Laneway Resources Limited (ASX:LNY) continues to receive high-grade gold assay results from the recent drilling programme at the Sherwood and Sherwood West deposits within Laneway’s 100% owned Agate Creek Gold Project in North Queensland..
Highlights:
Assay results have been received for a further 26 drill holes from the recent 49 drill hole, 2,774 metre, drilling programme
Significant drill intercepts at the Sherwood deposit include:
• CCGC306 o 2m @ 8.31 g/t Au from 42m
• CCGC314 o 2m @ 5.06 g/t Au from 19m
• CCGC331 o 1m @ 20.3 g/t Au from 79m
• CCGC334 o 6m @ 5.37 g/t Au from 14m
Significant drill intercepts at the Sherwood West deposit include:
• CCGC322 o 3m @ 3.68 g/t Au from 17m
• CCGC323 o 8m @ 4.62 g/t Au from surface.
This drilling programme is the first phase of a multi-stage drilling campaign following on from the recent completion of the Multi-Element Study that identified IRGS potential at Agate creek.
The initial RC drilling programme targeted along strike and deeper extensions to known high grade mineralisation at Sherwood and Sherwood West and the results received are assisting in updating planned open cut designs along with required waste rock characterisation sampling as part of Environmental Authority amendment applications.
The diamond drilling programme was designed primarily to assess geotechnical constraints for pit designs but also targeting additional deeper Rhyolite zones at Sherwood.
Further assay results, primarily for the waste rock characterisation sampling, are still pending. The drilling program follows the recent completion of the Multi-Element study, and has been designed to confirm the interpreted IRGS potential and is targeting:
• Interpreted extensions and repetitions at Sherwood & Sherwood West; and
• The deeper interpreted high grade gold zones below Sherwood
Managing Director, Brad Gordon, said drilling results so far are confirming extensions of the previously mined veins along with previously identified deeper almost parallel systems which also host narrow high grade gold zones.
The drilling programme was undertaken by AED Drilling and both the RC drilling programme and the geotechnical diamond drilling program have now been completed with logging and analysis still underway.
Mr Gordon said the diamond drilling program was designed primarily to assess geotechnical constraints for pit designs but also targeting additional deeper Rhyolite zones at Sherwood.
“We are pleased to be continuing to get further high-grade drilling results with the first drilling program that we have undertaken following up on targets generated from the recently completed 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.
“These results from the recently completed drill programme are being incorporated into pit designs for near term mining activities and 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.”
For further information please visit: https://www.lanewayresources.com.au/
