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Tawana says Liberia iron-ore scoping study ‘well advanced’

Tawana says Liberia iron-ore scoping study ‘well advanced’

Photo by Bloomberg

17th April 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – ASX-listed Tawana Resources continues to advance a scoping study for its Mofe Creek iron-ore project, in Liberia, investigating the potential of a one-million-to two-million-ton-a-year early start-up project, as well as a potential larger, longer term five-million-to ten-million-ton-a-year project.

The company said in a quarterly update on Thursday that it expected the “well advanced” study to be completed in July. The first phase of metallurgical testwork in support of the scoping study had been concluded on the ten composites generated from the project’s Gofolo Main and Zaway deposits.

A maiden mineral resource of 61.9-million tons with an in-situ iron grade of 33% had been calculated for the Mofe Creek project and comprised the Gofolo Main, Zaway and Koehnko deposits.

The testwork programme was structured to confirm the design criteria necessary for the scoping study, including a preliminary plant design for the early start-up option, as well as for the longer-term, larger-scale processing facility.

Heavy liquid separation and sizing results confirmed that a high-grade 62% iron to 68% iron ‘premium’ product with low impurities could be produced at a mass recovery rate of between 58% and 68% from 1 mm of crushed material.

“The results confirm the potential for the design and development of a low-capital-intensity process plant with simple gravity beneficiation equipment. Visual drill core observations at the Zaway prospect suggest similar material is present at this deposit and should upgrade and beneficiate in a similar manner to the Gofolo Main deposit samples,” Tawana noted, adding that a prefeasibility drilling programme could start as early as May.

Results from the first phase also demonstrated that an “exceptional” product grade could be achieved from low-grade feed of 36% iron at a 1 mm crush.

Meanwhile, the project’s environmental baseline studies and social report had been completed and the company continued to engage with the Ministry of Transport, the National Port Authority of Liberia, the Ministry of Lands, Mines and Energy and the Environmental Protection Agency to assess the potential for the early start-up scenario being considered in the scoping study.

Tawana continued to engage with potential strategic partners for either port gate or rail siding sales as one of its options under consideration for the potential early start-up scenario.

The company also reported on Thursday that it held $1.1-million in cash on March 31, and, in April, completed a placement to investment funds and sophisticated investors to raise $5-million. In addition, a share purchase plan was announced to raise up to an additional $2-million, which was expected to close on May 6.

Funds would be used for the advancement of the design, engineering, environmental and logistics studies for the Mofe Creek project and to fast-track the mineral development agreement.

Meanwhile, Tawana continued to divest its legacy diamond portfolio and announced the sale of the Kareevlei diamond project, in South Africa, to BlueRock Diamonds for R4-million in two tranches on August 26, 2013.

The company received the first tranche payment of R3-million in September and the second tranche payment of R1-million was placed into escrow pending successful transfer of the mining right, expected later this year.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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