Laneway Resources Limited is celebrating the first gold pour from the Sherwood deposit at its Agate Creek project in North Queensland.
The company said Sunday’s gold pour had come within 10 weeks of it being granted a lease by the State Government over the project, about 40km south of Forsayth.
It said the gold pour comprised three doré bars weighing about 22kg and consisting of gold and silver bullion.
“This bullion was recovered from gravity, intensive leach reactor and cyanide in leach extraction at Maroon’s Black Jack processing plant over the past four days,” company secretary Paul Marshall said in an announcement to the ASX.
“Mining operations commenced a fortnight ago in line with previously indicated timelines, with the first ore being trucked to Black Jack at Charters Towers last week.
“First ore was fed into the crushing circuit on April 17, with processing starting soon afterwards.”
Mr Marshall said Laneway anticipated a positive cash flow this year from the Agate Creek project, aided by recent high prices for gold.
“The expected cash flow will establish a sound financial platform for the company to progress its project portfolio, including the Ashford coking coal project (in New South Wales), its New Zealand gold assets and additional exploration appraisal of the broader Agate Creek project area,” he said.
“Planning is well advanced for further drilling programs at Agate Creek targeting further potential high grade zones, including potential extensions of the zones currently being mined.
“Additional exploration will also target other identified mineralised zones that have previously only been evaluated for potential large-tonnage, low-grade processing.”