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Liontown Resources uncovers more gold at Jubilee Reef gold project  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 21/11/2012

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(MENAFN - ProactiveInvestors - Australia) Liontown Resources (ASX: LTR) has received encouraging gold assay results from recent drilling at the Masabi Hill and Panapendesa prospects in the Jubilee Reef project, Tanzania.

Notable results at the more advanced Masabi Hill prospect, where multiple zones with more than 1 gram per tonne (g/t) gold were intersected from the southern and central parts of the intrusive complex include:

- 8 metres at 4.7 g/t gold from 112 metres; and
- 23 metres at 2.1g/t gold from 51 metres including 14 metres at 3.2g/t gold from 52 metres.

Shallow drilling at the prospect has intersected a new zone of mineralisation about 400 metres north of previously defined zones and assays are pending for reverse circulation drilling completed to follow up these results.

Anomalous gold has now been defined over 1 kilometre east-west and 800 metres north-south at Masabi Hill with the mineralised system still not closed off.

Further drilling is required to determine the true widths and controls of the mineralisation at Masabi Hill.

Eight of the 49 reverse circulation drill holes in the program targeted Panapendesa and returned notable results including:

- 12 metres at 3.8g/t gold from 93 metres including 8 metres at 5.6g/t gold from 93 metres;
- 60 metres at 1.2g/t gold from surface including 24 metres at 2.5g/t gold from 24 metres; and
- 60 metres at 1.1 g/t gold from 44 metres including 24 metres at 1.5g/t gold from 48 metres.

These holes were designed to test the continuity and strike extents of previously reported gold mineralisation.

Continuous gold mineralisation has now been intersected over 300m strike at Panapendesa with the latest results indicating multiple, steep south dipping lodes.

Assays are still pending for a number of reverse circulation holes at both prospects and follow up drilling will be planned once all results are processed.

Three traverses of aircore drilling were undertaken at Chela to test the south eastern part of the interpreted granitic complex where it intrudes banded iron formation - a geological setting analogous to the Geita gold deposit located to the north of Jubilee Reef.

Strongly anomalous gold results were recorded from the ends of all three drill lines and further drilling is still required to define the limits of the mineralised system.

Liontown has a 51% interest in Jubilee Reef and has the option to earn up to 75% under its agreement with Canadian partner Currie Rose Resources (TSXV: CUI).


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