Liontown Resources (ASX: LTR) is in pre-open this morning as it prepares to release an announcement on the details of a capital raising.
While there was no indication where the money might be allocated, the company is progressing exploration at its Jubilee Reef Joint Venture in Tanzania.
Although Liontown’s main exploration focus within the project is on the gold potential it is believed that the tenements also hold significant potential for iron ore, a commodity which has previously attracted little attention in Tanzania despite the abundance of banded iron formations.
Previous best intersections include 31 metres at 33.9% iron, 43 metres at 32% iron, and 31 metres at 31% iron.
The company will remain in pre-open until the earlier of an announcement being made available to the market, or the opening of trade on Tuesday 13 March.