Nagambie Resources (ASX:NAG) is set to grow its namesake mine’s gold-antimony resource via a diamond drilling program in early November 2024.
In May 2024, a maiden inferred resource estimate was calculated below the West Pit at the Nagambie Mine in Victoria, totalling 415,000 tonnes at 3.6 grams per tonne (g/t) gold and 4.3% antimony for in-ground metal content of 47,800 ounces of gold and 17,800 tonnes of antimony.
Following today’s announcement, Nagambie’s share price increased 42.85% to $0.020 as of 11.45am AEDT.
Nagambie Resources, which has a market capitalisation of $11.15 million, says for the resource, vein intersection grades were diluted by adding additional waste material if required.
This gives a minimum estimated horizontal thickness (EHT) of 1.2m for all intersections.
As each drillhole intersection is obtained, Nagamabie says the results over a minimum of 1.2m EHT will be added to the detailed computer block model developed for the maiden resource.
The company will periodically announce progressive increases to the mine’s inferred resource.
On 30 July 2024, the company announced the maiden resource gold equivalent figures — for gold and antimony prices of $3,850 per ounce and $35,076 per tonne, respectively — were 223,000 ounces gold-equivalent at an average grade of 16.7g/t.
Chairman Kevin Perry says with gold and antimony prices at all-time highs, the deposit represents an “exceptional” walk-up drill target within the freehold land and granting mining licence.
“We are delighted to be able to recommence diamond drilling of our shallow, high-grade gold-antimony sulphide orebody,” Perry says.
“The planned construction of a stage two antimony-sulphide plant by the Nagambie joint venture between Golden Camel Mining and the company, following the construction of the stage one oxide-gold plant, adds considerable upside to Nagambie’s future value.”
In the maiden resource, the four shallow gold-antimony lode systems are C1, C2, C3, and N1.
All systems are open at depth, along strike, and within Nagambie’s freehold land and mining licences.
Nagambie Resources is focused on becoming Australia’s next ‘high-grade’ antimony and gold producer. The company holds a 3,200km2 tenement package in the Waranga Domain of the Melbourne Structural Zone in Victoria, Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Nagambie Resources
