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LIONTOWN RESOURCES LIMITED - ASX: LTR
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Description
Liontown Resources Limited is a gold-focused exploration company exploring the northern Tanzanian and northern Queensland regions, both of which host a number of world class gold deposits and where the potential for further discoveries is high.
With an extensive tenement portfolio and funding in place to accelerate exploration work, the Company is well positioned for growth through the discovery of a world class gold deposit. Liontown is also actively seeking advanced opportunities with the potential to fast track the Company towards production and increasing shareholder wealth.
Mount Windsor Joint Venture project (100% Liontown Resources Limited/Ramelius Resources earning 60%)
The Mount Windsor Joint Venture Project covers over 3,500km2 of prospective ground centred approximately 40km south of Charters Towers in North Queensland. The Charters Towers region has seen prolific metal production, with an endowment of over 18 million ounces of gold, 350,000 tonnes of zinc, 300,000 tonnes of copper, 90,000 tonnes of lead and 200,000 ounces of silver. Six plus 1 Moz gold camps have been discovered within the immediate region. On 16 April 2010, Liontown and Ramelius Resources Limited (“Ramelius”) announced that they had agreed to terms for a Farm-in Joint Venture Agreement which will accelerate exploration on the Project including the drill testing of the targets described below. Ramelius can earn up to a 60% interest in the Project by spending $7 million over 4 years with a minimum commitment of $1.25 million in the first year.
Panhandle Project (100% Liontown Resources Limited)
The Panhandle Project is a 100% owned project located in North Queensland approximately 150 kilometres south-southeast of Townsville and 40 kilometres east of the Mt Windsor Joint Venture. The Project consists of 6 EPMs covering an area of ~1,150km2 including four applications (EPMS 18269-18271, 18690) and 2 granted EPMs (14762 and 16213). The Project is considered prospective for the same style of gold mineralisation as that being targeted at the Mt Windsor Joint Venture. The Project area covers the southern strike extension of the NW striking Ravenswood-Mt Wright-Welcome Breccia trend and a NE trending structural zone which includes the Mt Carlton gold-silver deposit. Previous exploration has identified the Quartz Ridge and Power Line prospects and a number of other areas which will be the focus of initial exploration by Liontown.
Fort Constantine South Project (100% Liontown Resources Limited/Exco Resources earning 70%)
The Fort Constantine South Project comprises a single tenement (EPM 15004) which is located within 5 kilometres of both Xstrata Plc’s Ernest Henry copper-gold mine and Exco Resources Limited's (Exco) E1 copper-gold deposits. The Project is located in the Eastern Succession of the Mt Isa Inlier, in north-west Queensland, approximately 25 kilometres north east of Cloncurry. Liontown Resources has entered into an option agreement with Exco, whereby Exco has the right to earn up to a 70% interest in the project by spending $3.2 million over 4.5 years. Details of the option agreement were announced to ASX on 2 May 2008.
Jubilee Reef Joint Venture (Liontown Resources earning 75% from Currie Rose Resources Inc)
In January 2011, Liontown Resources Limited announced that it had secured a significant new gold exploration opportunity in East Africa after entering into an agreement with Canadian-based company Currie Rose Resources Inc. (“Currie Rose”; TSX-V: CUI) to earn up to a 75% interest in the Jubilee Reef gold project located in Tanzania within the Lake Victoria Goldfield. The Jubilee Reef Project is located approximately 850km west-northwest of the capital, Dar es Salaam. The Lake Victoria Goldfield is an Archaean greenstone-granite terrain that hosts a number of world-class gold deposits, including African Barricks’s +15Moz Bulyanhulu Mine and Anglogold Ashanti’s +10Moz Geita Mine. The geological setting of the Jubilee Reef Project is comparable to the above Tanzanian mines and similar to the Eastern Goldfields of Western Australia.
Mine For
gold, copper, lead, zinc, silver, molybdenum
Location of operation(s)
Queensland, Tanzania
Address
Level 2 , 1292 Hay Street
WEST PERTH, WA, AUSTRALIA
Phone
(08) 9322 7431
Website
Last Updated
24/03/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
