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On 18th April 2019, Laneway Resources Ltd (ASX:LNY) announced that the processing of ore has commenced from the companyâs 100% owned Agate Creek Gold Project. The mining lease under the project recently received a grant from the Queensland Government Department of Natural Resources, Mines and Energy.
The mining operations commenced last week in line with the previously indicated timelines with the first ore being transported to Maroon Goldâs Black Jack Gold Processing Plant at Charters Towers over the previous few days. The first ore was fed into the crushing circuit yesterday (17 April 2019) afternoon. Processing through the Carbon in Leach (CIL) circuit commenced shortly after that. The plant is currently running at a throughput rate of around 12 tonnes per hour with the throughput rate planned to be increased to about 25 tonnes per hour over the coming weeks.
The Agate Creek Gold Project is located around 60 kilometres west of Kidston and 40 kilometres south of Forsayth in North Queensland (NQLD). The project covers a total of 647.5 square kilometres and includes tenures such as EPM 17788, EPM 26460, ML 100030 and MDL402. The Agate Creek Project is presently defined as two significant areas, Sherwood and Sherwood West, that are situated on the north-western edge of a Permian caldera measuring 10 kilometres by 5 kilometres. The Etheridge Gold Field comprises many historic mines, which historically produced 1 Mn ounce of gold between the year 1870 and 1914. The company controls much of the southern end of the Etheridge Field.
A spudding program conducted over the Sherwood Deposit during November 2018, of 1,314 meters (51 holes) RC drilling, confirmed the high-grade nature of the Sherwood Deposit and highlighted the broader potential of the Agate Creek project, which includes the indicated and inferred mineral resource containing 381,000 ounces of Au at 1.4 g/t. The spudding program met its initial objective of improving the geological confidence of the high-grade deposit planned to be mined following the grant of mining lease. Additionally, the spudding provided a strong basis for further exploration with a target of adding to the high-grade inventory throughout 2019, following the initial mining campaign.
In its half-year report, the company reported about its progress of the approvals and planning processes for the starting of mining activities at the Agate Creek gold project in North Queensland (NQLD) with the mining licence for the project being granted in February 2019. Only a few exploration activities were undertaken on the gold project in New Zealand and on the Ashford coal project in Northern New South Wales.
As per financial performance, the group reported an increase in its finance cost from $24,953 in H1 FY18 to $102,440 in H1 FY19. However, its employment costs have decreased from $240,027 in H1 FY18 to $206,307 in H1 FY19. The loss for the period was reported at $616,960 in H1 FY19 as compared to $422,570 in H1 FY18.
On the stock information front, at market close on 18th April 2019, the stock of Laneway Resources was trading at $0.014, up 7.692%, with a market capitalisation of $47.84 million. Today, it touched dayâs high at $0.014 and dayâs low at $0.012, with a daily volume of 37,697,234. Its 52 weeks high price stands at $0.016 and 52 weeks low price at $0.002, with an average volume of 9,767,870. Its absolute return for five years, one year, six months, and three months are 225%, 333.33%, 225%, and 225%, respectively.
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