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Laneway Resources intersects high-grade gold at Agate Creek

The results highlight the board’s commitment to advance the project.

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Laneway’s share price was up more than 33% by close of business

Laneway Resources Ltd (ASX:LNY) has intersected high-grade gold exceeding 100 g/t gold and up to 564 g/t at its Agate Creek Gold Project in North Queensland.

The reverse circulation (RC) drilling program focused on the Sherwood deposit and drilled 51 holes for 1,314 metres.

Consistent high-grade intersections

Consistent high-grade intersections include: 4.5 metres at 91.70 g/t, including 0.5 metres at 564 g/t; 2.0 metres at 68.51 g/t, including 0.5 metres at 250 g/t; and 1.5 metres at 50.37 g/t, including 0.5 metres at 106 g/t.

Results confirm the high-grade nature of the Sherwood deposit and highlight the broader potential of Agate Creek, which has an indicated and inferred resource of 381,000 ounces at 1.4 g/t.

“Anticipate a strong year”

Laneway chairman Stephen Bizzel said: “These results are particularly pleasing and highlight the potential of the Agate Creek Gold Project.

“With the company awaiting the expected near-term granting of the mining lease and with all other key components in place to begin commercial extraction, we anticipate a strong year for Laneway.

“The company anticipates the Agate Creek high-grade mining venture will establish a robust financial platform to progress its considerable asset portfolio.”

Plan to mine

The objective of the drilling program was to improve the geological confidence of the high-grade deposit which will be mined once the mining lease is granted.

The results validate the decision to enter into the tribute agreement to toll- treat the parcel of high-grade material through Maroon Gold Pty Ltd’s gold plant and enables the finalisation of mine planning.

- Jessica Cummins

Quick facts: Laneway Resources Ltd

Price: 0.006 AUD

ASX:LNY
Market: ASX
Market Cap: $22.32 m
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