Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Liontown Resources earns 51% interest in Jubilee Reef gold project  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 08/10/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - ProactiveInvestors - Australia) Liontown Resources (ASX: LTR) has earned its initial 51% interest in the Jubilee Reef Gold Project in Northern Tanzania after completing more than 14,000 metres of drilling since starting work last year.

This could increase to about 64% if the work program is completed as planned as Canadian partner Currie Rose Resources (TSXV: CUI) has elected not to contribute to exploration expenditure for the last quarter of 2012.

Liontown is currently undertaking a combined 14,000 metre reverse circulation, aircore and diamond core drilling program to follow up multiple zones of gold mineralisation intersected previously on the project.

The Jubilee Reef Project is located in the Lake Victoria Goldfield, where Liontown is currently earning up to 75% equity in the project via a joint venture with Currie Rose.

The Lake Victoria Goldfield hosts granite/greenstone terrain similar to the Eastern Goldfields of Western Australia, and comprises a plus-50 million ounce gold endowment.

There are a number of 10 million ounce gold projects in this under-explored emerging region.

More recent drilling has returned outstanding results, highlighting the potential for a large-scale gold system at the Masabi Hill prospect.

Masabi Hill shows multiple gold zones with intersections of up to 62 metres at 2.4 grams per tonne (g/t) gold from the Discovery (Central) Zone and up to 74 metres at 1.8g/t gold from the Southern Zone.

The gold anomalism remains open, with the potential for a large gold system with multiple lodes.

Around 11,500 metres of drilling has been completed since the joint venture's inception in 2011, with multiple priority gold prospects and mineralised zones identified.

Mineralisation has been drilled so far over 600 metres of strike and 600 metres of width, and the system appears to be shallow with significant growth potential. The majority of the Masabi granitoid remains untested.

A resource drilling program is targeted for 2013.

There appears to be an emerging gold system of significant size and scale at Jubilee Reef where multiple zones of mineralisation have been defined by Liontown to date, which is bullish for Liontown in 2012/2013.


  MENA News Headlines




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help