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Laneway Resources (ASX:LNY) confirms high-grade extensions at Agate Creek

ASX News, Mining
ASX:LNY
17 December 2021 12:37 (AEST)
Laneway Resources (ASX:LNY) - Chair, Stephen Bizzell

Source: Stephen Bizzell/LinkedIn

Laneway Resources (LNY) has received assays for two holes drilled at the Agate Creek gold project in north Queensland.

The two holes mark the first two holes drilled as part of an initial 49-hole, 2774-metre program which is targeting along strike and deeper extensions to the high-grade mineralisation at the Sherwood and Sherwood West prospects.

Results from CCGC349 include one metre at 9.68 grams of gold per tonne (g/t) from 12 metres and 14 metres at 5.84g/t gold from 36 metres including one metre at 18.7g/t gold from 40 metres and one metre at 33.9g/t gold from 45 metres.

Results from CCGC348 include one metre at 5.05g/t gold from 15 metres.

The company said these results confirmed the extensions of previously mined veins along with previously identified deeper systems which also host narrow high-grade gold zones. It also expects that upcoming assays may demonstrate extensions to these high-grade zones.

Managing Director Brad Gordon commented on the assays.

“We are pleased to be getting immediate high grade drilling results with the first drill holes in our program following up targets generated from the recently completed multi-element study,” he said.

“As the program continues, we look forward to confirming the IRGS hypothesis for Agate Creek and our initial targets of along strike and deeper extensions of the known gold mineralisation.”

Once reverse circulation drilling is complete, a diamond drilling program will begin to target deeper rhyolite zones at Sherwood and assess geotechnical constraints for pit designs.

Company shares were trading steady at 0.6 cents at 12:10 pm AEDT.

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