Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Laneway Resources (ASX:LNY) has found high-grade gold targets at its Agate Creek project in North Queensland
  • Highlights from the drilling program include 53 grams per tonne of gold from two metres
  • The company says it’s still waiting on over half of the drill results, but when the information becomes available it will continue identifying gold targets
  • Laneway’s share price is up nearly 17 per cent, with shares trading for 0.7 cents each

Mining company Laneway Resources has opened new gold exploration opportunities at its Agate Creek project in North Queensland.

The company recently underwent a 42 hole drilling program at the project with results being returned for 17 of the holes. Assay highlights include 53 grams per tonne of gold from two metres.

The market has responded favourably to Laneway’s progression at Agate Creek. Shares in the company are up 16.67 per cent and trading for 0.7 cents each.

A mineral resource at Agate Creek forecasts it to hold 8.2 million tonnes at a grade of 1.46 grams per tonne of gold for 381,000 ounces. However, an updated resource estimate is underway to account for the new discoveries.

The 42 holes drilled covered 2244 metres and the 17 which have returned results account for 1002 metres. In its release to the market today, Laneway detailed “initial analysis shows potential for additional tonnes to be mined in the near term.”

The company fully owns Agate Creek and remains focused on completing the required analysis so it can form detailed pit designs for mining planning. Laneway also intends to use historical data to assist in choosing targets.

Laneway’s share price is up nearly 17 per cent with shares trading for 0.7 cents each.

LNY by the numbers
More From The Market Herald
Tempus Resources (ASX:TMR) - Non Executive Chairman, Alexander Molyneux

" Tempus Resources (ASX:TMR) hits 33.7g/t gold at Blue Vein

Tempus Resources (TMR) has intersected up to 33.7 grams of gold per tonne (g/t) from the newly discovered Blue Vein.
West African Resources (ASX:WAF) - Executive Chairman, Richard Hyde

" West African Resources (ASX:WAF) to acquire 90pc interest in Kiaka

West African Resources (WAF) has entered into definitive agreements to acquire 90 per cent of the Kiaka gold project from B2Gold and their

" Moho Resources (ASX:MOH) eyes $1.51m & enters agreement with Whistlepipe

Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement.
The Market Herald Video

" ASX debutant Eastern Metals (ASX:EMS) to develop former Kidman Resources’ projects

Eastern Metals (EMS) began trading on the ASX today after raising $6 million through its IPO.