1/12/2017 — Gold
Laneway begins new drilling
By Ross Louthean
Junior explorer Laneway Resources Ltd (ASX: LNY) this week started a new drilling programme on one of its licences in the Hauraki goldfield.
The company is testing one of several targets identified by former joint venture partner Newcrest Mining Ltd (ASX: NCM) which appears to have left the North Island exploration scene.
Laneway is testing targets using Waihi-based Alton Drilling on EP 54216 (Owharoa).
The company said recent infill soil sampling had enhanced further a multi-element soil anomaly covering about 500 metres which corresponds with an interpreted extension of the system that hosts the high grade Empire South Vein at Golden Cross and also the historic Komata workings.
Laneway chairman Stephen Bizzell said diamond drilling began on Wednesday afternoon and the target hole was expected to reach a depth of 800 metres before Christmas.
“Several significant high priority drill targets still exist within the permits and have been prioritised for permitting and drilling,” the company said.
Another target on EP 54216 was being designed for testing an inferred southern extension of the Maria Vein from the old Karangahake mine workings. Part of that vein system is being set for re-opening by New Talisman Gold Mines Ltd (ASX & NZX: NTL).
Laneway said there were still several drill-ready targets on EP 53460, and the most exciting of these was the 500m-long Jubilee trend which had been historically mined at the turn of the last century with 2,118 tons of quartz from one stope area producing 1,300 ounces of gold bullion.
The old Karangahake mine system sits 7 kilometres directly along strike from Jubilee.
Recently Laneway indicated it was holding talks with other companies with a view to getting a new partner for the NZ quest.
In a separate presentation for its annual meeting this week, Laneway said that before departing Newcrest had spent more than $5 million on the two permits that cover 58 square km.
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