Laneway Resources Limited (ASX: LNY) – $0.006 (+20%)

02 Mar 2015

Laneway Resources Limited (ASX: LNY) has received further assay results from the recently completed drill program at its 100% owned Agate Creek Gold Project in north Queensland.

 

The reverse circulation drill program comprised 4,257 metres of drilling that targeted a substantial extension to high grade near surface and outcropping gold mineralisation at the Sherwood and Sherwood West prospects (Figure 1).

 

LNY Agate Crk Au

Figure 1. Agate Creek MLS with mine layout

 

 

Assay result highlights include:

 

Sherwood prospect

  • 1 metre at 16.1g/t gold from 51 metres and 1 metre at 10.95g/t gold from 93 metres
  • 2 metres at 4.6g/t gold from 32 metres, 2 metres at 3.8g/t gold from 38 metres, 5 metres at 6.9g/t gold and 2 metres at 11.3g/t gold from 64 metres including 2 metres at 12.2 g/t gold from 67 metres

 

Sherwood West prospect

  • 6 metres at 8.2g/t gold from 9 metres including 1 metre at 21.6g/t gold from 9 metres and 2 metres at 11.3g/t gold from 11 metres
  • 1 metre at 3.55g/t gold from 4 metres
  • 1 metre at 6.14g/t gold from 15 metres

 

 

All assay results from the drill program have now been received and confirm excellent continuity of the near surface gold mineralisation extending from the previously extracted metallurgical samples. Mineralisation extends for over 200 metres down dip and 100 metres along strike and remains open in three directions.

 

The company has planned to commence a further 2,500 metre drilling program including extending a further 15 holes to delineate the two lower zones at the Sherwood prospect. Future drilling will also be required at the Sherwood West prospect to define the mineralised zone and extend the known high grade sections of the prospect.

 

 

For further information, visit www.lanewayresources.com.au

 

 

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