- Laneway Resources (LNY) intersects up to 20.3 grams per tonne (g/t) gold from its Agate Creek Project in North Queensland
- Results come from a further 26 holes drilled at the Sherwood and Sherwood West deposits to test along strike and extensions to the known mineralisation
- The results received so far are confirming extensions of the previously mined veins and identified parallel systems which host narrow high-grade gold zones
- Results for the remaining holes are pending and will be reported in due course
- Shares in Laneway are up 9.09 per cent on the market and are trading at 0.6 cents
Laneway Resources (LNY) has intersected up to 20.3 grams per tonne (g/t) gold from its Agate Creek Project in North Queensland.
Results come from a further 26 holes drilled at the Sherwood and Sherwood West deposits and follows a recently completed multi-element study.
The reverse circulation (RC) drilling tested along strike as well as extensions to the known high grade mineralisation. The results will be used to update planned open cut designs and waste rock characterisation sampling as part of Environmental Authority amendment applications.
At Sherwood, drilling intercepted one metre at 20.3g/t gold from 79 metres, two metres at 8.31g/t gold from 42 metres and six metres at 5.37g/t gold from 14 metres.
High-grade gold was also encountered at Sherwood West with intercepts of eight metres at 4.62g/t gold from surface and three metres at 3.68g/t gold from 17 metres.
Results received so far confirm extensions to the previously mined veins and identified parallel systems which host narrow high-grade gold zones.
“We are pleased to be continuing to get further high-grade drilling results with the first drilling program that we have undertaken following up on targets generated from the recently completed multi-element study,” Managing Director Brad Gordon said.
“These results from the recently completed drill program are being incorporated into pit designs for near term mining activities and with the recently announced acquisition of the Georgetown Gold Project, Laneway has a clear pathway to monetise the expanding high-grade Mineral Resource being outlined at Agate Creek.”
Results for the remaining holes are pending and will be reported in due course.
Shares in Laneway were up 9.09 per cent on the market and were trading at 0.6 cents at 3:10 pm AEDT.