Highlights
New Zealand Gold Project (North Island, New Zealand)
✚ Drilling program commenced during the quarter on EP 54216 within Laneway’s NZ Gold Project testing one of several targets within the highly prospective mineralised corridor untested during the farmin period with Newcrest.
✚ Drilling was completed during early January to a final depth of 790.8m. Several highly silicified zones were intercepted within the target zone and have now been logged, sampled and sent for analysis. ✚ Assay results expected in the next few weeks.
Agate Creek Gold Project (North Queensland)
✚ Approval received subsequent to the end of the quarter from the Department of Natural Resources and Mines for the grant of EPM 26460 for 5 years which will replace, following the conditional surrender of, EPM’s 17739, 17949, 17626, 17629 & 17632. The consolidation of these tenures will lead to significant time and cost savings on reporting and administration matters and will assist in efficiently being able to meet overall tenement expenditure requirements. ✚ The Mining Lease Application (MLA 100030), which covers the high grade near surface Sherwood and Sherwood West Prospects, is still awaiting grant. This is expected during FY 2018.
✚ Mining is planned to commence shortly after Mining Lease grant subject to any wet season constraints.
✚ Mine planning is very simple given the ore is near surface and can be easily open cut with a maximum pit depth of 30m.
✚ 3rd party processing options – Laneway have received several offers for potential toll treatment of the Agate Creek ore which are currently being reviewed.
4.6 Cash and cash equivalents at end of period $67,000
LNY Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
