Alkane drilling reveals deeper gold-antimony potential at Nagambie

Alkane drilling extends Nagambie’s high-grade system

Nagambie Resources Limited (ASX:NAG) has used its annual report to highlight an early exploration result with potentially important implications for its flagship GoldAntimony Project: Alkane Resources has extended the C2W lode 115 metres below its previously known extent, supporting a vertical lode extent of more than 250 metres.

“W-E Section showing ADD001, ADD006 and ADD013 drill traces and intersections.”

“Plan of West Pit, veins, and the ADD001, ADD006 and ADD013 holes reported (dark blue).”

Caption and image © Nagambie Resources Limited. From “Annual Report 2026”, 2 Nov 2026.

The strongest reported assays came from three diamond holes beneath the Nagambie Mine’s West Pit. ADD001 returned up to 24g/t gold, while ADD013 produced a peak antimony assay of 30.9%. Other notable intersections included 17.0g/t gold and 5.9% antimony over 1.25 metres in the C3 vein, and 2.1g/t gold with 17.3% antimony over 0.39 metres in the deeper C2W vein.

The company’s report follows the October Alkane drilling results, which identified mineralisation 115 metres below its prior known extent. Nagambie says the C-vein system remains open at depth and to the east and west, while the drilling has also improved Alkane’s understanding of the folded sedimentary structure controlling the mineralisation.

Most of the drilling remains to be reported

Alkane drilled 527 metres in June and a further 5,937 metres during the September quarter, bringing the total to 6,464 metres. Assays have been completed for only ADD001, ADD006 and ADD013, which together account for 1,868 metres, or approximately 29% of the metres drilled. Around 71% remains to be logged, sampled, assayed and reported.

That makes the results encouraging but incomplete. The grades are reported from individual intersections rather than a new resource estimate or mine plan, and the next batch of assays will determine whether the early high-grade hits are representative of a broader and continuous mineralised system.

Alkane option remains the key project milestone

The earn-in joint venture commenced on 9 April 2026, after the Alkane earn-in approval cleared its conditions and began Alkane’s 12-month option period. Alkane is now seven months into that period and can withdraw, in which case operatorship and 100% of the relevant assets revert to Nagambie.

If Alkane proceeds, it can earn a 60% interest by sole-funding A$12.5 million over three years, or increase its interest to 80% by funding a total of A$27.5 million over five years. The arrangement also gives the project potential access to Alkane’s Costerfield processing plant, workforce, underground equipment and maintenance facilities. Those assets are described in the report as available to the joint venture for mining and processing ore from the covered tenements.

Separate drilling plans and funding questions remain

Nagambie is preparing to drill its wholly owned Wandean and Whroo projects in the December quarter. The company says a recent share placement to a drilling company will fund the first A$248,000 of diamond drilling, providing a separate exploration program while Alkane continues work at the Nagambie Mine.

Elsewhere, the proposed 300,000-tonne-per-year oxide-gold toll treatment plant remains dependent on Golden Camel Mining securing external funding. Nagambie also said Resources Victoria is reassessing the rehabilitation liability for Mining Licence MIN 5412; the current bond is A$500,000, but the outcome of that recalculation was not provided in the report.