Liontown Resources (ASX: LTR) is hunting for elephants in the Tanzanian goldfields, with the company discovering very broad mineralised zones in the north of the country.
Jubilee Reef is located in the heart of the Lake Victoria Goldfields, one of the world’s premier gold provinces.
Another plus for Liontown is that its tenements and sandwiched between Tanzania’s largest gold miner, African Barrick Gold, which is active on the boundary.
The latest reverse circulation drilling highlight is; 88 metres at 1.8g/t gold from 8 metres, including 44 metres at 3.1g/t gold, discovered at the Masabi Hill prospect within Jubilee Reef.
Result follows on from a number of recently reported significant intersections at Masabi Hill and the Panapendesa prospect where assaying of 1 metre samples has recorded high grade values including; 4 metres at 15.4g/t gold from 113 metres, including 1 metre at 46.9g/t gold.
Liontown has now wrapped up drilling for 2012 which covered around 17,000 metres.
Lake Victoria Goldfield
Highlighting the potential of the area, the Lake Victoria Goldfield has a plus 50 million ounce gold endowment, and is home to several world-scale deposits, including multiple plus 10 million ounce deposits and six operating mines.
Thes operating mines include Bulyanhulu (African Barrick Gold ~17Moz), Geita (AngloGold Ashanti ~12.5Moz) and Buzwagi (African Barrick Gold ~4.5Moz).
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.