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