Nagambie delivers maiden 153,000-ounce resource at namesake gold mine

Nagambie Resources (ASX:NAG) has outlined a maiden JORC inferred resource at its Nagambie mine in Victoria, and is already making plans to upgrade it.

The resource measures 415,000 tonnes averaging 11.5 grams per tonne (g/t) of gold equivalent, representing 153,000 contained ounces of gold equivalent, including 47,800 ounces of gold and 17,800 tonnes of antimony. 

Chairman Tom Quinn says the resource comes at a time of record gold prices and strong prices of antimony, which is an essential metal for military applications and high-performing solar panel production. 

“We are now focused on being able to commence the recommended follow-up drilling program, with our target being to significantly increase the maiden resource,” he says. 

During the March quarter, the gold price was averaging $3,000 per ounce, while antimony price was averaging $20,000 per tonne. 

Nagambie says $1.77 million in diamond drilling costs was spent to deliver the maiden resource estimate, including 40 holes for 12,745m of drilling. 

Four shallow gold-antimony lode systems were included in the resource. All systems are open at depth within Nagambie’s freehold land and mining licences. 

Further infill, strike-extensional and depth-extensional drilling of these lodes is recommended to increase the size and improve the quality of the inferred resource. 

Nagambie Resources is focused on becoming Australia’s next antimony-gold producer. The company explores across 3,200km2 of tenements in the Waranga Domain of the Melbourne Structural Zone in Victoria. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Nagambie Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.