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Laneway enters mining, processing agreement for Agate Creek gold project

Laneway Resources Ltd. struck a deal for Maroon Gold Pty. Ltd. to mine up to 100,000 tonnes of near-surface ore from the company's Agate Creek gold project in Queensland, Australia, and process it at the latter's Black Jack carbon-in-leach plant.

Maroon will undertake and meet the costs of mining, transporting and processing ore under Laneway's supervision.

Gold production will be paid 60% to Laneway and 40% to Maroon above a 3.5 g/t head grade, while Maroon will retain the initial 3.5 g/t produced.

Maroon will provide a A$500,000 interest-free loan to Laneway to meet the costs to complete the process for a mining lease grant, tenement holding costs and environmental liability financial assurance requirements.

The company said Oct. 8 that it expects to start mining soon after the grant of the mining license.