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Laneway Resources Ltd

Laneway Resources extends gold mineralisation at Queensland project

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Laneway Resources (ASX:LNY) has received initial high grade gold assays from drilling at the Sherwood Prospect of its Agate Creek Gold Project in North Queensland.

The results confirmed its view that high grade near surface gold mineralisation extends materially beyond the boundaries of the metallurgical sample mined early last year which delivered 5,472 tonnes at 11.2 g/t Gold.

It expects to lodge its mining lease application shortly and will update JORC Resources within the next few months upon receipt of entire set of assays.

Results received to date include:

- 6 metres at 24.3 grams per tonne gold from 6 metres;
- 3 metres at 7.7g/t gold from 6 metres as well as 3 metres at10.7g/t gold from 14 metres;
- 3 metres at 9.6g/t gold from 13 metres;
- 3 metres at 9.8g/t gold from 6 metres; and
- 1 metre at 12.8 g/t gold from 4 metres and 2 metres at 12.8g/t gold from 11 metres.

Laneway has completed 4,257 metres of the planned 5,000 metre reverse circulation drill program designed to:

- Provide a more thorough definition of the near surface high grade gold zones at Sherwood with a view to establishing a resource of sufficient robust grade and size to sustain a near term high grade open cut mining operation;
- Deliver a material increase in the existing Resource Inventory at both Sherwood and Sherwood West through step out drilling and identified additional targets;
- Testing the southern extension of Sherwood West where the target mineralised zone remains open and has been continuously mapped some 700 metres to the south of current drilling; and
- Drilling of several highly prospective regional targets.

 

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Quick facts: Laneway Resources Ltd

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Market: ASX
Market Cap: $26.04 m
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