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Laneway Resources Ltd.
Summary
| Project: | Agate Creek | |
|---|---|---|
| Deposit: | Agate Creek | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/27/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-5-2019: Laneway Resources Ltd. announces an Exploration/Drilling Update report for its Agate Creek deposit at the Agate Creek project. Drilling results incl. 5.0m @ 54.8g/t Au from 25.0m. The Board of Laneway Resources Limited (Laneway, or the Company | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Scott Hall (Internal) | |
| ABSTRACT: | The Board of Laneway Resources Limited (Laneway, or the Company) (ASX:LNY) is pleased to announce the assay results from the recently completed drilling program at the Sherwood deposit within the Agate Creek Gold Project in North Queensland. A small reverse circulation (RC) drill program of 34 holes (1,101m) was recently completed in and around the current pit area to extend and further define some of the mineralized zones previously identified including several that could not be fully drilled during the drilling program late last year due to terrain constraints and drill pad access. Additional drill holes were added for targets identified by in pit mapping and interpretations of ore shoots. The results of this program (outlined further in Table 1 below) has identified some further extremely high grade zones which will now be incorporated in updated pit designs to allow these further high grade zones to be incorporated as part of the current mining program. This will likely increase the tonnage to be mined and processed as part of the current on-going Mining and Processing Agreement. The current mining schedule, prior to the recent drilling, was expected to incorporate around 50,000t of high grade ore for processing. Initial estimates now suggest a further 10-15,000 tonnes may now be able to be mined with increased mining depths and associated updated pit designs. Current mining and processing is progressing well at Agate Creek Mine and the Black Jack Plant with (unreconciled) production of around 15,000t of mined ore now processed at an average (unreconciled) head grade of approximately 10 g/t with high recoveries of over 98% continuing resulting in almost 150kg of gold dore being recovered so far. Full monthly production for May and project to date figures will be released following refining and reconciliation assay data return expected by mid-June. | |
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