Join our daily newsletter At The Bell to receive exclusive market insights
- Laneway Resources (ASX:LNY) has found high-grade gold targets at its Agate Creek project in North Queensland
- Highlights from the drilling program include 53 grams per tonne of gold from two metres
- The company says it’s still waiting on over half of the drill results, but when the information becomes available it will continue identifying gold targets
- Laneway’s share price is up nearly 17 per cent, with shares trading for 0.7 cents each
Mining company Laneway Resources has opened new gold exploration opportunities at its Agate Creek project in North Queensland.
The company recently underwent a 42 hole drilling program at the project with results being returned for 17 of the holes. Assay highlights include 53 grams per tonne of gold from two metres.
The market has responded favourably to Laneway’s progression at Agate Creek. Shares in the company are up 16.67 per cent and trading for 0.7 cents each.
A mineral resource at Agate Creek forecasts it to hold 8.2 million tonnes at a grade of 1.46 grams per tonne of gold for 381,000 ounces. However, an updated resource estimate is underway to account for the new discoveries.
The 42 holes drilled covered 2244 metres and the 17 which have returned results account for 1002 metres. In its release to the market today, Laneway detailed “initial analysis shows potential for additional tonnes to be mined in the near term.”
The company fully owns Agate Creek and remains focused on completing the required analysis so it can form detailed pit designs for mining planning. Laneway also intends to use historical data to assist in choosing targets.
Laneway’s share price is up nearly 17 per cent with shares trading for 0.7 cents each.
