Nagambie Resources Raises $1.2M to Chase High-Grade Gold-Antimony Discovery
Nagambie Resources has completed a $1.2 million capital raise to fund diamond drilling at its Nagambie Mine, targeting a recent high-grade gold-antimony discovery and updating its mineral resource estimate.
- Completed $1.2 million capital raising for drilling and resource update
- Diamond drilling rig mobilising to follow up high-grade C4 lode discovery
- Current JORC inferred resource – 58,000 oz gold and 20,800 tonnes antimony
- Gold equivalent grade stands at 18.6 g/t AuEq across 539,000 tonnes
- Resource updates to be made progressively as new drill results arrive
Capital Raising to Fuel Exploration
Nagambie Resources Limited (ASX – NAG) has successfully completed a $1.2 million capital raising, earmarked to advance diamond drilling activities at its wholly owned Nagambie Mine in Victoria. This funding injection follows a recent announcement highlighting a promising high-grade gold-antimony intersection, underscoring the company’s commitment to unlocking further value from its flagship project.
Targeting the C4 Lode Discovery
The diamond drilling rig is currently mobilising to site, with initial drillholes set to follow up on the C4 lode discovery. This zone previously returned an impressive intercept of 7.3 metres grading 40.5 grams per tonne gold equivalent, including 7.0% antimony and 1.8 grams per tonne gold from a depth of 154 metres. Such grades are significant, especially given antimony’s strategic importance in global economies and defence sectors.
Current Resource Base and Outlook
As of the last update in November 2024, Nagambie’s JORC Inferred Mineral Resource Estimate (MRE) stands at 539,000 tonnes containing 58,000 ounces of gold and 20,800 tonnes of antimony. The combined gold equivalent grade is a robust 18.6 g/t AuEq, reflecting the high-grade nature of the deposit. The company has confirmed that no new information materially affects this resource estimate, but plans to progressively update the MRE as new drilling data becomes available.
Strategic Significance of Nagambie’s Deposit
Located near established gold-antimony mining hubs such as Fosterville and Costerfield, Nagambie’s project benefits from a strategic position within a prolific mineral belt. The presence of a mining licence over the discovery further streamlines the pathway towards potential development. Antimony’s critical role in manufacturing and defence technologies adds a layer of strategic value to the project, potentially attracting interest beyond traditional gold markets.
Looking Ahead
With drilling underway and capital secured, Nagambie Resources is poised to refine its resource base and potentially enhance the project’s valuation. Investors will be watching closely for assay results and subsequent resource updates, which could provide clearer insights into the scale and quality of the deposit. While exploration remains inherently uncertain, the company’s methodical approach and recent high-grade intersections offer a compelling narrative for growth.
Bottom Line?
Nagambie’s latest capital raise and drilling campaign set the stage for a potentially transformative resource update.
Questions in the middle?
- Will the upcoming drilling confirm and expand the high-grade C4 lode discovery?
- How might updated resource estimates impact Nagambie’s valuation and development timeline?
- What are the broader market implications of increasing antimony supply from Nagambie?
