The Brisbane-based explorer Laneway Resources Ltd (ASX: LNY) which has gold prospects in the Hauraki goldfield had a greater after-tax loss in the half year to December.
The loss came primarily from the fact the company built up its exploration activity in Queensland and also in New Zealand where, during last year, it lost its funding partner Newcrest Mining Ltd when that large Australian producer decided to withdraw from the country.
The loss for the December half was $A422,570 ($NZ449,551) compared to the December, 2016 half of $A333,215.
Laneway holds 100% interest in two permits, EPs 53469 and 54216 that extend through to near New Talisman Gold Mine’s Karangahake project.
In the half year Laneway completed drilling the Komata extension hole that intersected the southern extension of the Empire South-Komata trend. Assays from this work was expected in the next few weeks.
Laneway gained a five year extension of duration over EP 54216 (Owharoa) which now covers 58 square kilometres.
“There are still several drill-ready target areas within the project area. The most exciting of these areas is the 500 metres long Jubilee trend which was historically mined around the turn of the century,” Laneway said.
Recorded production was 1,300 ounces of bullion from 2,118 tons of quartz, and several historical reports also state quartz veining was up to 32 feet wide in the lower levels 200m below surface.
“The Jubilee area has only had two holes deeper than 200m drilled and, as such, retains significant open depth potential, particularly when compared to the Maria Vein with the Karangahake mine which sits 7 km directly along trend.”
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