PERTH (miningweekly.com) – Gold developer Laneway Resources has been granted a mining lease for its Agate Creek project, by the Queensland Department of Natural Resources, Mines and Energy.
The start date of the mining lease is March 1, 2019, and Laneway is required to make rental payments and lodge financial assurances under the project’s environmental authority prior to the start of mining activities.
Laneway told shareholders on Monday that the company was planning to start mining activities as soon as possible, with a mining and processing agreement struck with Maroon Gold to allow the toll treatment of high-grade ore through that company’s processing plant, at Charters Towers.
Gold produced will be paid 60% to Laneway and 40% to Maroon, above 3.5 g/t gold head grade, with the initial 3.5 g/t produced to be retained by Maroon towards the processing costs for the first 100 000 t of ore.
The company is expecting positive cash flows from Agate Creek before the end of the year.