- Laneway Resources (LNY) has received results for the remaining 14 holes at the Sherwood deposit in North Queensland
- On July 27, Laneway announced the first 20 results from the 34-hole program with results peaking at 54.72 grammes per tonne gold
- The company says this program aims to confirm a deep mineralisation zone and outline additional ore tonnes for the next phase of work
- Results from the remaining 14 holes have performed slightly better, with samples peaking at 60.06 grammes per tonne gold
- Now that Laneway has received the results, the company has commenced modelling works for an updated pit design
- This is expected to be completed within the next two weeks and once completed, a mining contractor, ore transportation, and processing arrangements will be finalised
- Laneway is up a steady 11.1 per cent with shares trading for one cent each
Laneway Resources (LNY) has received results for the remaining 14 holes at the Sherwood deposit in North Queensland.
The Sherwood deposit is part of the Agate Creek Gold Project which covers an area of 647 square kilometres.
On July 27, Laneway announced the first 20 results from the 34-hole program which aimed to confirm a deep mineralisation zone and outline additional ore tonnes for the next phase of work.
This program was designed to aid in the finalising of the pit design with aims to increase the amount of high-grade ore to be mined to over 30,000 tonnes per year.
Results from these first 20 holes peaked at 54.72g/t gold and significant results from these recent holes include six metres at 11.4g/t gold from 49 metres including one metre at 60.06g/t gold, and one metre at 48.53g/t gold from 60 metres.
Now that Laneway has received the results, it has commenced modelling works for an updated pit design which will outline an accurate figure of ore and waste planning to be mined in the next program.
This is expected to be completed within the next two weeks and once completed, a mining contractor, ore transportation, and processing arrangements will be finalised.
Following this, the mining fleet will mobilise to the site and begin operations.
Laneway is up a steady 11.1 per cent with shares trading for one cent each at 2:16 pm AEST.