10/10/2016 — Gold Name change for gold joint venture By Ross...

10/10/2016 — Gold
Name change for gold joint venture
By Ross Louthean

One of the gold exploration projects on the North Island has had a name change because of claimed “prevailing community attitudes” towards the Coromandel Peninsula.

Brisbane-based junior explorer Laneway Resources Ltd (ASX: LNY) has a joint venture on permits in the historic Karangahake area with Australian gold miner Newcrest Mining Ltd (ASX: NCM).

Laneway said that local government suggested to the companies that it would be best not to include “Southern Coromandel” in the joint venture name. So, the project would now be called the LNJV, which assumedly represents the Laneway-Newcrest JV.

Local Government said the Coromandel Peninsula was located about 100 km north of the project. However, this website has found that Karangahake and nearby Waihi have often been referred to as part of the southern Coromandel.

It’s an interesting exercise in diplomacy. The fundamental issue for decades has been that despite mining having played a key role in the region’s development the anti-miners are shrill and continue to make alarmist and outrageous claims about exploration, drilling and other activity, often stretching the truth in public statements.

One classic exercise was a group of anti-miners protested at a drill site recently operated by Newcrest and claimed they had halted drilling activity, when in fact the rig had completed its work and was moving to a new site.

Laneway’s annual report said the LNJV held licences in the historic Hauraki goldfield from which miners have taken in excess of 45 M ounces of gold and silver.

Diamond drilling was carried out by Waihi-based Alton Drilling in April, with three holes completed on licence MEP 54216 with an additional five holes were completed on MEP 53469.

The JV completed geochemical sampling on the Waitekauri and Owharoa licences in November last year, and a geophysical survey was undertaken in March this year. An IP programme confirmed the extension of the corridor of mineralisation from Golden Cross through an area south of Karangahake – about 15 kilometres long.

Newcrest can earn an 80% stake in the project and if Laneway choses to dilute below 10% it can convert to a net smelter royalty (NSR) of 2%. Newcrest may elect to buy 1% of that NSR for $A500,000.

Laneway also holds gold and coal licences in Queensland.

Companies mentioned in article
Laneway Resources Ltd
Newcrest Mining Ltd

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