Nagambie Resources Unveils New Drilling Intersections Hinting at Resource Growth
Nagambie Resources reports 16 new diamond drilling intersections at its Nagambie Mine, potentially expanding its gold-antimony resource beyond the current JORC Inferred Resource. The latest results offer fresh geological insights and underpin ongoing exploration efforts.
- 16 new drilling intersections outside current JORC Inferred Resource
- Significant gold and antimony grades reported in recent assays
- Drilling beneath West Pit and exploration near East Pit ongoing
- No material changes to existing resource assumptions confirmed
- Resource update planned as further data accumulates
New Intersections Expand Exploration Horizons
Nagambie Resources Limited (ASX, NAG) has announced promising new diamond drilling results from its wholly owned Nagambie Mine in Victoria. Sixteen intersections, not previously included in the November 2024 JORC Inferred Resource estimate, reveal noteworthy gold and antimony mineralisation that could materially increase the resource base. These findings come as assays for drillholes NAD058 and NAD059 have been received, while logging and sampling continue for NAD060 and NAD061.
Geological Continuity and Structural Insights
The recent drilling beneath the West Pit has intercepted mineralised zones comprising sheeted quartz and stibnite veins constrained by north-northeast striking fault planes. This structural setting provides valuable insight into the geological continuity of the deposit, particularly with the down-dip projection of mineralisation identified in hole NAD056 extending 44 metres below previous intercepts. Additionally, intercepts in NAD048 and NAD049 suggest potential extensions of known mineralised zones to the north, highlighting the prospectivity of the area.
Ongoing Exploration and Resource Development
Exploration efforts are also advancing along the western end of the East Pit, an area previously unexplored for antimony-gold mineralisation. The company is conducting first-pass drilling in this region with results pending. Despite these new intersections, Nagambie Resources confirms that there are no material changes to the assumptions underpinning the current JORC Inferred Resource, which remains at 539,000 tonnes grading 3.9% antimony and 3.3 grams per tonne gold.
Technical Rigor and Strategic Positioning
The company’s sampling and assay protocols adhere to industry best practices, with independent verification by a Competent Person and quality control measures including certified reference materials and blanks. Nagambie’s Mining Licence over the project area provides a clear pathway to development. Strategically, the project is located near established gold-antimony mines such as Fosterville and Costerfield, underscoring its potential significance. The vital role of antimony in economic and defense sectors globally adds further weight to the project’s importance.
Looking Ahead
Nagambie Resources plans to progressively update its JORC Inferred Resource as sufficient new drilling data is compiled. The company’s ongoing exploration and structural interpretations suggest that the Nagambie Mine’s resource base could grow, potentially enhancing its value proposition for investors and stakeholders.
Bottom Line?
Nagambie’s latest drilling results set the stage for a resource upgrade that could reshape its project outlook.
Questions in the middle?
- How soon will Nagambie Resources release an updated JORC resource incorporating these new intersections?
- What impact could the expanded resource have on the project’s development timeline and economics?
- How might metallurgical recoveries and processing considerations affect the value of the newly identified mineralisation?
