SVG (ASX) Ann: Georgetown Project Acquisition Financing and Ops Update

Originally posted by towie ↑

ASX Code: LNY Page 5 of 12
Georgetown Gold Project
During the March Quarter a Share Sale Agreement was executed to purchase Masterson Minerals Pty Ltd and its wholly
owned subsidiary, Kempton Minerals Pty Ltd, owners of the Georgetown Gold Project (‘Georgetown Project’ which
includes the Georgetown gold processing plant and an extensive portfolio of mining and exploration leases.
The agreement to acquire 100% of the Georgetown Project will facilitate the Company’s transition from an explorer to a
gold producer and underpin the Company’s regional expansion strategy.
The Georgetown Project’s assets include:
✚ An operational carbon in pulp (CIP) processing plant which has current capacity to operate at more than
200,000 tonnes per annum (tpa)
✚ Seventeen mining leases and 13 exploration permits covering 515km2 close to the plant in a well-mineralised
yet significantly under-explored region
✚ An initial JORC inferred resource of 951,000 tonnes at 3.9 grams of gold per tonne (g/t) for 119,000 ounces of
gold from just five of the prospect areas, with an upgrade of the resource planned for later this year (refer ASX
announcement of 7 February 2022)
✚ Strong potential to define additional high grade open cut gold resources which have potential to be mined and
processed in the near term
The project acquisition importantly provides Laneway ownership of processing infrastructure and control over its own
gold production.
Only 100km by road from the Agate Creek gold project, Georgetown will cut by up to 700km the distance the Agate
Creek ore has previously been transported for processing, saving Laneway an estimated $80-100/tonne of ore.
The Georgetown plant has previously processed a bulk sample of ore from Agate Creek, achieving good recoveries.
The mill was fully refurbished in 2010 and has been used only briefly since then. The plant requires minimal capital and
permitting approvals to be brought back into production to treat oxide ores.
Site works and electrical and mechanical refurbishment programs at the Processing Plant at Georgetown are approaching
finalisation. In addition to the processing plant refurbishment works, re-establishment of associated site infrastructure
including water, tailings, offices, maintenance stores, workshops are well advanced.
It is anticipated the refurbishment and restart program to enable processing of ore will be completed shortly.
Laneway is initially targeting two production centres, the first being Georgetown, which will be available in the near term
for processing Agate Creek high grade ore and a second plant is planned to be established at Agate Creek.
The Georgetown processing plant is the only processing plant within a 400km radius and is surrounded by stranded gold
mineralisation and dozens of old open pits, underpinning the vision for Georgetown to become a regional processing
hub.
Historical activity in the region mined only oxide ore. Sulphide material was never mined, presenting significant
opportunities in a region that contains more than 1,000 mines, prospects and mineral occurrences. More than 10Moz of
gold has been mined historically in the region.
Ownership of the Georgetown processing plant additionally offers Laneway opportunities for joint ventures and / or
acquisitions of stranded deposits.

Expand

"Historical activity in the region mined only oxide ore. Sulphide material was never mined, presenting significant.............."

These guys obviously have not done their research , the Cumberland mine very close to Georgetown went down around 950 feet , and pulled out several tonnes of gold .
I very much doubt there was oxide under 150 feet in depth, I looked at getting a tenement up there about 8 years ago , obviously I did a bit more research than this crew

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