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Laneway Resources Ltd.
Summary
| Project: | Agate Creek | |
|---|---|---|
| Deposit: | Agate Creek | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/30/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 30-1-2020: Laneway Resources Ltd. announces a Resource Estimation report for its Agate Creek deposit at the Agate Creek project. Updated mineral resource estimate. The Mineral Resource update follows the addition of both infill Mineral Resource and grade | |
| Resources: | (Resource, Total): 8.3Mt @ 1.4g/t Au at Agate Creek total | |
| CP/QP: | [Resources]: John Horton (ResEval Pty Ltd.) | |
| ABSTRACT: | The Mineral Resource update follows the addition of both infill Mineral Resource and grade control drilling as well as depletion from mining completed in 2019. Mining to date has primarily targeted the Sherwood high grade domain that presents as a flat quartz rich zone that outcrops and has a shallow dip and should be mostly accessible by open pitting. Most of the additional drilling since 2016 has targeted areas either mined in 2019 or extensions and deeper parallel zones at Sherwood (to be assessed for future pit extensions). The current Mineral Resource model with grade control sampling data reconciles exceptionally well however during both phases of mining the ore mined was greater tonnage and grade than predicted. Recent RC and grade control samples have reported a noticeably higher tenor in grade for the high grade areas suggesting historic RC and diamond sampling may under represent the highest grade areas at Sherwood. This observation suggests that future high grade targets should be attainable with potential for continued positive reconciliation. The global Mineral Resource is similar to the previous estimate with new drilling principally infilling known higher grade zones. This drilling along with the introduction of additional high grade domain interpretations has resulted in more Mineral Resource allocated to the high grade selective domain and away from lower grade domains. These high grade domains have provided a basis for assessing near surface material suitable for open pit mining and toll treating. Some of these domains may after further evaluation be determined to be too deep for economic open cut extraction at current gold prices and by toll treatment. At that stage the development options may consider underground extraction or a larger open pit development at a lower cut-off grade and on site treatment. | |
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