Nagambie Resources (ASX:NAG) has updated its namesake mine’s resource estimate by 110% to 538,779 tonnes at 18.6 grams per tonne for 321,696 ounces of contained gold-equivalent.
In May 2024, the Nagambie Mine’s resource estimate comprised 415,144 tonnes at 11.5g/t for 153,372 ounces of contained gold-equivalent.
Nagambie, which has a market capitalisation of $11.94 million, says the tonnes represent a 30% difference between both resources, a 61% difference by grade, and a 110% difference by ounces.
Chairman Kevin Perrin says the 18.6g/t, or 0.6 ounces per tonne, gold-equivalent grade is high by industry standards and exceeds the 4g/t gold-equivalent economic cut-off grade.
“These updated base resource figures for such shallow mineralisation are very exciting,” Perrin says.
“The follow-up drilling program is now due to commence in several days. The highest priority, initial target is the western end of the N1 lode. This is a large un-estimated area, with good geological continuity, where the first five intersections are planned.”
Following today’s (11 November) announcement, Nagambie’s share price spiked 33.33% to $0.020 as of 11am AEDT.
Current market prices for gold and antimony are at near-record highs. Gold’s spot price is at $4,085.68 per ounce, according to the ABC Bullion.
Nagambie Resources is a natural resources explorer focused on targeting epizonal antimony-gold mineralised systems across its 3,200km2 tenement package.
The Nagambie Mine is a 50:50 joint venture with privately held Golden Camel Mining. Both companies are focused on the construction, commissioning, operation, and rehabilitation of a gold toll treatment plant at the mine.
Write to Aaliyah Rogan at Mining.com.au
Images: Nagambie Resources
