Johannesburg - Tawana Resources has found new high-grade Direct Shipping Ore (DSO) hematite mineralisation a short distance away from Liberia’s operating port of Freeport, Monrovia.
It says the ore contains average iron of between 62.8% and 66% iron. The mining company adds it has also found more than 2.2km strike of friable itabirite mineralisation in the Goehn prospect as part of its ongoing low-cost exploration strategy at its recently bought Mofe Creek South licence.
“This represents one of four additional high-priority target areas defined within the Mofe Creek South licence area,” it says.
Chairman and CEO Wayne Richards explains the 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 within short trucking distance to the operational port of Monrovia.”
Tawana Resources, listed in Australia and Johannesburg, grew revenue 30.9% to AUS$69 000 in the year to December. However, it continues to be loss-making. Its principal project is in Liberia, West Africa. Tawana’s 100%-owned Mofe Creek project is a new discovery in the heart of Liberia’s historic iron ore district, located 20km from the coast and 85km from the country’s capital city and major port, Monrovia.
Richards notes “the combination of a new DSO hematite discovery within the Mofe Creek project area and the recently announced port infrastructure MoU [memorandum of understanding] signed with WISCO-CAD significantly enhances the potential for a low-capital intensity, early start-up DSO trucking operation.
“This is a potential game-changer for both the project and the company.”
Tawana explains the discovery strengthens the exploration rationale for a potential Bomi Hills analogue, which historically produced more than 50 million tons of DSO within 35km of the project area.
Tawana will continue to explore low-cost value-add opportunities and advancing its negotiations with the Liberian government on a mineral development agreement.
IOL