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laneway resources ltd (LNY) Snapshot

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01/7/15 - A$0.0070
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laneway resources ltd (LNY) Details

Laneway Resources Limited, together with its subsidiaries, explores for and evaluates gold and coal tenements in Australia. The company holds 100% interests in the Agate Creek Gold Project located to the west of Kidston in northeast Queensland; Rockland Gold Project located to the southwest of Warwick in southeast Queensland; New Zealand Southern Coromandel Project located in Hauraki Goldfields district, New Zealand; and Arrawatta Project located to the north of Inverell in Northern New South Wales. It also holds a a 50% interest in the Ashford Coking Coal Project located in northern New South Wales. The company was formerly known as Renison Consolidated Mines NL. Laneway Resources Limited is based in Brisbane, Australia.

Founded in 1986

laneway resources ltd (LNY) Top Compensated Officers

Executive Chairman and Member of Audit & Risk...
Total Annual Compensation: A$120.6K
Chief Financial Officer and Company Secretary
Total Annual Compensation: A$130.0K
Exploration Manager
Total Annual Compensation: A$194.8K
Compensation as of Fiscal Year 2014.

laneway resources ltd (LNY) Key Developments

Laneway Resources to Accelerate Gold Exploration at its Southern Coromandel Gold Project in New Zealand

Laneway Resources can now fast track exploration at its Southern Coromandel Gold Project in New Zealand after Newcrest Mining approved the farm-in agreement. Southern Coromandel is located within the mineralised corridor that is host to the historic Karangahake and Golden Cross gold-silver mines and in the same district as Newmont Mining operating Waihi Mine. Newmont recently announced that it had reached a conditional agreement to divest Waihi to OceanaGold for $101 million. Newcrest will sole fund two stages of work programs associated with the permits to earn 80% of the project after confirming that all conditions precedent had been met or waived. Following the farm-in period the parties may enter into a Joint Venture to jointly fund the future development of the Project in accordance with their equity position. If Laneway elects not to fund the ongoing development of the JV after the farm-in period its interest will be diluted through a mutually agreed formula. Should its interest dilute below 10% then it will convert to a Net Smelter Royalty (NSR) of 2%. Newcrest may elect to purchase the NSR for $500,000 for every 1%. Exploration activities will commence with an extensive mapping and geochemical soil sampling program across the Southern Coromandel Gold Project area. Whilst this program is underway approvals will be sought from landholders and other stakeholders to undertake a diamond drilling program that will target known mineralised structures. The diamond drill program will commence as soon as the relevant approvals are received.

Laneway Resource Announces Further Assay Results from the Drill Program at the Sherwood and Sherwood West Prospects, of the Agate Creek Gold Project in North Queensland

Laneway Resource announced further assay results from the recently completed drill program at the Sherwood and Sherwood West prospects, of the company's 100% owned Agate Creek Gold project in North Queensland. The drill program targeted a substantial extension to high grade near surface and outcropping gold mineralisation extending from the metallurgical sample that was extracted in 2014 and delivered 5,472 tonnes at 11.2 g/t gold at Sherwood. Laneway completed 4,257m of the previously announced 5,000m reverse circulation (RC) drill program at Agate Creek that was aimed at: A more thorough definition of the near surface (less than 50m) high grade gold zones at Sherwood with a view to establishing a Resource of sufficient robust grade and size to sustain a near term high grade open cut mining operation. A material increase in the existing Resource Inventory at both Sherwood and Sherwood West with successful infill drilling potentially increasing scope of overall high grade shallow resource and identifying additional targets. Testing the southern extension of Sherwood West where the target mineralised zone remains open and has been continuously mapped some 700m to the south of current drilling. Drilling of several highly prospective regional targets. All assay results from the drill program have now been received and confirm excellent continuity of the near surface gold mineralisation extending from the previously extracted Metallurgical Sample. Mineralisation extends for over 200m down dip and 100m along strike and remains open in 3 directions, with results from the program confirming the high grade nature of the target zone including 1m at 90.4 g/t (HG28). As previously announced, the company plans to shortly undertake a further 2,500 m drilling program including extending a further 15 holes to delineate the two lower zones in the coming program. With the receipt of these final assays and further drilling as planned, Laneway is targeting the tabling of an updated Resource estimate in the coming months. Significant results received from the entire program include: 6m at 24.3 g/t gold from 6m (HG28), including 2m at 59.0 g/t from 7m; 1m at 61.9 g/t gold from 9m (HG27); 2m at 13.2 g/t gold from 11m (HG24); 3m at 9.8 g/t gold from 6m (HG29); 3m at 8.7g/t gold from 16m (HG14); 1m at 14.5 g/t gold from 17m; 2m at 12g/t golf from 47m and 3m at 4.2g/t gold from 65m (HG10); 3m at 7.7 g/t gold from 6m as well as 3m at10.7g/t gold from 14m (HG26); 3m at 9.6g/t gold from 13m (HG06); 1m at12.8 g/t gold from 4m, 2m at 12.8 g/t gold from 11m and 2m at 5.5g/t gold from 15m (HG41); 1m at 15.8 g/t gold from 25m (HG34); 3m at 10.3 g/t gold from 17m and 2m at 12.4 g/t gold from 68m (HG35); 2m at 4.6 g/t gold from 32m; 2m at 3.8 g/t gold from 38m; 5m at 6.9 g/t gold from 64m including 2m; at 12.2 g/t gold from 67m (HG46). Sherwood West: All assay results have now been received for drilling at Sherwood West. This drilling is over a 60m portion of the currently delineated 800m Resource envelope. Drilling has confirmed that Sherwood West contains near surface high grade zones similar to Sherwood. Follow up infill drilling will be completed at a later date to better define the high grade zones and allow further mine planning works that may result in the extension of the Agate Creek mine life. Drilling completed at Sherwood West intercepted the target zone structure, thus confirming geological continuity, however only anomalous gold assays were returned. These results are only contained within 50m of the 700m of the previously mapped extension to the south of the known mineralisation. Future drilling will look to better define the mineralized zone and extend the known high grade portions of Sherwood West as well as further test the mapped target structure.

Laneway Resources Limited Announces Board Changes

The Board of Laneway Resources Limited advised that Mr. Benjamin Harrison has tendered his resignation from the Board of the company. To fill the board vacancy, Mr. Mark Baker has been appointed to the board. Mark is Chief Executive Officer of the Melbourne Press Club and a former senior editor and national editorial executive with Fairfax Media. Mark has extensive experience working across Asia and in government relations at a national and state level.


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