Tawana set to acquire prospective Liberian ground
THE BOURSE WHISPERER: West Africa-focused Tawana Resources has secured binding exclusivity and exclusive rights to due diligence on the Sinoe gold project in South-Eastern Liberia.
Tawana considers to the Sinoe project to be a significant, highly prospective gold land package.
Tawana Resources has paid an initial exclusivity option fee to Global Mineral Investment Incorporated, the tenement holder of the Sinoe project area.
This payment has secured binding exclusivity and exclusive rights to due diligence on the project.
At this stage the details of the transaction remain commercial-inconfidence.
Tawana said full acquisition details will be provided to the market once it has completed successful due diligence at the site.
The Sinoe project is a mineral exploration licence that covers 400 square kilometres of Birimian aged rocks along on of the most prospective gold mineralised structure being explored in Liberia today; the Dugbe Shear.
The project area is 25 kilometres along strike from AIM-listed Hummingbird Resources’ 0.8 million ounce Dugbe project and 40km along strike from fellow ASX-listed NT Resources Bukon Jedeh project.
These two projects are hosted along secondary and tertiary order structures adjacent to the main Dugbe Shear.
“Similar structural targets have been defined in the government regional aeromagnetics data over the Sinoe project area,” Tawana Resources said in its ASX announcement.
“The area is characterised by numerous artisanal gold workings observed in the field during recent site due diligence activities.
“The area is also characterised by numerous quartzite, graphite and manganese occurrences on the USGS Geological map of Liberia; all favourable indications for gold prospectivity.”
Tawan is currently designing an aggressive field sampling and mapping program, which it expects to commence shortly.
The exploration activities will include blanket, wide spaced soil traverses within the license area and closer spaced soil traverses over high priority targets including hard-rock artisanal workings.
Assessment of access, artisanal workings in the area and geological mapping will also be undertaken.
The company will also undertake a community’s consultation program when the field work begins to ensure a social license to operate.
Under the terms of the agreement, the Company has secured the services of the vendor’s expatriate site manager to build access tracks, additional camp facilities and maintain logistical supplies to facilitate exploration activities.