Shareholders of Brisbane-based Laneway Resources Ltd (ASX: LNY) were told at last week’s annual general meeting that the company now has all permits and site preparation in place at its Jubilee prospect in the Karangahake gold mining region of New Zealand’s North Island.
The company originally explored this and its other permit in the Hauraki Goldfield with Australia’s Newcrest Mining before that major Australian gold producer withdrew from New Zealand.
Laneway now owns its permits 100% and has a plan to drill eight diamond holes for about 3,000 metres at Jubilee where it said historic mining was only down to 200m depth. Depth extensions below an old drive have not been drill tested.
Assay results from channel and pillar samples at Jubilee have given high-grade hits including 93 grams/tonne gold, 63 g/t, 50 g/t, 43 g/t and 33 g/t Au.
Laneway said historic production in the Hauraki Goldfield through to 2003 has been detailed as more than 312 tonnes of gold and 1,440t of silver.
Laneway’s main focus is on its Agate Creek gold project, 60 kilometres from the big Kidston gold mine in North Queensland, and the company has now moved to 100% ownership of the Ashford coal project in northern New South Wales.