Valiant gold explorer Laneway Resources Ltd (ASX: LNY) is awaiting drill assay results from its prospects in the Hauraki goldfield.
Until recently Laneway had Australian gold giant Newcrest Mining as a partner on the epithermal gold quest but Newcrest decided to quit New Zealand – in part due to a snail-paced progress with the bureaucracy.
Laneway, a minnow decided to persist with exploration on its Waitekauri and Owharoa permits, now 100% owned.
Laneway raised some capital and began a drilling programme late last November.
The December quarter report said the initial drilling focus was on the Komata Extension hole that aimed to intersect the southern extension of the Empire South-Komata trend. Selective sampling of the drill hole to 790 metres has been completed with samples sent off in two assay batches.
“The drill hole has consisted of variably altered andesite with several strongly altered and silicified zones within the target area, along with banded to brecciated quartz veining, minor fluorite veins and disseminated pyrite.
Assays for the first part of the hole “are expected in the next few weeks.”
Laneway said there were several drill-ready targets in the project area. The most exciting of these was considered to be the 500 metre long Jubilee trend that was mined at the turn of the last century.
Jubilee has only had two drill holes deeper than 200m drilled and “retains significant open depth potential, particularly when compared to the Maria Vein” at the Karangahake mining centre.
Laneway said approvals were now in place for this drilling which was expected to start in coming months.
A five year extension was granted by New Zealand Petroleum & Minerals over the Owharoa permit, which now covers 58 square kilometres.
