Drill results increase reserve estimates
They indicate a far bigger reserve than first proven.
The mine is located about 40km south of Forsayth and 60km west of Kidston.
Laneway Resources is reporting initial estimates now suggest a further 10-15,000 tonnes may now be able to be mined with increased mining depths and associated updated pit designs.
The current mining schedule, prior to the recent drilling, was expected to incorporate around 50,000t of high grade ore for processing.
A small reverse circulation (RC) drill program of 34 holes (1,101m) was recently completed in and around the Sherwood Deposit pit area.
The purpose was to extend and further define some of the mineralized zones previously identified including several that could not be fully drilled during the drilling program late last year due to terrain constraints and drill pad access.
Additional drill holes were added for targets identified by in pit mapping and interpretations of ore shoots.
The results of this program has identified some further extremely high grade zones which will now be incorporated in updated pit designs.
This will likely increase the tonnage to be mined and processed as part of the current on-going Mining and Processing Agreement.
Current mining and processing is progressing well at Agate Creek Mine and the Black Jack Plant with (unreconciled) production of around 15,000t of mined ore now processed at an average (unreconciled) head grade of approximately 10 g/t with high recoveries of over 98 per cent continuing resulting in almost 150kg of gold dore being recovered so far.
Agate Creek has an existing JORC Resource of 380,000oz of contained gold.
Plans to build a 105km underground pipeline from the Burdekin River to Bowen have been boosted with $5 million in federal funding for a detailed busin...