Tawana buys WA lithium project to develop Mofe Creek iron-ore project in Liberia, appoints Calderwood CEO

 Spodumene-rich pegmatite outcrop sample.

Spodumene-rich pegmatite outcrop sample.

JOHANNESBURG (miningweekly.com) – Shares in dual-listed Tawana Resources surged on the ASX on Monday, after the company unveiled a lithium acquisition and announced the appointment of a new CEO.

Tawana, which is also listed on the JSE and focused on developing the Mofe Creek iron-ore project in Liberia, acquired Mount Belches, which has tenements prospective for spodumene-type lithium in the Goldfields region of Western Australia.

Mount Belches’ sole director, Mark Calderwood, who is the former CEO of Perseus Mining, joined Tawana as CEO to oversee and advance the prospective project.

Mount Belches had one tenement application and rights to acquire three exploration licences, as well as one exploration application in the Goldfields region. The five tenements were located in two projects areas: Cowan, 55 km south-east of Kambalda and Yallari, 25 km south-east of Coolgardie.

Chairperson Mike Bohm commented that the project area covered the bulk of a large lithium/caesium/tantalum pegmatite field and noted that there were a significant number of drill-ready lithium targets available.

In order to fund a planned lithium exploration programme, Tawana had received commitments to raise A$1.75-million by way of issuing shares at A$0.025 a share.

Shareholder approval was required for the purchase of Mount Belches, which would be sought at a meeting on August 31.

Tawana’s shares closed 94% higher at A$0.06 on Monday, giving the exploration and development company a market capitalisation of A$8.85-million.

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About Cholo Brooks 13802 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.