Liontown Resources (ASX: LTR) has been granted a trading halt by the ASX ahead of an announcement relating the drilling results from the Jubilee Reef Gold Project in Tanzania, West Africa.
The company has been progressing second phase drilling at Jubilee Reef, in which it has the right to earn a 75% interest, and last month returned strong results from the first three drill holes of the program.
These results included a peak intercept of 62 metres at 2.4 grams per tonne (g/t) gold from 70 metres, including 21 metres at 4.7g/t gold.
This intercept lies immediately downdip of a previous intersection from drilling in 2011 of 50 metres at 1.8g/t gold.
Liontown has an emerging gold portfolio in the world class Lake Victoria Goldfield, in Tanzania.
The granite and greenstone terrain in the Lake Victoria region is similar to that found in the Eastern Goldfields of Western Australia, and the region also hosts African Barrick Gold PLC's (LON: ABG) Bulyanhulu mine.
Shares in Liontown will remain in pre open until the earlier of the release of an announcement to the market or the commencement of trading on Tuesday June 12, 2012.
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