Laneway’s high-grade hits just keep coming
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Laneway Resources continues to report more jaw-dropping gold assay results from the high-grade Sherwood and Sherwood West deposits within its Agate Creek project.
The latest results closely follow intercepts Laneway Resources (ASX:LNY) announced at the start of this month from the same drill program and further confirm extensions of the previously mined veins and previously identified systems that host narrow high-grade gold zones.
Top hits from Sherwood include 2m at 8.31 grams per tonne of gold (g/t) from only 42m and 1m at 20.3g/t from 79m.
Significant results from Sherwood West include 8m at 4.62g/t from surface and 3m at 3.68g/t from a very shallow depth of 17m.
The latest positive news from Laneway’s 100% owned flagship project in North Queensland comes less than a week after the company completed the institutional round of a $7.9 million fully underwritten entitlement offer. It will also catch the eye of eligible retail investors whose entitlement offer opened yesterday.
The offer is part of a $11m capital raising program and cash raised will be used mainly to fund exploration at Agate Creek. It will also be used as part consideration for the Georgetown Gold Project, plus costs associated with getting the regional processing hub up and running again to fulfill Laneway’s strategic growth goals.
The recent 49 hole, 2,774m program is the first phase of a multi-stage drilling campaign following on from the recent completion of the Multi-Element Study that identified potentially game-changing intrusion-related gold system (IRGS) potential at Agate Creek.
The program has been designed to confirm the interpreted IRGS potential and is targeting interpreted extensions and repetitions at Sherwood and Sherwood West, as well as the deeper interpreted high grade gold zones below Sherwood.
Laneway Managing Director Brad Gordon said the Laneway team was pleased to be getting further high grade results from the first drilling program following up on targets generated from the multi-element study.
“Planning is also well progressed for the next drilling campaign where we will look to continue to confirm the IRGS hypothesis for Agate Creek and follow up further targets of along strike and deeper extensions of the known gold mineralisation,” he said.
“These results from the recently completed drill program are also being incorporated into pit designs for near term mining activities.”
Results are additionally assisting with waste rock characterisation sampling required for Environmental Authority amendment applications.
Further assay results, primarily for the waste rock characterisation sampling, are still pending.
“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,” Gordon said.
This article was developed in collaboration with Laneway Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.