Brisbane-based junior explorer Laneway Resources Ltd (ASX: LNY) said in its June quarter report it has several drill-ready exploration targets on its ground in the Hauraki Goldfield of New Zealand’s North Island.
In recent times the company has talked about drilling some targets but does not appear to have advanced work since its joint venture partner Newcrest Mining Ltd lost its ardour for New Zealand and withdrew from this and another project.
However, the report indicated that situation was about to change.
Laneway said one of the prime targets for drilling was the 500 metres long Jubilee trend on EP 53469 where mining had occurred at the turn of the last century and had recorded production of 1,300 ounces of gold from 2,118 tons of quartz within one small stope area.
Laneway said historical reports on the area also said quartz veining was up to 32 feet wide in the lower levels, 200m below surface.
Jubilee has had less than 10 holes drilled and only two of these were deeper than 200m and the target was considered to retain “significant depth potential, particularly when compared to the Maria Vein within the Karangahake mine system which sits 7 kilometres directly along trend from Jubilee.”
Recent resampling of old drill core showed one vein with 0.3 metres grading 521 grams/tonne gold.
Laneway said there were another eight drill targets at Jubilee both along strike and down dip extensions to known mineralisation at the old workings.
All agreements, permitting and drill pads were now in place to allow drilling later this year.