Laneway Resources (ASX:LNY) reports it continues to receive ‘high-grade’ gold assay results from the geotechnical diamond drilling program completed earlier this year at the Sherwood and Sherwood West deposits.
The drilling at the deposits, within Laneway’s 100% owned Agate Creek Gold Project in North Queensland, which is part of its Gulf Savannah Region gold portfolio, was designed primarily to assess geotechnical constraints for pit designs and where possible also targeting additional deeper Rhyolite zones.
The company’s share price had risen 11.11% as of 11am AWST.
Significant drill intercepts at the Sherwood deposit include:
- (CCDD542) 14.76m @ 4.29g/t Au from 29.6m, including 1.1m @ 9.88g/t Au, 1.15m @ 15.85 g/t Au, and 2.26m @ 8.0g/t Au
- (CCDD544) 1.5m @ 6.13 g/t Au from 79m, including 0.5m @ 11.08 g/t Au
Addressing the results, Laneway Managing Director Brad Gordon said: “These results are being incorporated into pit designs for the ongoing mining activities at Agate Creek.
“The restart of the Georgetown Gold Processing Plant also remains on track”
The restart of the Georgetown Gold Processing Plant also remains on track for commencement of processing of ore later this month, providing Laneway with a clear pathway to monetise the expanding high grade Mineral Resource being outlined at Agate Creek.”
The 100% owned Agate Creek Gold Project forms part of Laneway’s Gulf Savannah Region gold portfolio.
The ‘highly prospective’ IRGS/epithermal system is located about 70km south of Georgetown and 60km west of the 5Moz Kidston deposit in North Queensland.
Haulage and crushing of ‘high-grade’ Agate Creek ore commenced in June with processing through Laneway’s Georgetown Gold Processing Plant scheduled to begin in August 2022.
Images: Laneway Resources Ltd
