Wayne Richards noted.
He added that the combination of a new DSO hematite discovery and the company’s port infrastructure memorandum of understanding with Hong Kong-based miner Wisco Cad significantly enhanced the potential for a low-capital intensity, early start-up DSO trucking operation.
The results also strengthened the exploration rationale for a potential Bomi Hills analogue, which historically produced in excess of 50-million tons of DSO within 35 km of the project area.
The company said it would continue to advance core negotiations with the government of Liberia for the mineral development agreement and progressing strategic environmental- and social-impact assessment activities, including the terms of reference document and scoping report.
Following the announcement on Wednesday, Tawana’s ASX-listed shares rose by 25% to A$0.0050 apiece, while its share price on the JSE rose by as much as 33% to 8c, compared with Tuesday’s close of 6c.