Join our daily newsletter At The Bell to receive exclusive market insights
- Laneway Resources (LNY) has started processing 4400 tonnes of ore from the Agate Creek gold mine in North Queensland
- Mining activities began in October last year and, since then 4800 tonnes of high-grade ore has been mined from the Sherwood deposit
- As part of these activities, the company aims to extract 43,000 tonnes at 6.5g/t gold from the Sherwood pit
- Once ready, the ore will be processed at the Lorena Gold Mine processing plant
- Unfortunately, a flood has caused road closures, which has slowed the transport of the ore
- In the meantime, there’s 400 tonnes of high-grade ore at the mine, along with 7000 tonnes of low-grade ore that has been stockpiled
- Laneway ended the day with shares trading flat at 0.7 cents
Laneway Resources (LNY) has begun processing the first ore from its current program at the Agate Creek gold mine in North Queensland.
There is currently about 4400 tonnes of 6.0g/t gold ore available to be processed from the Lorena Gold Mine CIL plant over the next 10 days.
Mining activities began at the Sherwood deposit in October last year which involved the first drill blast.
Since then, over 90,000 bank cubic metres (BCM) of waste has been removed from the pit. Approximately 4800 tonnes of high-grade ore has been mined, with 4400 tonnes of this transported from Agate Creek before a flood caused roads to close.
This means there’s still 400 tonnes of high-grade ore still at the mine, along with 7000 tonnes of low-grade ore that has been stockpiled.
Due to a temporary suspension, the company will undertake updated pit designs and scheduling to optimise the extraction of the remaining ore.
In total, Laneway plans to extract 43,000 tonnes at 6.5g/t gold from the Sherwood pit in this mining program.
“Whilst the recent heavy rainfall and flooding has temporarily suspended mining
activities, the delays shouldn’t impact materially on the expected outcomes from the current mining campaign and the plans the company has for a busy 2021,” Chairman Stephen Bizzell said.
Laneway’s long term aim for the Agate Creek mine is to conventionally process the larger commercial grade mineral resource of 471,000 ounces of gold that has been defined.
Laneway ended the day with shares trading flat at 0.7 cents.
