Monrovia, Liberia — MININGREVIEW.COM — 01 December 2011 – ASX and JSE-listed Tawana Resources “’ a Perth-based company exploring in West Africa “’ reports it has found a significant iron-ore deposit containing iron concentrations of up to 64.8% at its Mofi Creek licence area in Liberia, next to the traditionally mined Bomi Hills area.
The company said in a statement here that it was targeting a 30km strike of high-grade direct shipping ore magnetite mineralisation, and weathered, easily beneficiated soft iron formation, for high-grade beneficiated fines.
Both styles of mineralisation have been confirmed in the licence area and Tawana has already started detailed field mapping and rock-chip sampling to better define contacts and distribution of mineralisation types.
On the basis of the initial mapping and sampling results, the company will review flying a detailed aero-magnetics survey to better define mineralisation distribution and continuity below areas of thick vegetation and weathering.
“There is significant potential for this project to provide a rapid development timeframe with low capital intensity, using the extensive existing infrastructure and close proximity to major deep-water ports and trans-shipment solutions,” the company said in a statement.
Tawana reported that it had recently undertaken a one-day field reconnaissance site visit during that had produced encouraging results.
Subject to further detailed geological confirmation, a conceptual target is to quickly develop a high-margin, low-tonnage operation that could generate significant cash flows for the company.
The licence area is about 100km from the capital on well-maintained sealed roads, 20km from an historic heavy-haul iron-ore railway from the Bomi Hills mine, close to a deep-sea port and 25km from the coast.
Historic production at Bomi Hills is poorly documented; however estimated historic production by the government of Liberia is 50Mt of high-grade magnetite.